Hydrogen stocks have certainly seen better days. The Global X Hydrogen ETF (NASDAQ:HYDR), which holds 29 different hydrogen-related equities and has an AUM of $43.2 million, plummeted 40% over the past 12 months.

A tough macroeconomic environment coupled with relatively cheap oil and gas prices have absorbed the attractiveness and competitiveness of companies offering hydrogen energy solutions.

In particular, public companies that I will denote as “pure-play” hydrogen stocks, including Bloom Energy (NYSE:BE) and Plug Power (NASDAQ:PLUG), have taken the most hits to their valuation. This is because Wall Street and other investors doubt their ability to grow sales amidst the current high-interest rate environment.

Wall Street, however, isn’t sour on every stock committed to green hydrogen energy. If you’re an investor looking to increase your exposure to this emerging sector, placing bets on diversified chemical or gas businesses are worthwhile.

Linde (LIN)

Linde (NASDAQ:LIN) is an industrial gas company that supplies atmospheric gases, including oxygen, nitrogen, argon and hydrogen to companies spanning a variety of sectors. As Linde has been around since the late 1800s and has been a key supplier of gas to industrial businesses, the company also serves as a barometer for key industrial activity.

While developing industrial gases is certainly not a clean process per se, Linde has made a number of commitments to expanding its influence in the burgeoning green hydrogen space.

For example, the industrial gas firm has built a 24-megawatt proton exchange membrane electrolyzer in Leuna, Germany that will provide green hydrogen energy to the firm’s exhaustive list of industrial customers. Moreover, Linde, via its subsidiary White Martin, has leveraged electrolysis techniques to provide 156 tons of hydrogen per annum to Brazil’s industrial base.

Ongoing macroeconomic conditions have caused certain aspects of Linde’s main business to suffer, but as economic conditions improve, so too will the company’s outlook.

Air Products and Chemicals (APD)

Air Products and Chemicals (NYSE:APD) is another industrial gas company that has expanded into green hydrogen production. So far, the company has committed $15 billion to various hydrogen energy projects that delivery clean energy solutions to customers.

The firm has also effectively converted into a major supplier of green hydrogen. Businesses in other sectors have also served as a catalyst for Air Products’ green hydrogen investments.

As an example, French oil and gas behemoth TotalEnergies (NYSE:TTE) signed a 15-year supply agreement with APD this month that will deliver 70,000 tons of annual supply of green hydrogen in Europe starting in 2030.

From a current financial outlook perspective, Air Products mirrors its competitor Linde. That is, the company’s short-term prospects do not look so good.

Sluggish post-pandemic economic growth in both Europe and China have eaten away at top-line growth. Second quarter earnings results for fiscal years 2024 missed Wall Street’s revenue estimates.

However, on a similar note, the global economic outlook will likely improve, especially as inflation continues to trend downward.

Cummins (CMI)

Cummins (NYSE:CMI) develops diesel and gas engines, as well as powertrains for heavy and medium-duty trucks and buses.

In 2023, the manufacturer launched Accelera, a subsidiary through which Cummins has been focusing on the development of electrolyzers for hydrogen production and electrified power systems. This segment targets a diversified customer base across multiple end markets, including the growing green hydrogen market.

Accelera has been able to develop on of the world’s largest electrolyzers. In particular, the HyLYZER PEM electrolyzer system in Bécancour, Quebec is a 20-megawatt electrolyzer.

Moreover, back in 2019, Cummins acquired Hydrogenics, a business that specialized in hydrogen production technologies and fuel cell products, for $290 million, in order to broaden its influence in the space.

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.