In this article, we will discuss: 9 Best Hydrogen and Fuel Cell Stocks to Buy Now.
On January 8, 2026, Wood Mackenzie forecasted a “year of reckoning” for hydrogen in 2026. According to the consultancy, economics will trump ambition after an upswing in 2024 and a reality check in 2025. Murray Douglas, vice president for hydrogen and derivatives research, said that “2026 will separate viable hydrogen markets from those built on policy ambition alone.” Wood Mackenzie predicted that at least three RFNBO hydrogen projects in Europe would make final investment decisions, with capacity surpassing 50ktpa, because of the clarity in the EU Low-Carbon Fuels Delegated Act.
Douglas said that projects will move forward where policy and offtake agree, while others will stall. Wood Mackenzie estimated that the EU would abandon its 2030 aim of 42% renewable hydrogen in industry under RED III, noting limited national use and Germany’s rejection of legally binding quotas. The firm predicts that at least three Middle Eastern export hydrogen projects will be cancelled or scaled back, while ammonia cracking will increase with three industrial projects focused on steel and refining. It is also expected that 439ktpa of India’s 725ktpa green ammonia auctions will be commissioned at $550-$700 a tonne. Douglas warned that smaller deals under 100ktpa would fail because of the risks.
With that said, here are the 9 Best Hydrogen and Fuel Cell Stocks to Buy Now.
Photo by Tommy Krombacher on Unsplash
Methodology:
We used screeners to identify Best Hydrogen and Fuel Cell Stocks and limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds.
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9. FuelCell Energy, Inc. (NASDAQ:FCEL)
On March 23, 2026, FuelCell Energy, Inc. (NASDAQ:FCEL) announced the introduction of a standardized “12.5-megawatt” packaged power block that offers on-site electricity to data centers. The corporation stated that developers confront grid congestion, interconnection delays, and permitting backlogs that restrict AI and data center expansion. It positioned the system as a speedier deployment option in power-constrained markets.
FuelCell Energy, Inc. reported that it has set up the 12.5 MW block from ten 1.25 MW modules, which simplifies engineering labor and reduces integration risk as well as accelerates deployment. It also boosts dependability for multi-phase projects. President and CEO Jason Few said clients require faster access to infrastructure-grade power as AI demand grows and grid restrictions tighten.
The company has also announced plans to increase manufacturing capacity at its Torrington, Connecticut, facility from around 100 MW to 350 MW in an effort to meet a rise in demand. It also declared a 275% surge in its business development pipeline since February 2025, caused primarily by data center customers, and stated that it will pursue a hub-and-spoke production approach to decrease costs and localize assembly.
FuelCell Energy, Inc. is a firm that develops, designs, manufactures, constructs, and services high-temperature fuel cells for clean electricity generation, placing it among the Best Hydrogen and Fuel Cell Stocks to Buy Now. It operates in three geographical segments: the United States, South Korea, and Europe.
8. Ballard Power Systems Inc. (NASDAQ:BLDP)
On April 13, Ballard Power Systems Inc. (NASDAQ:BLDP) selected Ralph Robinett as Senior Vice President and Chief Operating Officer, succeeding Lee Sweetland. Robinett most recently worked as COO of GAF Energy, where he oversaw production, supply chain operations, new product rollout, factory expansion, and automation design for the company’s solar roof business.
Separately, on March 12, Ballard Power Systems Inc. reported that revenue grew 37% year on year in the fourth quarter of 2025 to $33.6 million and 43% for the entire year to $99.4 million because of record annual engine deliveries. The corporation said that gross margin hit 17% in the quarter, up 30 percentage points year on year, while full-year gross margin reached 5%, up 37 points. It also claimed a 41% reduction in cash operating costs for the quarter, as well as $11.4 million in positive operating cash flow. President and CEO Marty Neese stated that the firm improved execution, increased deliveries, and maintained cost discipline. The CEO also focused on recurring service revenue, margin expansion, and commercialization initiatives in the mobility and stationary power areas.
