Largest hydrogen fuel cell technology companies
Hydrogen fuel cell technology companies pioneer emission-free power solutions, developing systems that convert hydrogen into electricity for transportation and stationary applications. They are primarily traded on exchanges like NASDAQ, NYSE, and Euronext, critical platforms for clean energy investments. Despite infrastructure challenges, the fuel cell sector, led by membrane electrode assembly (MEA) innovators, offers investors access to companies enabling zero-emission mobility and power generation.
Clean transportation exchanges are not just platforms for fuel cell developers; they channel capital into the $15B+ global fuel cell market. The main advantages of investing in fuel cell stocks include:
- Zero-emission applications: Companies powering heavy transport (trucks, buses), material handling, and backup power systems without CO₂ emissions.
- Technology leadership: Proton exchange membrane (PEM) systems (Ballard Power), solid oxide fuel cells (SOFC – Bloom Energy), and mobile applications (Plug Power).
- Regulatory tailwinds: Exposure to $100B+ in global hydrogen infrastructure incentives and zero-emission vehicle mandates.
Industry innovator Ballard Power has deployed 1.5 GW of fuel cell products – powering 1,700 buses globally – with its FCmove®-HD modules achieving 60% electrical efficiency. Together with Plug Power (which operates 165 hydrogen refueling stations), they anchor the sector, with Ballard’s technology logging 100 million operating hours. Investing in fuel cell stocks provides exposure to companies targeting 10% of heavy truck propulsion by 2030.
Leading fuel cell firms are durability pioneers. Bloom Energy’s SOFC systems achieve 65% electrical efficiency with 10+ year stack lifetimes. Cummins’ Accelera fuel cells power 2,000+ commercial vehicles. Plug Power’s ProGen engines withstand 30,000+ operating hours. This reliability explains why fuel cell deployments grew 40% annually since 2020. Beyond transportation, the sector includes 5 of the world’s 10 largest fuel cell deployments: Hyundai XCIENT trucks, Toyota Project Portal, Nikola Tre FCEV, Ballard-powered London buses, and Bloom Energy’s Fortune 500 installations.
Regulated brokerThe following table contains a list of the largest hydrogen fuel cell companies by market capitalization, primarily traded on NASDAQ/NYSE/global exchanges (including pure-play fuel cell developers and diversified industrials with major fuel cell divisions). The list includes only publicly traded companies, and the presented data (price, market cap) are regularly updated to reflect the current market situation.
| Stock | Price | Change % | Marketcap |
|---|---|---|---|
 Plug Power PLUG | $2.41 | 4.78% | 3.35B |
 Doosan Fuel Cell 336260.KS | ₩34,800.00 | 4.13% | 2.85T |
| $2.57 | 0.39% | 772.90M | |
 Ceres Power CWR.L | GBp320.00 | 3.38% | 623.02M |
 SFC Energy AG F3C.DE | €14.56 | 2.39% | 253.08M |
 Enapter AG H2O.DE | €1.69 | 4.32% | 52.72M |
 AFC Energy AFC.L | GBp12.42 | 2.64% | 140.71M |
 Nikola NKLA | $0.183 | 0.00% | 0.0000 |
| $0.0000 | 0.00% | 0.0000 | |
Hyzon Motors HYZN | $0.0000 | 0.00% | 0.0000 |
