Bloom Energy is currently the superstar among fuel cell and hydrogen stocks. Bloom shareholders have seen gains of over 1,000% within a year, driven by the surging energy demand from AI data centres in the United States.
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Investors increasingly view hydrogen as one of the key beneficiaries of this trend. This is another reason – along with a short squeeze – for the price explosion of almost 500% at Plug Power. However, both companies are now very highly valued. Who could be next to be caught up in the energy hype?
One candidate is Pure Hydrogen. The Company has already enjoyed success in the U.S. with its solutions for commercial vehicles – so why not with generators for data centres as well? And what is pioneer Ballard Power doing? Its stock has tripled in just a few months. Could there be more upside ahead?
Bloom Energy & Plug Power: Data hunger meets energy transition – fuel cells take off
The global expansion of data centres for artificial intelligence (AI) and cloud services is currently creating an entirely new energy market and electrifying the stock market. Alongside nuclear power, particularly in the form of small modular reactors (SMRs), providers of clean, decentralised power solutions are now benefiting as well. Fuel cells and hydrogen technologies are currently experiencing a spectacular comeback on the stock market. Bloom Energy, for instance, has surged more than 1,000% in a year, while Plug Power has gained nearly 500% within just a few months.
The reason: demand for electricity from large data centres is growing rapidly, while conventional grids are reaching their capacity limits. According to estimates, around a quarter of all data centres will be powered directly by their own energy supply by 2030. The market for fuel cell systems in this segment could grow to more than US$800 million over the next ten years – a strong signal for technologies that combine grid independence and low-carbon power generation.
Bloom Energy relies on stationary solid oxide fuel cells that continuously generate electricity on site – whether with natural gas, biogas or, in the future, green hydrogen. The systems are considered particularly reliable and are suitable for the continuous load required by AI clusters and server parks. Plug Power takes a more comprehensive approach and offers a complete hydrogen ecosystem – from production and storage to use in fuel cells for industrial and stationary applications. This positions the Company as a key partner for operators who want to rely on hydrogen as a clean primary energy source.
However, both stocks have already performed very well, and much of their future growth is already priced in.
One hidden gem in the sector is Pure Hydrogen (ASX:PH2) – at least for now. The Australian company already supplies fuel cells for commercial vehicles in the U.S.. But they also offer generators to provide decentralised hydrogen power to buildings. This makes data center operators potential customers as well. Pure Hydrogen’s systems are suitable as backup solutions or even primary power sources.
The core business is already developing positively. This year, the Company is expanding in the US, the world’s largest commercial vehicle market. Deliveries to Riverview International Trucks were already made in the first half of the year. In the current quarter, the first Class 8 fuel-cell-powered trucks are scheduled to be delivered to California. They are suitable for long-haul transport as well as specialised vehicles in waste disposal and concrete mixing. The customer in this case is the GTS Group. Founded in 1986, the Company offers a wide range of services in the logistics sector.
Important for shareholders: Pure Hydrogen is not solely dependent on developments in hydrogen. It also offers battery-electric drives and mobile production facilities in shipping containers. Its portfolio also includes complete refuelling solutions. This means the business is healthily diversified. The share price has been moving sideways since June and is valued at less than EUR 30 million.
Ballard Power: The fuel cell dinosaur’s second spring?
And what is fuel cell pioneer Ballard Power doing? The stock has recently performed surprisingly well. It has risen by around 200% in the past six months, bringing the Canadian company’s valuation back to roughly US$1 billion. This can likely be attributed to the current AI energy hype, as the operational development does not yet reflect such enthusiasm.
The new CEO, Marty Neese, has announced a comprehensive realignment. The product portfolio is to be streamlined and focused more on current demand. Cost-cutting measures have also been announced. Overall, the Company aims to reduce its burn rate – a necessary step.
In the second quarter of 2025, the loss per share of 0.8c was slightly below forecasts. However, this also applied to the revenue of US$17.8 million, where US$18.69 million had been expected. The shortfall in revenue was attributed to restructuring efforts and cost reductions.
CFRA analysts subsequently reduced their estimates for the current and coming fiscal years. They expect revenue of US$90 million for 2025, and for the following year, analysts forecast Ballard Power will generate revenue of US$116 million.
Hydrogen and fuel cells will ultimately find their niches. However, investors should be cautious about valuations. With its ambitious revenue valuation, Ballard Power joins Plug Power and Bloom Energy. Pure Hydrogen, on the other hand, generates significantly less revenue – likely to be less than A$10 million in the current year – but it also carries significantly less weight on the market.
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