In this article, we shall discuss the top green hydrogen companies in the world.

According to a report by McKinsey and Company, the combustion of fossil fuels currently produces 83 percent of the global carbon emissions. As the political and social rhetoric around the climate crisis intensifies, governments around the world are looking to transition to more clean sources of energy. According to the report, green hydrogen is predicted to spearhead the decarbonization effort, playing a critical role in facilitating a complete transition to net-zero by 2050. According to McKinsey, by 2050, oil production is expected to decrease by more than 55% than it is today, and natural gas production is likely to be 70% lower. Coal production is likely to face complete elimination.

According to a report by the World Economic Forum (WEF), green hydrogen has immense potential, swiftly emerging as one of the most ideal alternatives to fossil fuels, and are great for renewable energy storage and transport. Green hydrogen has been subsidized in a number of emissions reduction pledges at the UN Climate Conference COP26, in an ongoing effort to decarbonize heavy industry, long haul freight, shipping and aviation. The Inflation Reduction Act, the Green Hydrogen Catapult, and a series of legislative efforts by the European Commission are set to decarbonize the global gas market by facilitating the uptake of renewable and low carbon energy sources, including green hydrogen, to ensure clean energy security for the world.

Here is what Dr. Emanuele Taibi, Head of the Power Sector Transformation Strategies, International Renewable Energy Agency (IRENA), told the WEF with regards to the decarbonization potential of green hydrogen.

“Green hydrogen is an important piece of the energy transition. It is not the next immediate step, as we first need to further accelerate the deployment of renewable electricity to decarbonize existing power systems, accelerate electrification of the energy sector to leverage low-cost renewable electricity, before finally decarbonize sectors that are difficult to electrify – like heavy industry, shipping and aviation – through green hydrogen. It is important to note that today we produce significant amount of grey hydrogen, with high CO2 (and methane) emissions: priority would be to start decarbonizing existing hydrogen demand, for example by replacing ammonia from natural gas with green ammonia.”

A recent market report by PWC suggests that the global green hydrogen market is expected to grow from an estimated $160 billion in 2022 to $263.5 billion by 2027, at a CAGR of 10.5% between 2022 and 2027. There is a rising demand for hydrogen in fuel cell electric vehicles (FECV) and rockets in the aerospace industry, which in turn, are acting as fundamental growth drivers. A total of 99% of hydrogen is derived from fossil fuel reformation, as it is conventionally cost-effective. Demand is projected to grow at a moderate, steady pace through niche applications until 2030, after which it is likely to pick up and accelerate through to 2050. By 2050, green hydrogen demand could reach up to 500 million metric tonnes per year, depending on global climate ambitions and sector-specific activities. Production costs are set to increase by more than 50% through 2035, and then enter a decline rate of growth until 2050.

Many large economies of the world, like the United States, Canada, Russia, China, India and Germany, have already undertaken a transition into clean energy sources like green hydrogen, and have developed regions for both competitive and  non-competitive hydrogen production, which could further lead to in-country trade. Some of the leading green hydrogen companies in the world include Shell plc (LON:SHEL), Linde plc (NYSE:LIN), and Reliance Industries (NASDAQ:RELI). In this article, we shall go over the top green hydrogen companies in the world.

Our Methodology

For this article, we carefully screened the global green hydrogen market to pick some of the largest, or most prominent players in the sector. The companies were screened for their product portfolio and overall performance. The companies have been ranked based on their overall market capitalization, as of November 22. Details about each company are provided to give the reader some context.

Top 10 Green Hydrogen Companies In The World

10. FuelCell Energy Inc. (NASDAQ:FCEL)

Total Market Cap (As of November 22): $1.40B

Based in Danbury, Connecticut, FuelCell Energy Inc. (NASDAQ:FCEL) is a publicly traded fuel cell manufacturer which specializes in the design, manufacture, and operations of  Direct Fuel Cell power plants. The company’s product is an environment-friendly alternative to traditional combustion-based power generation. Like Shell plc (LON:SHEL), Linde plc (NYSE:LIN), and Reliance Industries (NASDAQ:RELI), FuelCell Energy Inc. (NASDAQ:FCEL) is one of the top players in the green hydrogen industry.

FuelCell Energy Inc. (NASDAQ:FCEL) operates in more than 50 countries across the world. It operates the world’s most expansive fuel cell park which consists of 21 power plants and is situated in South Korea. The company also operates the largest fuel cell park in North America in Bridgeport, Connecticut. FuelCell Energy Inc. (NASDAQ:FCEL) primarily caters to commercial and industrial customers and uses trigeneration technology to produce green hydrogen from natural gas or biogas. The process has a negligible carbon footprint when compared to conventional methods of reformation. In Q3 2022, FuelCell Energy Inc. (NASDAQ:FCEL) was able to generate a total revenue of $43.1 million.