Ballard Power Systems Inc. designs, develops, manufactures, sells, and services fuel cell products. It specializes in power products for bus, truck, rail, marine, stationery, and developing market applications, as well as service delivery, which includes technical solutions, after-sales services, and training.
7. Plug Power Inc. (NASDAQ:PLUG)
On April 2, 2026, Plug Power Inc. (NASDAQ:PLUG) announced that it had obtained a Front-End Engineering Design contract to deliver a “275-megawatt” GenEco PEM electrolyzer system for Hy2gen’s Courant project in Baie-Comeau, Quebec. The corporation said the project is one of its largest electrolyzer awards, as it helps the manufacture of low-carbon ammonia, which will be converted into renewable ammonium nitrate for mining uses. The firm will handle engineering, system design, integration, and performance optimization, with the facility powered by the Hydro-Québec grid. Chief Executive Officer Jose Luis Crespo commented that the award shows the need for large-scale electrolyzer technology.
Separately, on April 9, 2026, Susquehanna analyst Charles Minervino updated Plug Power Inc.’s price target to $2.75 from $2.50. It maintained a Neutral rating on the stock. The analyst cited estimate changes ahead of first-quarter reports.
Plug Power Inc. is an alternative energy technology firm. It designs, develops, commercializes, and manufactures hydrogen and fuel cell systems for the material handling and stationary power fields.
6. New Jersey Resources Corporation (NYSE:NJR)
On April 21, 2026, Mizuho analyst Gabriel Moreen increased New Jersey Resources Corporation (NYSE:NJR)’s price objective to $61 from $54. It maintained an “Outperform rating” on the shares. Moreen upgraded 2026 profit expectations to the high end of the company’s guidance and predicted another strong quarter in Energy Services due to spikes in natural gas price volatility.
Separately, New Jersey Resources Corporation declared a quarterly dividend of $0.475 per share, payable July 1, 2026, to shareholders of record on June 10, based on a corporate statement issued on April 15. The firm stated that it had paid dividends continuously since 1952, with annual increases for the past 30 years.
New Jersey Resources Corporation also provided a fiscal 2026 NFEPS forecast of “$3.03 to $3.18,” with a long-term growth target of 7% to 9% from a $2.83 fiscal 2025 base.
New Jersey Resources Corporation is a holding company. It provides regulated natural gas distribution, transmission, and storage services, as well as certain unregulated enterprises. It works in five segments: natural gas distribution, clean energy ventures, energy services, storage and transportation, and home services and other.
5. Bloom Energy Corporation (NYSE:BE)
On April 14, 2026, Reuters reported that Bloom Energy Corporation (NYSE:BE) will supply Oracle with up to “2.8 gigawatts” of fuel cell capacity under an upgraded deal, which shows rising power demand due to artificial intelligence. The corporations have already signed for an initial 1.2 gigawatts, with deployment starting this year and extending into next.
Bloom Energy Corporation claims that its methods offer faster rollout than traditional power sources, allowing users to have electricity sooner while decreasing project risks. According to Mahesh Thiagarajan, executive vice president of Oracle Cloud Infrastructure, the quick deployment of Bloom’s systems is helping to meet consumer needs across the United States.
Bloom Energy Corporation’s shares climbed 12.6% to $198.65 in extended trade after the announcement. The corporation also stated that it issued a warrant to Oracle in accordance with previously disclosed October terms, cementing the two companies’ commercial relationship.
Bloom Energy Corporation manufactures and installs power production platforms based on solid oxide fuel cells. Bloom Energy Server turns conventional low-pressure natural gas or biogas into electricity using an electrochemical method that does not include combustion.
4. BP p.l.c. (NYSE:BP)
On April 23, 2026, Reuters reported that BP p.l.c. (NYSE:BP) shareholders turned down two board-proposed resolutions during the company’s annual general meeting, which marked the first major test for the new leadership. Chair Albert Manifold said investors did not vote sufficiently to approve measures permitting virtual AGMs and abolishing prior climate disclosure obligations. Manifold informed investors that, while the firm received solid support for its strategic path, the two special resolutions fell short of a simple majority. The initial results showed Manifold gaining 81.8% support, which was lower than the customary percentages of around 100% acceptance.
