Top 10 Green Hydrogen Companies In The World

In this article, we shall discuss the top green hydrogen companies in the world. To skip our detailed analysis of the green hydrogen and clean energy sector in 2022, go directly and see Top 5 Green Hydrogen Companies In The World.

According to a report by McKinsey and Company, the combustion of fossil fuels currently produces 83 percent of the global carbon emissions. As the political and social rhetoric around the climate crisis intensifies, governments around the world are looking to transition to more clean sources of energy. According to the report, green hydrogen is predicted to spearhead the decarbonization effort, playing a critical role in facilitating a complete transition to net-zero by 2050. According to McKinsey, by 2050, oil production is expected to decrease by more than 55% than it is today, and natural gas production is likely to be 70% lower. Coal production is likely to face complete elimination.

According to a report by the World Economic Forum (WEF), green hydrogen has immense potential, swiftly emerging as one of the most ideal alternatives to fossil fuels, and are great for renewable energy storage and transport. Green hydrogen has been subsidized in a number of emissions reduction pledges at the UN Climate Conference COP26, in an ongoing effort to decarbonize heavy industry, long haul freight, shipping and aviation. The Inflation Reduction Act, the Green Hydrogen Catapult, and a series of legislative efforts by the European Commission are set to decarbonize the global gas market by facilitating the uptake of renewable and low carbon energy sources, including green hydrogen, to ensure clean energy security for the world.

Here is what Dr. Emanuele Taibi, Head of the Power Sector Transformation Strategies, International Renewable Energy Agency (IRENA), told the WEF with regards to the decarbonization potential of green hydrogen.


"Green hydrogen is an important piece of the energy transition. It is not the next immediate step, as we first need to further accelerate the deployment of renewable electricity to decarbonize existing power systems, accelerate electrification of the energy sector to leverage low-cost renewable electricity, before finally decarbonize sectors that are difficult to electrify – like heavy industry, shipping and aviation – through green hydrogen. It is important to note that today we produce significant amount of grey hydrogen, with high CO2 (and methane) emissions: priority would be to start decarbonizing existing hydrogen demand, for example by replacing ammonia from natural gas with green ammonia."

A recent market report by PWC suggests that the global green hydrogen market is expected to grow from an estimated $160 billion in 2022 to $263.5 billion by 2027, at a CAGR of 10.5% between 2022 and 2027. There is a rising demand for hydrogen in fuel cell electric vehicles (FECV) and rockets in the aerospace industry, which in turn, are acting as fundamental growth drivers. A total of 99% of hydrogen is derived from fossil fuel reformation, as it is conventionally cost-effective. Demand is projected to grow at a moderate, steady pace through niche applications until 2030, after which it is likely to pick up and accelerate through to 2050. By 2050, green hydrogen demand could reach up to 500 million metric tonnes per year, depending on global climate ambitions and sector-specific activities. Production costs are set to increase by more than 50% through 2035, and then enter a decline rate of growth until 2050.

Many large economies of the world, like the United States, Canada, Russia, China, India and Germany, have already undertaken a transition into clean energy sources like green hydrogen, and have developed regions for both competitive and  non-competitive hydrogen production, which could further lead to in-country trade. Some of the leading green hydrogen companies in the world include Shell plc (LON:SHEL), Linde plc (NYSE:LIN), and Reliance Industries (NASDAQ:RELI). In this article, we shall go over the top green hydrogen companies in the world.

Photo by Possessed Photography on UnsplashOur Methodology

For this article, we carefully screened the global green hydrogen market to pick some of the largest, or most prominent players in the sector. The companies were screened for their product portfolio and overall performance. The companies have been ranked based on their overall market capitalization, as of November 22. Details about each company are provided to give the reader some context.

Top 10 Green Hydrogen Companies In The World

10. FuelCell Energy Inc. (NASDAQ:FCEL)

Total Market Cap (As of November 22): $1.40B

Based in Danbury, Connecticut, FuelCell Energy Inc. (NASDAQ:FCEL) is a publicly traded fuel cell manufacturer which specializes in the design, manufacture, and operations of  Direct Fuel Cell power plants. The company's product is an environment-friendly alternative to traditional combustion-based power generation. Like Shell plc (LON:SHEL), Linde plc (NYSE:LIN), and Reliance Industries (NASDAQ:RELI), FuelCell Energy Inc. (NASDAQ:FCEL) is one of the top players in the green hydrogen industry.

FuelCell Energy Inc. (NASDAQ:FCEL) operates in more than 50 countries across the world. It operates the world's most expansive fuel cell park which consists of 21 power plants and is situated in South Korea. The company also operates the largest fuel cell park in North America in Bridgeport, Connecticut. FuelCell Energy Inc. (NASDAQ:FCEL) primarily caters to commercial and industrial customers and uses trigeneration technology to produce green hydrogen from natural gas or biogas. The process has a negligible carbon footprint when compared to conventional methods of reformation. In Q3 2022, FuelCell Energy Inc. (NASDAQ:FCEL) was able to generate a total revenue of $43.1 million.

