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
Fuel Cell Issuer Revenue, 2025
Where 100 Million Tonnes Actually Go
Grey Molecule vs Low-Emissions Run-Rate
Low-Emissions Hydrogen: Today vs 2030
The Announcement Pile Shrank
New Hydrogen Offtake Signed
Electrolyzer Factories: Nameplate vs Output
Electrolyzer FID Pace
What Industrial Gases Actually File
| Company | What the filing prints | Figure | What is not filed |
|---|---|---|---|
| Air Products | FY2025 company sales | $12.0B | No company-wide H2 tonne series in the FY2025 10-K. |
| Air Products | NEOM hydrogen capacity (May 2023 close) | 600 tonnes per day | Project capacity, not APD's global merchant volume. |
| Linde | FY2025 company sales | $34.0B | No H2 tonne series. Hydrogen sits inside process gases. |
| Linde | Chemicals and Energy share of gases sales (Q2 2026) | 21% | Share of a gases book, not a hydrogen P&L. |
| Air Liquide | H2 and carbon monoxide share of Large Industries (2025) | 37% | H2 is not split from CO. No Nm3 or tonne series. |
| Air Liquide | Large Industries sales (2025) | 7,110 million euros | Diversified air gases plus H2/CO plus cogeneration. |
Air Products NEOM: The One Filed Industrial H2 Volume
| Value | As of | What it is | |
|---|---|---|---|
| Hydrogen capacity | 600 tonnes per day | May 2023 close | The filed H2 volume. Project nameplate. |
| Total investment | $8.4 billion | May 2023 close | Project cost, not APD revenue. |
| EPC (Air Products contractor) | $6.7 billion | May 2023 close | Repeated in the FY2025 10-K. |
| Yara ammonia offtake | Up to 1.2 million tonnes per year | Dec 2025 | Ammonia, not hydrogen kilograms. |
| Construction status | More than 90% complete | Dec 2025 | First product guided to 2027. |
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 industries
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. Data last updated August 26, 2026.