While the Biden Administration did pass the Inflation Reduction Act in 2022, which provides tax incentives and subsidies to clean energy projects, hydrogen stocks ended 2023 on a sour note. Case in point, the Global X Hydrogen ETF (NASDAQ:HYDR) fell 36.5%. If you glance at how the ETF has performed over the last twelve months, its price has fallen by more than 55%.

Investors desiring to allocate to clean energy equities assets, should probably regard this major dip in equity value as an opportunity to allocate to a long-term energy trend. Here are three hydrogen stocks to consider buying on the dip.

General Electric (GE)

CEO of industrials giant General Electric (NYSE:GE), Larry Culp, has been leading the company during a pivotal transformation wherein GE has worked to divest from non-core assets, reduce debt and improve profitability. The company now operates in a number of renewable energy spaces, including hydrogen.

In 2023, General Electric consecutively beat Wall Street’s earnings estimates. In particular, during the second quarter, GE generated double-digit growth in orders and revenues due to strong demand in its aerospace and renewable energy segments. Similarly, in the company’s Q3 earnings report, its aerospace and renewable energy segments beat estimates on revenue and profitability, respectively. The industrials giant also increased guidance for the full year.

GE nearly doubled its share price in 2023 off the back of solid earnings and better than expected macroeconomic forecast heading into 2024. While the stock definitely trades less cheaply than in early 2023, GE’s valuation is still only around 13.9x forward EBITDA and appear cheap enough to consider it as a buying opportunity now.

Bloom Energy (BE)

Bloom Energy (NYSE:BE) is a pure-play innovator in the hydrogen industry. The company’s solid oxide fuel cell (SOFC) technology can generate electricity from various fuels, including natural gas, biogas, and hydrogen.

Additionally, the “Bloom Energy Server” produces electricity through an electrochemical process. This reduces the need for combustion and thereby reduces emissions. Bloom’s Energy Server can provide reliable, 24/7 power, making them an attractive option for businesses and institutions that require constant power supply. The server also operates independently of the grid., which can prove crucial during power outages or in areas with unstable grid infrastructure.

Bloom Energy had been impressing investors in the last few years with its financial performance and product innovation. Particularly, in their third quarter, Bloom Energy reported record revenue numbers: $400.3 million for the quarter, representing a 36.9% Y/Y increase from the same period in 2022..

BE shares have fallen 54.4% over the past 12 months, but Wall Street analysts are still optimistic. The company’s shares maintain a “Buy” rating and the average price target analysts have arrived at projects a 62.6% upside.

Plug Power (PLUG)

Plug Power (NASDAQ:PLUG) is the largest supplier of liquid hydrogen and the company produces hydrogen fuel cells for the supply chain and logistics industries. Companies within these sectors have developed the will to decrease their carbon footprint, and one way to go about it is employing hydrogen fuel cells where some go about this by deploying hydrogen-powered forklifts, trucks, buses and drones. Plug Power’s fuel cells are key to this. The hydrogen fuel cell developer has successfully formed several strategic partnerships with major players in the mobility and logistics sector. This includes Amazon (NASDAQ:AMZN), Walmart (NYSE:WMT) and Airbus (OTCMKTS:EADSY).

Plug Power’s shares have plummeted 73.6% over the past twelve months, and the company’s valuation currently trades at just around 3.0x forward sales. There has been much speculation as to where hydrogen tax rules the Biden Administration has proposed will become less restrictive before their final implementation. If correct, this could help save the company millions in the long run. Additionally, Plug Power is working to expand its business. In early February, the company announced a contract to design and engineer a 500-megawatt electrolyzer project in Europe.

These attractive future prospects and the company’s currently cheap trading multiple should pique investors interest here.

On the date of publication, Tyrik Torres did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.