In this article, we will discuss: 13 Best Hydrogen and Fuel Cell Stocks to Buy According to Analysts.
The term “hydrogen and fuel cell stocks” refers to businesses that are part of the hydrogen fuel economy, including those focused on fuel cell technology, hydrogen generation, and storage. Hydrogen is regarded as a major alternative fuel and energy source in the expanding green energy industry, which is represented by these stocks.
Similar to batteries, hydrogen fuel cells use an electrochemical reaction to produce electricity. However, unlike ordinary batteries, hydrogen fuel cells are refueled with more hydrogen rather than recharged. Hydrogen fuel cells could be used as a fixed power source as well as for motorized vehicles (such as trucks, cars, trains, buses, and ships).
Hydrogen fuel cell technology is becoming more and more popular as a diesel substitute, particularly for high-payload and long-distance applications where battery-electric cars are inadequate.
According to Nicholas Loughlan, CTO of Cellcentric, the company’s next-generation fuel cell technology can produce up to 375 kW (more than 500 hp), providing 650 miles of range while using 20% less gasoline and 40% more power density. Ford’s Ted Haladyna underlined the necessity of “interim steps” as fleets find it difficult to balance energy demands. Hyundai’s latest Xcient Class 8 truck, powered by a 180-kW system, has a 450-mile range and a 20-minute recharging time, with more than 8 million miles driven globally.
Toyota’s Jordan Choby revealed a new Gen 3 fuel cell technology and hydrogen-powered Class 8 trucks, with an expected debut in the United States after 2027. Moreover, Sho Akabori of Honda debuted a 150-kW fuel cell module that is 50% less expensive and twice as durable. Despite breakthroughs, infrastructure shortages and high hydrogen prices remain obstacles that necessitate legislative and investment support.
With that said, here are the 13 Best Hydrogen and Fuel Cell Stocks to Buy According to Analysts.
A wide-angle view of a team of workers wearing PPE in a large hydrogen plant.
Our Methodology
For this article, we compiled an initial list of 20 hydrogen and fuel cell stocks. Then we selected the 13 stocks that had the highest upside potential as of June 13, 2025. We have only included stocks in our list with an upside potential of 4% or higher. The stocks are ranked in ascending order of the upside potential.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
13. Ballard Power Systems Inc. (NASDAQ:BLDP)
Analysts’ Upside Potential as of June 13: 4.27%
Ballard Power Systems Inc. (NASDAQ:BLDP) has replaced its 2023 prospectus, which expired on June 9, 2025, with a new final short form base shelf prospectus dated June 11, 2025, together with a matching Form F-10 registration statement filed with the U.S. SEC.
Although Ballard Power Systems Inc. (NASDAQ:BLDP) does not presently have any plans to raise cash, the new registration allows the business to issue a variety of securities over the next 25 months, including common shares, preferred shares, warrants, debt securities, and units.
Ballard Power Systems Inc. (NASDAQ:BLDP) has the financial flexibility to access capital markets if necessary, as its filings are available in all Canadian provinces and territories. A prospectus supplement will be provided at the time of issuance to disclose any information about a future offering, including terms, the use of proceeds, and particular securities.
Ballard Power Systems Inc. (NASDAQ:BLDP)’s dedication to a sustainable energy future is reinforced by the zero-emission mobility that its fuel cell technology provides for industries such as buses, commercial trucks, railroads, and marine vessels. It is one of the best hydrogen stocks.
12. Bloom Energy Corporation (NYSE:BE)
Analysts’ Upside Potential as of June 13: 6.06%
Morgan Stanley noted that Bloom Energy Corporation (NYSE:BE), American Electric Power, and data center clients Amazon Data Services and Cologix have all had their energy projects approved by the Public Utility Commission of Ohio.
This regulatory approval removes a significant overhang associated with commercial uncertainty and permits the projects to move forward as planned. Morgan Stanley maintained its Overweight rating on Bloom Energy Corporation (NYSE:BE) with a $30 price objective after the ruling.
The certification strengthens Bloom Energy Corporation (NYSE:BE)’s strategic advantage in the clean energy market and removes a major barrier to developing partnerships with significant data center clients. Investor confidence in these transactions had traditionally been hampered by regulatory ambiguity.
Bloom Energy Corporation (NYSE:BE) can now proceed with deploying its fuel cell-based energy solutions, designed for major energy users like Amazon and Cologix, following the Public Utility Commission’s ruling. This development reinforces Morgan Stanley’s optimistic stance and improves visibility into future revenue streams.
11. Linde plc (NASDAQ:LIN)
Analysts’ Upside Potential as of June 13: 9.19%
Arun Viswanathan, an analyst at RBC Capital, has started following Linde plc (NASDAQ:LIN) with a $576 price target and an Outperform rating.