9. Bloom Energy Corp. (NYSE:BE)

Total Market Cap (As of November 22): $4.07B

Based in San Jose, California, Bloom Energy Corp. (NYSE:BE) is an American clean energy company which manufactures and markets solid oxide fuel cells, which are then able to generate electric energy on-site. Founded in 2001, the company’s fuel cells are subsidized by certain incentive programs by U.S. government, including the recently passed Inflation Reduction Act. As of 2022, Bloom Energy Corp. (NYSE:BE) has installed more than 900 megawatts worth of fuel cells. Like Shell plc (LON:SHEL), Linde plc (NYSE:LIN), and Reliance Industries (NASDAQ:RELI), Bloom Energy Corp. (NYSE:BE) is one of the top green hydrogen companies in the world.

Bloom’s (NYSE:BE) green hydrogen fuel cells provide a combustion-free method of generating clean energy from hydrogen. These fuel cells run on pure, green hydrogen and provide continuous reliability without the added risk of carbon emissions. Furthermore, the company’s solid oxide fuel cells have been deployed multiple times to generate combustion-free, emissions-free electricity from green hydrogen. In September 2022, Bloom Energy Corp. (NYSE:BE) has also announced its plans to install 245-kW electrolyzers at Xcel Energy’s nuclear plant to produce emissions-free green hydrogen, which will further aid in the creation of scalable pathways for producing cost-efficient and clean hydrogen while adding value for nuclear power.

8. Plug Power Inc. (NASDAQ:PLUG)

Total Market Cap (As of November 22): $8.85B

Headquartered in Latham, New York, Plug Power Inc. (NASDAQ:PLUG) is an American company which focuses on the development and production of hydrogen fuel cell systems. These systems are geared to replace conventional batteries in equipment and electric vehicles. The company further specializes in hydrogen fuel cell turnkey solutions, and associated hydrogen and green hydrogen generation, storage and dispensary. Founded in 1977, the company currently has more than 2,200 employees in over 10 states across the United States. In Q3 2022, Plug Power Inc. (NASDAQ:PLUG) generated a total revenue of $188.6 million. As of the third quarter of 2022, hedge fund sentiment around the stock has been favorable, with 32 hedge funds long the stock, up  from 26 in the preceding quarter.

Like Shell plc (LON:SHEL), Linde plc (NYSE:LIN), and Reliance Industries (NASDAQ:RELI), Plug Power Inc. (NASDAQ:PLUG) deploys modern methods of electrolysis using grid or renewable power sources to harvest green hydrogen. The fact that the price of electrolysis is set to decline significantly in the coming years spells great news for Plug Power Inc. (NASDAQ:PLUG). In November 2022, the company partnered with Lidl to bring green hydrogen to the logistics platforms of the company’s warehouses, facilitating the use and sale of green hydrogen to several European stores. Furthermore, Plug Power Inc. (NASDAQ:PLUG), in partnership with Acciona, has announced plans to start building two green hydrogen plants in Spain in 2023. These plants are expected to help the company obtain 20% of the green hydrogen market share in Spain in Portugal by 2030. Plug Power Inc. (NASDAQ:PLUG) is expected to provide more than 11,000 tonnes of green hydrogen by 2025.

7. Adani Green Energy Ltd. (NSE:ADANIGREEN)

Total Market Cap (As of November 22): $38.4B

Based in Ahmedabad, Gujarat, Adani Green Energy (NSE:ADANIGREEN) is an Indian renewable energy company, which is parented by the Indian conglomerate Adani Group. The company owns and operates the Kamuthi Solar Power Project, which is one of the largest solar photovoltaic plants in the world. The company also uses renewable biogas to produce green hydrogen through emission-less, thermal reforming of renewable hydrocarbon feedstocks.

As India is an immensely critical part of the Asian energy transition venture, Adani Green Energy (NSE:ADANIGREEN) is playing a vital role in the provision of affordable, clean, and reliable green hydrogen to accelerate economic growth and the transition to net-zero. In June 2022, Adani Green Energy (NSE:ADANIGREEN) entered into an agreement with TotalEnergies SE to invest more than $5 billion in a massive green hydrogen project. The company will build a 2GW hydrogen-producing electrolyzers farm which is powered by a 4GW solar and wind farm. The venture aims for 1 million tonnes of green hydrogen production per annum by 2030, underpinned by 30GWs of clean power capacity. India is the third largest polluter in the world, and with the government showing a rising inclination towards decarbonization objectives, the potential for Adani Green Energy (NSE:ADANIGREEN) is inconceivable.

