In this article, we will take a look at the 8 Best Hydrogen and Fuel Cell Stocks to Buy for 2026.
Market watchers and investors that paid attention to policy back in 2020 likely envisaged a future in which hydrogen will be a propellant for the economy as a whole. It was a moment of big visions, and the ‘hydrogen ladder’ was commonly adopted. Now, five years later, the honeymoon period has truly ended. Low-carbon hydrogen, produced using either renewable energy and water or gas and carbon storage, has had trouble getting upfront orders from consumers, with green and blue hydrogen costing more than the “grey” type created from fossil fuels without the capture of emissions.
According to the International Energy Agency (IEA) over 2,600 projects had been announced worldwide by the end of 2024. That said, nearly 60 significant low-carbon hydrogen initiatives have been canceled or put on hold this year due to the industry’s problems with rising costs, unclear policies, and a shortage of buyers.
Additionally, the sector has been hampered by President Donald Trump’s animosity toward renewable energy initiatives, which has resulted in reductions in the incentives that Joe Biden’s administration had offered, all while European countries have been sluggish to carry out their goals.
Nonetheless, the global green hydrogen industry is expected to grow from $2.79 billion in 2025 to around $75 billion by 2032, according to OilPrice.com. Even the IEA pointed out that medium-term growth prospects are still supported by policy-backed demand in steelmaking, ammonia, and heavy transportation, though final investment decisions remain inconsistent.
Our Methodology
For our list of the best hydrogen and fuel cell stocks stocks to buy for 2026, we started with a list of stocks pulled from ETFs, stock screeners, and web rankings. These stocks were further narrowed based on analyst upside of at least 15%. We have also added the hedge fund sentiment around each stock sourced from Insider Monkey’s Q3 database.
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 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
8. FuelCell Energy, Inc. (NASDAQ:FCEL)
Analyst Upside: 17.51%
Number of Hedge Fund Holders: 15
FuelCell Energy, Inc. (NASDAQ:FCEL) ranks among the best hydrogen and fuel cell stocks to buy for 2026. On December 19, TD Cowen boosted its price target for FuelCell Energy, Inc. (NASDAQ:FCEL) to $9 from $7, while keeping a Hold rating on the stock following the fourth-quarter fiscal results. The company’s revenue increased by 12% year-over-year, indicating a favorable trend. On the other hand, FuelCell Energy’s backlog fell 4% quarter-over-quarter, from $1.24 billion to $1.19 billion, and its gross loss increased sequentially.
FuelCell Energy, Inc. (NASDAQ:FCEL) reported higher EBITDA margins in Q4 as cost-cutting efforts began to take impact and product revenues were achieved. The company also reached around $55 million in revenue in the fourth quarter of 2025, which was driven by the supply of 10 modules to GGE under a long-term service agreement.
This comes as FuelCell Energy, Inc. (NASDAQ:FCEL) targets data center opportunities and is currently in active negotiations with a number of potential clients, though the timeline for converting this interest into confirmed orders is unknown.
FuelCell Energy, Inc. (NASDAQ:FCEL) is a clean energy company. It develops, manufactures, and deploys stationary fuel cell and electrolysis platforms for the production of hydrogen. The company’s LTSA approach improves reliability for high-demand industries like data centers by guaranteeing round-the-clock monitoring, technical assistance, and preventative maintenance.
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