The company stresses Linde plc (NASDAQ:LIN)’s noteworthy pricing power due to its “sticky” client base, “robust” earnings-accretive project backlog, and steady earnings stability, all of which support the stock’s potential for multiple expansion.
According to RBC, Linde plc (NASDAQ:LIN) has the potential to maintain double-digit profit growth, supported by its strategic capital investments and dependable customer relationships. It is anticipated that the business will generate $7 billion in capital returns annually and generate strong returns on its growing capital expenditures.
Its earnings resiliency provides defensive appeal, and its project pipeline improves visibility into future earnings. The combination of Linde plc (NASDAQ:LIN)’s steady cash flows and careful capital deployment attracts long-term investors. The move shows faith in the business’s capacity to create value for shareholders through expansion plans and substantial capital gains.
Linde plc (NASDAQ:LIN) is a leading global industrial gas firm that supplies oxygen, nitrogen, helium, and hydrogen. Furthermore, the business specializes in the design and construction of process plants for the industrial, electronics, chemical, and healthcare industries. It is among the best hydrogen stocks.
10. Exxon Mobil Corporation (NYSE:XOM)
Analysts’ Upside Potential as of June 13: 11.10%
Josh Silverstein, a UBS analyst, set a price objective of $130.00 and reaffirmed his Buy recommendation on Exxon Mobil on June 4.
Exxon Mobil Corporation (NYSE:XOM) reported $83.1 billion in sales for the first quarter of 2025, a modest 0.06% year-over-year rise, but it fell just short of analysts’ forecasts by $3 billion.
However, earnings per share were above forecasts by $0.02, reaching $1.76. Exxon Mobil has been focusing on cost reduction, increasing its most profitable volumes, and enhancing efficiency since 2019.
Considering the state of the market, these measures have raised quarterly earnings by almost $4 billion. It intends to bring 10 high-return projects online in 2025, with a predicted earnings increase of more than $3 billion by 2026 if prices and margins remain stable.
Exxon Mobil Corporation (NYSE:XOM) engages in the production, trading, transportation, and sale of crude oil, natural gas, petroleum products, petrochemicals, and specialized products. The business is also concentrating on opportunities for reduced emissions, such as hydrogen, carbon capture and storage, and the production of sustainable fuels. It is ranked eleventh on our list of the best hydrogen stocks.
9. Cummins Inc. (NYSE:CMI)
Analysts’ Upside Potential as of June 13: 12.01%
Cummins Inc. (NYSE:CMI) announced on June 2 that it has obtained two revolving credit arrangements worth a combined $4 billion.
The first is a five-year, $2 billion facility that matures on June 2, 2030, amending a previous arrangement dated 2024. The second is a brand-new $2 billion credit line that will mature on June 2, 2028, and will replace a 364-day facility that just ended. JPMorgan Chase Bank served as the administrative agent for both agreements.
Cummins Inc. (NYSE:CMI)’s financial flexibility is improved by these loan facilities as it handles its capital requirements and possible expansion plans. Both agreements offer more liquidity options by permitting additional term loans or expanded access of up to $1 billion.
A move toward longer-term, more reliable funding can be seen by the replacement of the short-term facility and the amended five-year deal. Cummins Inc. (NYSE:CMI) secures access to significant resources in the face of changing operational needs and strengthens its solid banking ties with JPMorgan’s assistance.
Cummins Inc. (NYSE:CMI) is a U.S.-based firm that designs, manufactures, and services diesel and natural gas engines, electric and hybrid powertrains, and related components. It is one of the best hydrogen stocks.
8. Chevron Corporation (NYSE:CVX)
Analysts’ Upside Potential as of June 13: 12.79%
Chevron Corporation (NYSE:CVX) has disclosed plans to lay off 200 people in the Permian Basin, revising the Texas Workforce Commission’s prior, inaccurate announcement of 800 layoffs.
The company informed the commission and explained the disparity. These layoffs are a part of its larger restructuring initiative, which aims to cut costs by $3 billion and reduce its global workforce by 20%, or 9,000 employees, by the end of 2026.
The action is a reflection of Chevron Corporation (NYSE:CVX)’s strategic change toward operational efficiency in the face of volatile oil prices. The business is simplifying its operations under CEO Mike Wirth in order to increase free cash flow.
It is anticipated that the Permian Basin, a key production center for Chevron Corporation (NYSE:CVX), will produce one million barrels of oil equivalent per day, or almost one-third of the world’s total production. The company expects a plateau later this decade, despite the fact that production is increasing. The impacted employees are receiving transition assistance and severance payments from the company.