6. Air Products and Chemicals Inc. (NYSE:APD)

Total Market Cap (As of November 22): $65.74B

Based in Allentown, Pennsylvania, Air Products and Chemicals Inc. (NYSE:APD) is an American international corporation which specializes in the sale of gases and chemicals for industrial use. Hedge fund sentiment around Air Products and Chemicals Inc. (NYSE:APD) has increased significantly, with 43 funds long the stock in Q3 2022, up from 33 in the preceding quarter. Israel Englander’s Millennium Management is the largest shareholder in the company as of Q3 2022. In the third quarter of 2022, the company generated a total revenue of $3.57 billion.

Air Products and Chemicals Inc. (NYSE:APD) has a strong presence in the green hydrogen sector. The company serves a diverse range of customers with atmospheric industrial gases, including green hydrogen. It provided liquid green hydrogen for the Space Shuttle External Tank program. Furthermore, the company is set to invest more than $500 million to construct a green hydrogen production facility in New York by 2027. Moreover, Air Products and Chemicals Inc. (NYSE:APD) also announced a partnership with the ABP to build and operate the first large-scale, green hydrogen production facility in the United Kingdom. Not only will this sit pleasurably well with the UK government, which has mandated a shift towards green energy by 2030, the agreement will resolve some of the climate-induced challenges that U.K. has been battling, including the 580,000 tonnes of greenhouse gas emissions every year.

5. Sinopec (SSE:600028)

Total Market Cap (As of November 22): $67.93B

Based in the Chaoyang District of Beijing, Sinopec (SSE:600028) is a Chinese state-owned oil and gas enterprise which is parented by Sinopec Group, one of the largest oil refining, gas and petrochemical conglomerates in the world. Sinopec (SSE:600028) specializes in oil and gas exploration, refining, and marketing; production and sales of petrochemicals and other chemical products; and production of ethanol, biodiesel, green jet fuel, and green hydrogen. In the third quarter of 2022, the company generated a mammoth revenue of $117.3 billion. With more than 385,600 employees nationwide, Sinopec (SSE:600028) is one of the top green hydrogen companies in the world, leading China’s decarbonization effort.

In November 2021, the company diversified from its predominantly oil and gas business to green hydrogen, constructing a green hydrogen plant in Kuqa city. The plant provides more than 20,000 metric tonnes of green hydrogen annually to commercial and industrial customers. The plant is set to operate at full capacity by 2023. Sinopec (SSE:600028) has also finalized plans to initiate another green hydrogen plant in the northwestern province of China, with solar panels covering an area of over 630 hectares. The company claims that the project would cover the entire process of green hydrogen production and utilization, primarily via solar power generation, transformation, electrolytic production, storage, and transportation.

4. Air Liquide S.A. (EPA:AI)

Total Market Cap (As of November 22): $140.5B

Air Liquide S.A. (EPA:AI) has been on the forefront of the energy transition effort since 1998, procuring and acquiring technologies and commercial ventures that is set to drive the production, development, and application of renewable hydrogen. The company is a Steering Group member of the Hydrogen Council, a group of companies that have dedicated significant investment into green hydrogen production and hydrogen vehicles. In July 2022, Air Liquide S.A. (EPA:AI) announced plans to construct two new green hydrogen production units with carbon capture technology in Shanghai Chemical Industry Park. The project will demand more than 200 million euros and will result in significant environmental benefits. This will also award Air Liquide S.A. (EPA:AI) added expertise and control over the hydrogen and natural gas value chains in Europe, and establish the company as an energy vector for clean transport. The Russia-Ukraine crisis has further shed light upon the need for Europe to develop an independent clean energy alternative, and many European economies, including France, are increasingly subsidizing the energy transition effort. This is a huge tailwind for Air Liquide S.A. (EPA:AI).

3. Linde plc (NYSE:LIN)

Total Market Cap (As of November 22): $165.3B

Founded in Germany, domiciled in Dublin, and headquartered in the UK, Linde plc (NYSE:LIN) is a global multinational chemical company and is the largest industrial gas company in the world by total market share and revenue. The company specializes in the manufacture and distribution of atmospheric gases, like oxygen, nitrogen, and argon, and process gases like helium and green hydrogen. Linde plc (NYSE:LIN) has a global customer base which is diversified across various industries, like steel making, food, beverage carbonation, material handling equipment, and healthcare. As of the third quarter of 2022, 58 hedge funds hold stakes in Linde plc (NYSE:LIN), the largest stakeholder being Ian Simm’s Impax Asset Management. In Q3 2022, the company generated a total revenue of $8.8 billion.

