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.
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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.
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 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
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. (NASDAQ:FCEL) 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. (NASDAQ:FCEL) 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. (NASDAQ:BLDP) 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. (NASDAQ:BLDP) 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.