Chevron Corporation (NYSE:CVX) is a major producer of hydrogen, producing around 1 million tonnes a year, mostly for use in refining processes. The company plans to grow its hydrogen business and supply hydrogen to a wider consumer base by utilizing its existing refineries, distribution networks, sales channels, and well-known brand. It is ranked eighth on our list of the best hydrogen stocks.
7. Air Products and Chemicals, Inc. (NYSE:APD)
Analysts’ Upside Potential as of June 13: 17.45%
RBC Capital began coverage of Air Products and Chemicals, Inc. (NYSE:APD) on June 13 with an Outperform rating and a $355 price target, noting the recent 10% share price decline since March as a favorable entry point for investors. The company underlines its renewed faith in its strategic return to its industrial gas core model, which gives priority to projects with offtake agreements in place.
RBC Capital predicts that Air Products and Chemicals, Inc. (NYSE:APD)’ return to a targeted industrial gas strategy will promote steady, long-term growth. By matching capital deployment to pre-secured consumer demand, the technique reduces risk. An expected return to high-single-digit profit growth is additionally backed by RBC’s assessment of the company’s turnaround plan as effective. It is believed that the current stock value decline is just transitory and presents an opportunity for investors before expected operational improvements.
Air Products and Chemicals, Inc. (NYSE:APD) was established in 1940 and now operates in 50 countries and employs 19,000 people, making it one of the world’s top suppliers of industrial gas. The business is the world’s biggest provider of helium and hydrogen. It can produce 7 million kg of fuel per day from more than 100 hydrogen plants.
6. DuPont de Nemours, Inc. (NYSE:DD)
Analysts’ Upside Potential as of June 13: 27.34%
DuPont de Nemours, Inc. (NYSE:DD) has added 16,000 square feet of operational space to its healthcare manufacturing facility in Heredia, Costa Rica.
This supports DuPont de Nemours, Inc. (NYSE:DD)’s global medical device supply chain and is the first sterile healthcare packaging operation in Costa Rica and the Caribbean. The facility now runs around the clock, creating sterile packaging made of Tyvek®, including lids, header bags, and pouches, and expanding its capacity for medical tubing.
This development improves DuPont de Nemours, Inc. (NYSE:DD)’s sterile operations and extrusion capabilities throughout the Americas, solidifying the company’s position in the healthcare industry. The expansion of the Heredia website reflects the rising need for superior sterile packaging and fluid management supplies.
According to James Chambers, SVP and General Manager of Spectrum Plastics Group, a DuPont company, this action is evidence of DuPont de Nemours, Inc. (NYSE:DD)’s position as a reliable worldwide partner in the medical manufacturing industry.
DuPont de Nemours, Inc. (NYSE:DD)’s portfolio now includes Spectrum Plastics, which was acquired in August 2023 and brings more than 60 years of experience in polymer processing and device production.
Furthermore, the company produces PEM fuel cells, which are essential for electrolyzers that separate hydrogen and oxygen. It is among the Best Hydrogen Stocks.
5. Plug Power Inc. (NASDAQ:PLUG)
Analysts’ Upside Potential as of June 13: 36.43%
Plug Power Inc. (NASDAQ:PLUG) and Allied Green Ammonia have announced a new 2 GW electrolyzer agreement for a $5.5 billion green chemical manufacturing facility in Uzbekistan at the Tashkent International Investment Forum.
This extends the partners’ total commitment to 5 GW internationally, adding to the previous 3 GW deal for a green ammonia plant in Australia. The government of Uzbekistan is supporting the project, which would create green diesel, green urea, and sustainable aviation fuel. The signing of the deal was witnessed by Alfred Benedict, MD of Allied Green, and Sanjay Shrestha, President of Plug Power Inc. (NASDAQ:PLUG).
The business, standing as a top supplier of electrolyzers for extensive decarbonization, is strengthened by the expansion. Andy Marsh, CEO of Plug Power Inc. (NASDAQ:PLUG), underlined the importance of cross-continental, industrial-scale execution.
Alfred Benedict, the CEO of Allied Green, pointed out trust in Plug Power Inc. (NASDAQ:PLUG)’s tested hydrogen technology. The firm’s worldwide hydrogen ecosystem supports industrial and energy transition needs on five continents by including production, storage, and transport. It is ranked fifth on our list of the best hydrogen stocks.
4. Chart Industries, Inc. (NYSE:GTLS)
Analysts’ Upside Potential as of June 13: 37.85%
Craig-Hallum analyst Eric Stine kept a Buy rating on Chart Industries, Inc. (NYSE:GTLS) on June 9.
The 12-month price target for Chart Industries, Inc. (NYSE:GTLS) shares, as determined by ten expert analysts, is between $165 and $225, with a strong buy recommendation. The stock price is expected to rise 37.85% over the next year, according to the average analyst price objective of $198.8.
