Hydrogen and Fuel Cell Market by Company
Two businesses wearing one label. Solid-oxide fuel cells are now a data-center generation product: Bloom Energy printed $2.02B in 2025 and raised 2026 revenue guidance to $3.9B-$4.2B after hyperscalers and AEP started buying megawatts the grid cannot interconnect in time. Low-emissions hydrogen as an energy carrier is still a rounding error: IEA puts 2024 demand at almost 100 Mt, more than 99% of it grey, with electrolyzers at just over 3 GW worldwide.
The Hydrogen & Fuel Cells sector on Sterling tracks 15 companies.
Four Numbers That Frame the Sector
Where 100 Million Tonnes Actually Go
Low-Emissions Hydrogen: Today vs 2030
Public Equities Landscape
| Company | Ticker | Role | 2025 print | Why it is here |
|---|---|---|---|---|
| Bloom Energy | BE | Stationary SOFC | $2.02B revenue | Flagship. On-site prime power for AI load. Gas is feedstock, not the business. |
| Plug Power | PLUG | PEM + electrolyzers + H2 network | ~$710M revenue | The hydrogen-economy ticker. Forklifts plus electrolyzers. Still trying to earn. |
| Ballard Power | BLDP | PEM stacks | n/a on this card | Mobility stacks. Truck volume, if any, is a Semi Trucks story. |
| FuelCell Energy | FCEL | MCFC / SOFC | n/a on this card | Stationary completeness. Distressed. Not a second Bloom. |
| Ceres Power | CWR.L | SOFC IP | n/a on this card | Licenses the ceramics Bloom manufactures. |
| Nel | NEL.OL | Alkaline / PEM electrolyzer | n/a on this card | European OEM. Announcement cycle treated it as the category leader. |
| ITM Power | ITM.L | PEM electrolyzer | n/a on this card | UK PEM peer. Capacity ran ahead of offtake. |
| thyssenkrupp nucera | NCH2.DE | Alkaline electrolyzer | n/a on this card | Chlor-alkali heritage. Large-project list, not a fuel-cell name. |
| Air Products | APD | Industrial hydrogen | n/a on this card | Grey and blue merchant H2. NEOM is the green option. Diversified gases. |
| Linde | LIN | Industrial hydrogen | n/a on this card | Dual-homed with AI Chips. Grey/blue incumbent here. |
| Air Liquide | AI.PA | Industrial hydrogen | n/a on this card | European pipeline networks. Same incumbent role as APD and LIN. |
| Chart Industries | GTLS | Liquefaction equipment | n/a on this card | Sells tanks and liquefiers into whatever color of H2 gets built. |
Companies in the Hydrogen & Fuel Cells sector (15)
Related sectors
Frequently asked questions
What is the Hydrogen & Fuel Cells sector?
Two businesses wearing one label. Solid-oxide fuel cells are now a data-center generation product: Bloom Energy printed $2.02B in 2025 and raised 2026 revenue guidance to $3.9B-$4.2B after hyperscalers and AEP started buying megawatts the grid cannot interconnect in time. Low-emissions hydrogen as an energy carrier is still a rounding error: IEA puts 2024 demand at almost 100 Mt, more than 99% of it grey, with electrolyzers at just over 3 GW worldwide.
Which companies lead the Hydrogen & Fuel Cells sector?
Sterling tracks 15 companies in Hydrogen & Fuel Cells, led by Bloom Energy (BE), Plug Power (PLUG), Ballard Power (BLDP), FuelCell Energy (FCEL), Ceres Power (CWR.L) and Nel (NEL.OL).
How can I invest in the Hydrogen & Fuel Cells sector?
Publicly traded names in Hydrogen & Fuel Cells include Bloom Energy (BE), Plug Power (PLUG), Ballard Power (BLDP), FuelCell Energy (FCEL) and Ceres Power (CWR.L). Compare them side by side on Sterling.