Glass Lewis and ISS, as well as BP p.l.c. (NYSE:BP) shareholder LGIM opposed key measures, expressing fears about governance and climate. Glass Lewis advised voting against Manifold, linking him to the rejection of a Follow This resolution on energy transition disclosures. CEO Meg O’Neill pointed out the importance of strengthening the balance sheet and investing with discipline as the firm reshapes its portfolio toward oil and gas.
BP p.l.c. (NYSE:BP) is an integrated oil and gas corporation that provides carbon products and services. It operates in three segments: gas and low-carbon energy, oil production and operations, and customers/products.
3. Cummins Inc. (NYSE:CMI)
On April 20, 2026, Truist analyst Jamie Cook raised Cummins Inc. (NYSE:CMI )’s price objective to $730 from $703. It retained a Buy rating on the stock. Cook previewed first-quarter results for machinery and industrial names, claiming strengthening conditions after a three-year recession, citing a March U.S. Manufacturing PMI of 52.7, following strong readings in January and February. The analyst also stated that channel destocking has ended, and industrial and cyclical markets, such as construction, mining equipment, commercial vehicles, and semiconductors, are rebounding. However, she warned of risks from the Iran war.
On April 13, 2026, Wells Fargo lifted its price objective for Cummins Inc. to $693 from $630. It maintained an Overweight rating. The firm claimed an optimistic financial performance outlook, mentioning a supply-driven machinery recovery, broader non-residential development that extends into semiconductors, and improved cash conversion.
Cummins Inc. is a U.S.-based firm that designs, manufactures, and services diesel and natural gas engines, electric and hybrid powertrains, and related components. Its segments include Engine, Distribution, Components, Power Systems, and Accelera.
2. Air Products and Chemicals, Inc. (NYSE:APD)
On April 24, 2026, RBC Capital raised Air Products and Chemicals, Inc. (NYSE:APD)’s price target to $338 from $325. It maintained an Outperform rating. The firm determining first-quarter performance for specialty chemical industries said that company-specific accelerators should continue to strengthen in 2026, favoring stocks with modest exposure to Middle Eastern upheaval and rising oil prices.
On April 24, 2026, Air Products and Chemicals, Inc. declared that it will build, own, and operate a brand new air separation facility in Cocoa, Florida. The facility will produce liquid oxygen, nitrogen, and argon. It is expected to start working in the second half of 2028.
Francesco Maione, president of the Americas, said that the location will help space launch operators in Florida and also position the corporation to meet increased demand from the booming space launch industry. Air Products and Chemicals, Inc. disclosed that the production facility will also serve regional merchant markets in industries such as metals processing, manufacturing, medical, and chemicals, besides growing its existing U.S. network of around 70 air separation units.
Air Products and Chemicals, Inc. manufactures and distributes atmospheric gases. It operates in the Americas, Asia, Europe, the Middle East, India, and Corporate and Other.
1. Linde plc (NASDAQ:LIN)
On April 24, 2026, TheFly reported that RBC Capital analyst Arun Viswanathan raised Linde plc’s (NASDAQ: LIN) price objective to $552 from $512. It retained an Outperform rating. Viswanathan, in a research note to investors, stated that company-specific drivers should help improve in 2026. The analyst also stressed a preference for corporations with low exposure to Middle Eastern turmoil and rising oil prices.
According to a separate TheFly story dated April 21, 2026, BofA raised its price objective for Linde plc (NASDAQ:LIN) to $525 from $520 while maintaining a Buy rating. The firm said commodity markets increased in March and April due to the Iran war, supporting stronger upstream predictions for 2026 beginning in the second quarter, but downstream producers are under pressure, analysts added.
Linde (NASDAQ:LIN) will report its first-quarter 2026 financial results on Friday, May 1, 2026.
Linde plc (NASDAQ:LIN) is a global industrial gas and engineering firm. It designs and manufactures industrial gas production equipment. The company also provides gas production and processing services for olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants, and other plants.
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