Since 2020, Chart Industries, Inc. (NYSE:GTLS) has shifted its focus to diversifying its specialty product line into rapidly growing markets, including liquefied natural gas and hydrogen. The company increased the quantity of in-house content it employs for larger projects by entering into several profitable joint ventures and investments with important partners. This increased control over supply schedules and reduced expenses.
Chart Industries, Inc. (NYSE:GTLS) offers a wide range of cryogenic equipment for storage, distribution, and other processes in the industrial gas and liquefied natural gas industries. Furthermore, the firm offers specialty products that cater to a range of industries, such as water treatment, biofuels, hydrogen, and cannabis, as well as natural gas processing solutions for the natural gas industry. The firm nearly doubled in size in early 2023 when the firm made a big acquisition of Howden. It is one of the best hydrogen stocks.
3. Hyster-Yale, Inc. (NYSE:HY)
Analysts’ Upside Potential as of June 13: 103.10%
Ted Jackson, a Northland analyst, maintained a Market Perform rating on Hyster-Yale, Inc. (NYSE:HY)’ shares and reduced the firm’s price objective from $75 to $50.
The analyst cut FY25 predictions due to tariffs and economic uncertainties, citing Hyster-Yale, Inc. (NYSE:HY)’s “mixed” Q1 compared to the consensus.
Hyster-Yale, Inc. (NYSE:HY) reported a 14% year-over-year reduction in lift truck revenues in its 2025 business update, which was made public on May 7. This decline was mostly caused by lower sales volumes in the Americas and EMEA areas. A decline in manufacturing absorption and decreased volumes caused a steep decline in adjusted operating profit.
The company’s fuel cell division, Nuvera, reported a larger operational loss both sequentially and year over year due to higher R&D costs. Pretax earnings decreased, resulting in a dip in income tax expense from $25 million to $8 million. Operating cash outflows totaled $36 million in the first quarter, compared to $22 million in inflows the previous year.
Nonetheless, inventory levels improved, declining by around $70 million annually. Strong bookings of $590 million represented both an annual and a nearly 50% sequential rise, while the backlog was stable at $1.9 billion. It is anticipated that capital expenditures in 2025 will fall between $40 million and $65 million.
2. FuelCell Energy, Inc. (NASDAQ:FCEL)
Analysts’ Upside Potential as of June 13: 134.00%
Riley has maintained its Neutral rating on FuelCell Energy, Inc. (NASDAQ:FCEL) and reduced its price target from $9 to $8 in response to the company’s fiscal Q2 results.
The company mentioned that its recent cost-cutting initiatives resulted in a slight decrease in forecasts.
FuelCell has reduced its headcount by 22% and plans to reduce annualized cost by 30% in comparison to fiscal 2024. The company’s move toward stricter cost controls in the face of persistent operational difficulties is reflected in these initiatives. B. Riley’s updated forecast reflects cautious investor sentiment as FuelCell Energy, Inc. (NASDAQ:FCEL) works through its reorganization.
FuelCell Energy, Inc. (NASDAQ:FCEL) is a fuel cell power firm and one of the best hydrogen stocks. The company creates, manufactures, sells, installs, operates, and services fuel cell products and electrolysis platforms that reduce carbon emissions and generate hydrogen.
FuelCell Energy, Inc. (NASDAQ:FCEL) provides services to many industries, including commercial and hospitality, wastewater treatment, education and healthcare, data centers, and industrial. Geographically, the business is active in Europe, Canada, South Korea, and the United States. The USA and South Korea account for the majority of revenue.
1. New Fortress Energy Inc. (NASDAQ:NFE)
Analysts’ Upside Potential as of June 13: 392.70%
New Fortress Energy Inc. (NASDAQ:NFE) has been banned from Puerto Rico’s auction for an 800-megawatt temporary power generation contract, dealing a significant blow to billionaire Wes Edens’ LNG company.
The company’s bid was declared “non-conforming” even though it claimed to provide the cleanest, least expensive solution with rapid startup capabilities. New Fortress Energy Inc. (NASDAQ:NFE) did not provide any additional information, but it acknowledged that it had sent Governor Jenniffer González-Colón a letter of reconsideration.
The disqualification arises as New Fortress Energy Inc. (NASDAQ:NFE) struggles with rising debt and a roughly 80% decline in market value. Edens recognized “stringent” auction requirements during a recent earnings call, despite projecting growth in Puerto Rico. The bid list was reduced to Javelin Global Commodities and Power Expectations LLC when Puerto Rico, which suffers from costly and unreliable electricity, requested emergency power bids. Concerns regarding possible lobbying connections among candidates were also brought up in Edens’ letter.
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