Linde plc (NYSE:LIN) is a member of the Hydrogen Council. The company has projected that hydrogen vehicles are likely to compete with electric vehicles by 2035, and has invested in wind powered plants that convert water to hydrogen. As of November 2022, the company has commenced production of green hydrogen on a massive scale in Greece, France, and other European countries. Green hydrogen production is being carried out via electrolysis using renewable wind and solar power, thereby minimizing the company’s carbon footprint. The company has also announced plans to invest in steam reformation production methods, which catalyzes the conversion of natural gas to green hydrogen. The announcement follows company plans to increase green hydrogen production in the United States via a 35-megawatt Proton Exchange Membrane electrolyzer. This plant is expected to operate full throttle by 2025.

2. Shell plc (LON:SHEL)

Total Market Cap (As of November 22): $166.1B

Based in London, Shell plc (LON:SHEL) is a British, public limited, multinational oil and gas company, and is considered one of the largest companies in the world by revenue and profits. It specializes in oil and gas exploration, production, refining, transport, distribution and marketing; power generation; and green hydrogen production. With a total number of 82,000 employees in over 99 countries, the company has a history of exceptionally large greenhouse gas emissions, emerging as ninth-largest from 1988-2015. However, since 2015, Shell plc (LON:SHEL) has slowly initiated a transition into clean energy, making huge investments into solar power, wind power, green hydrogen generation, and forestry. The company aims to become a net-zero emissions energy business by 2050.

Shell plc (LON:SHEL) is involved in large-scale green hydrogen projects, with HydrogenForecast.com describing Shell’s (LON:SHEL) overall approach as extremely optimistic. In 2015, the company initiated a project to install green hydrogen fuel pumps across Germany, planning on spreading the project over 400 locations by 2023. A member of the Hydrogen Council, the company announced plans to build Europe’s largest green hydrogen plant in the Netherlands. According to Bloomberg, the project is widely expected to be more than ten times larger than Europe’s current biggest plant, and will supply the company’s Rotterdam refinery directly. Operations on the plant are said to begin by 2025.

1. Reliance Industries Ltd. (NASDAQ:RELI)

Total Market Cap (As of November 22): $206.1B

Based in Mumbai, Maharashtra, Reliance Industries Ltd. (NASDAQ:RELI) is an Indian multinational conglomerate company with businesses ranging from energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. One of the most profitable companies in India, the company is ranked 100th on the Fortune Global 500 list of the world’s biggest corporations as of 2022. Reliance Industries Ltd. (NASDAQ:RELI) is the largest employer in India with over 236,000 employees across 102 countries. The company is one of the world’s largest producers of grey hydrogen, but as of June 2022, has begun the transition from grey to green hydrogen, expecting to complete the transition by 2025.

Here is what Mukesh Ambani, chairman of Reliance Industries Ltd. (NASDAQ:RELI) had to say about the company’s green hydrogen initiative:

“We are one of the largest producers of grey hydrogen globally…We will complement our partner’s technological innovation in stack manufacturing with our engineering skills, operational excellence, long-standing experience in efficient seawater desalination, digital twin expertise and indigenous balance of plant, with a singular aim to deliver green hydrogen at the lowest cost. We aim to progressively commence transition from grey hydrogen to green hydrogen by 2025, after proving our cost and performance targets. Once proven at scale, we are prepared to double the investment to scale up our manufacturing ecosystem.”

Since Reliance Industries Ltd. (NASDAQ:RELI) is not new to hydrogen, analysts are fairly optimistic about the company’s transition initiative. The company has announced an initial investment of $10 billion to build one of the most comprehensive ecosystems for New Energy and Green Hydrogen in India. Furthermore, Reliance Industries Ltd. (NASDAQ:RELI) has also partnered with Stiesdal to facilitate cost reduction and commercialization of their pressurized alkaline electrolyzer technology, which will further help the company reach their production goals with respect to green hydrogen.

You can also take a peek at 15 Largest Education Companies in the World and 12 Best High Yield Dividend Stocks To Buy.

Suggested Articles:

• 15 Most Valuable Canadian Companies
• 15 Biggest Open Source Companies in the World
• 15 Countries with Lowest Interest Rates

Disclosure: none. Top 10 Green Hydrogen Companies In The World is originally published on Insider Monkey.