Those who do not want to focus on shares, but on ETFs and funds, will probably be disappointed at least by the quantitative offer for hydrogen investments. After all,. As first hydrogen ETF the fund L&G Hydrogen Economy UCITS ETF (WKN A2QMAL) has been available since early 2021 and aims to cover the entire hydrogen value chain. That would include companies along the full supply chain with a market capitalization of at least $300 million – i.e., electrolyzer manufacturers, hydrogen producers, fuel cell manufacturers, specialized mobility providers, fuel cell component suppliers, and major industrial and utility companies.
Investors can also participate in the performance of specially established hydrogen indices via certificates and other investment products. These include the E-Mobility Hydrogen Index (WKN: SLA8F8), the Global Hydrogen Index (WKN: A2GG8L), the Hydrogen Top Selection Index (WKN: VP2HYD) and the World Hydrogen Index (WKN: SL0BBN). Investors should note, however, that unlike funds or ETFs, certificates do not count as special assets and can lead to a total loss in the event of the issuer’s bankruptcy.
The reference indices of the thematically related ETFs Lyxor New Energy UCITS and iShares Global Clean Energy are the World Alternative Energy and S&P Global Clean Energy Index. They track companies that are active in alternative energies. But whether shares, ETFs or funds are considered as investment targets: Anyone considering hydrogen as an investment must weigh up the opportunities and risks carefully.
Other Hydrogen Stocks
2G Energy (WKN: A0HL8N) – The German company builds combined heat and power (CHP) plants for decentralized use. The product portfolio includes plants with 20 and 2,000 kilowatts of power. They can run on hydrogen, natural gas, biogas or biomethane. To date, 2G has installed several thousand CHP plants in 45 countries.
Air Liquide (WKN: 850133) – French producer of gases. Together with Linde, Daimler, Shell and Total, the company founded the H2 Mobility initiative to help hydrogen technology achieve a faster breakthrough in Germany.
Ballard Power (WKN: A0RENB) – Global market leader for fuel cells from Canada. Ballard supplies fuel cells for buses and is developing them for passenger cars together with Audi.
Bloom Energy (WKN: A2JQTG) – The US company is considered a technical leader in SOFC technology. This is a high-temperature type of fuel cell that can use various fuels.
Ceres Power (WKN: A2NB49) – The British company is one of the leading suppliers of solid oxide fuel cells.
Cummins (WKN: 853121) – The US company builds engines and power systems. Hydrogen and e-mobility are the focus. Hydrogen specialist Hydrogenics was acquired in 2019.
FuelCell Energy (WKN: A2PKHA) – The US company manufactures equipment for generating electricity from hydrogen and natural gas.
Hexagon Composites (WKN: 904953) – Norwegian manufacturer of tanks and composite cylinders for hydrogen storage.
ITM Power (WKN: A0B57L) – British electrical technology company currently building the largest green hydrogen production plant with Shell in Germany, for example.
Linde (WKN: A2DSYC) – One of the world leaders in gases. Based in Ireland, the company has invested heavily in hydrogen. Linde is listed Euro Stoxx 50. The company is not a pure hydrogen stock.
McPhy (WKN: A1XFA8) – France-based McPhy develops hydrogen storage, refueling stations and electrolysis plants. In 2018, nuclear energy group EDF took a 22 percent stake.
Nel ASA (WKN: A0B733) – The Norwegian company builds electrolysers, devices for splitting water into hydrogen and oxygen. The company also manufactures hydrogen fueling stations.
Plug Power (WKN: A1JA81) – The U.S. company builds fuel cell systems that are used, for example, in forklifts.
PowerCell (WKN: A14TK6) – The Swedish company develops and produces fuel cell stacks. It is a spin-off from Volvo and cooperates with Bosch, among others.
SFC Energy (WKN: 756857) – Manufacturer of direct methanol and hydrogen fuel cells based in Brunnthal near Munich. Also develops solutions for off-grid and stationary power generation and distribution.
Weichai Power (WKN: A0M4ZC) – The company was China’s first diesel engine factory. Most recently, it has invested heavily in hydrogen. Weichai is a major shareholder in Ballard Power and Ceres Power.