Market veterans will recall the hype around hydrogen fuel cell stocks, such as Plug Power and Ballard Power Systems, in the past. However, the industry struggled for the past couple of decades. Yet, major oil companies like Chevron and BP are now making investments in hydrogen-based power solutions, suggesting that the fuel cell movement is still moving forward. Chevron recently acquired a stake in ACES Delta, while BP led a funding round for Advanced Ionics. These investments indicate that big oil companies believe hydrogen power could eventually displace the oil and gas industry. Apart from these investments, both Chevron and BP have been working on several other hydrogen power initiatives. The political will to promote cleaner energy sources and the increasing number of manufacturers exploring hydrogen technology further suggest that hydrogen fuel cells’ time may have come. For investors interested in the hydrogen power movement, Ballard Power Systems and Plug Power are worth considering. However, Bloom Energy may be a more attractive option. The company is nearing profitability and has a flexible and efficient technology that can produce electricity using various fuels. Bloom Energy’s fuel cells are also scalable, making them a versatile option for users. The company is already working with notable clients like Honda, Google, Walmart, and IBM. While hydrogen power is here to stay, investors should be prepared for continued volatility.
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