Hydrogen stocks to buy continue to be a hot topic as the push for clean energy solutions accelerates. Hydrogen is emerging as a key player in the global economy’s decarbonization efforts, offering the potential for significant growth and investment.
According to Grand View Research, the hydrogen generation market was last valued at $170 billion and will grow at a 9% CAGR. Its ability to store energy makes it ideal for transportation, electricity generation, heavy industry and heating. While the hydrogen market is still only a small part of the global energy mix, the long-term tailwinds of the industry remain strong.
Now, let’s discover the best hot hydrogen stocks ready to ascend to new heights in 2024!
Linde (LIN)
Linde (NASDAQ:LIN) is a global leader in industrial gasses and the largest industrial gas company in the world by revenue and market capitalization. The company is a leader in hydrogen solutions and has committed significant CAPEX to developing and advancing the hydrogen economy.
Linde is an integral company in the global hydrogen supply chain, from production to distribution. Its expertise in electrolysis, the process of splitting water into hydrogen and oxygen, is a major competitive advantage. It is currently developing large-scale hydrogen projects and partnering with key players in the industry. The company has already committed $1.8 billion to provide clean hydrogen to customers on the Gulf Coast. Moreover, at the end of 2023, Linde increased its liquid hydrogen production capacity at its facility in McIntosh, Alabama. The investment of $90 million into the project is now expected to produce 30 tonnes of liquid hydrogen per day. That makes Linde one of the best hydrogen stocks to buy in 2024 and beyond.
Air Products and Chemicals (APD)
Air Products and Chemicals (NYSE:APD) is another industrial gas giant with a significant presence in the hydrogen market. The company has a long history of hydrogen production and distribution, supplying various industries.
Air Products and Chemicals is currently one of the world’s largest hydrogen suppliers. The company’s extensive network of hydrogen plants positions it as a key player to meet the growing demand for clean hydrogen. APD formed strategic partnerships with companies and governments around the world to advance the hydrogen market. Most notably, its NEOM project partnership with Saudi Arabia. It is the world’s largest hydrogen project that will soon run 100% on green energy. Additionally, it has other notable partnerships in Canada and the United States to advance a green hydrogen infrastructure.
Brookfield Renewable Partners (BEP)
Brookfield Renewable Partners (NYSE:BEP) may not be as widely known as the others on this list, but it has made significant strides in the renewable energy market. It is a leader in the green energy transition, with a large portfolio of solar, wind, hydroelectric and distributed energy assets.
Brookfield Renewable Partners has the potential to become a heavyweight in the hydrogen space. Green hydrogen perfectly aligns with Brookfield’s focus on sustainable power generation. In recent years, Brookfield has looked to diversify its renewable energy assets into areas like renewable natural gas and clean hydrogen. The company’s 2024 Green Financing Framework outlined the use of proceeds allocated to green hydrogen production. By leveraging its expertise in large-scale renewable energy projects, the company can explore innovative and cost-effective methods to accelerate the production of green hydrogen. That includes leveraging existing renewable energy capacity to power electrolyzers for hydrogen production. While BEP is only just scratching the surface, it stands out as one of the top hydrogen stocks to buy on the transition to a more sustainable future.
On the date of publication, Terel Miles did not hold (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.