9. Bloom Energy Corp. (NYSE:BE)

Total Market Cap (As of November 22): $4.07B

Based in San Jose, California, Bloom Energy Corp. (NYSE:BE) is an American clean energy company which manufactures and markets solid oxide fuel cells, which are then able to generate electric energy on-site. Founded in 2001, the company's fuel cells are subsidized by certain incentive programs by U.S. government, including the recently passed Inflation Reduction Act. As of 2022, Bloom Energy Corp. (NYSE:BE) has installed more than 900 megawatts worth of fuel cells. Like Shell plc (LON:SHEL), Linde plc (NYSE:LIN), and Reliance Industries (NASDAQ:RELI), Bloom Energy Corp. (NYSE:BE) is one of the top green hydrogen companies in the world.

Bloom's (NYSE:BE) green hydrogen fuel cells provide a combustion-free method of generating clean energy from hydrogen. These fuel cells run on pure, green hydrogen and provide continuous reliability without the added risk of carbon emissions. Furthermore, the company's solid oxide fuel cells have been deployed multiple times to generate combustion-free, emissions-free electricity from green hydrogen. In September 2022, Bloom Energy Corp. (NYSE:BE) has also announced its plans to install 245-kW electrolyzers at Xcel Energy's nuclear plant to produce emissions-free green hydrogen, which will further aid in the creation of scalable pathways for producing cost-efficient and clean hydrogen while adding value for nuclear power.

8. Plug Power Inc. (NASDAQ:PLUG)

Total Market Cap (As of November 22): $8.85B

Headquartered in Latham, New York, Plug Power Inc. (NASDAQ:PLUG) is an American company which focuses on the development and production of hydrogen fuel cell systems. These systems are geared to replace conventional batteries in equipment and electric vehicles. The company further specializes in hydrogen fuel cell turnkey solutions, and associated hydrogen and green hydrogen generation, storage and dispensary. Founded in 1977, the company currently has more than 2,200 employees in over 10 states across the United States. In Q3 2022, Plug Power Inc. (NASDAQ:PLUG) generated a total revenue of $188.6 million. As of the third quarter of 2022, hedge fund sentiment around the stock has been favorable, with 32 hedge funds long the stock, up  from 26 in the preceding quarter.

Like Shell plc (LON:SHEL), Linde plc (NYSE:LIN), and Reliance Industries (NASDAQ:RELI), Plug Power Inc. (NASDAQ:PLUG) deploys modern methods of electrolysis using grid or renewable power sources to harvest green hydrogen. The fact that the price of electrolysis is set to decline significantly in the coming years spells great news for Plug Power Inc. (NASDAQ:PLUG). In November 2022, the company partnered with Lidl to bring green hydrogen to the logistics platforms of the company's warehouses, facilitating the use and sale of green hydrogen to several European stores. Furthermore, Plug Power Inc. (NASDAQ:PLUG), in partnership with Acciona, has announced plans to start building two green hydrogen plants in Spain in 2023. These plants are expected to help the company obtain 20% of the green hydrogen market share in Spain in Portugal by 2030. Plug Power Inc. (NASDAQ:PLUG) is expected to provide more than 11,000 tonnes of green hydrogen by 2025.

7. Adani Green Energy Ltd. (NSE:ADANIGREEN)

Total Market Cap (As of November 22): $38.4B

Based in Ahmedabad, Gujarat, Adani Green Energy (NSE:ADANIGREEN) is an Indian renewable energy company, which is parented by the Indian conglomerate Adani Group. The company owns and operates the Kamuthi Solar Power Project, which is one of the largest solar photovoltaic plants in the world. The company also uses renewable biogas to produce green hydrogen through emission-less, thermal reforming of renewable hydrocarbon feedstocks.

As India is an immensely critical part of the Asian energy transition venture, Adani Green Energy (NSE:ADANIGREEN) is playing a vital role in the provision of affordable, clean, and reliable green hydrogen to accelerate economic growth and the transition to net-zero. In June 2022, Adani Green Energy (NSE:ADANIGREEN) entered into an agreement with TotalEnergies SE to invest more than $5 billion in a massive green hydrogen project. The company will build a 2GW hydrogen-producing electrolyzers farm which is powered by a 4GW solar and wind farm. The venture aims for 1 million tonnes of green hydrogen production per annum by 2030, underpinned by 30GWs of clean power capacity. India is the third largest polluter in the world, and with the government showing a rising inclination towards decarbonization objectives, the potential for Adani Green Energy (NSE:ADANIGREEN) is inconceivable.

6. Air Products and Chemicals Inc. (NYSE:APD)

Total Market Cap (As of November 22): $65.74B

Based in Allentown, Pennsylvania, Air Products and Chemicals Inc. (NYSE:APD) is an American international corporation which specializes in the sale of gases and chemicals for industrial use. Hedge fund sentiment around Air Products and Chemicals Inc. (NYSE:APD) has increased significantly, with 43 funds long the stock in Q3 2022, up from 33 in the preceding quarter. Israel Englander's Millennium Management is the largest shareholder in the company as of Q3 2022. In the third quarter of 2022, the company generated a total revenue of $3.57 billion.

Air Products and Chemicals Inc. (NYSE:APD) has a strong presence in the green hydrogen sector. The company serves a diverse range of customers with atmospheric industrial gases, including green hydrogen. It provided liquid green hydrogen for the Space Shuttle External Tank program. Furthermore, the company is set to invest more than $500 million to construct a green hydrogen production facility in New York by 2027. Moreover, Air Products and Chemicals Inc. (NYSE:APD) also announced a partnership with the ABP to build and operate the first large-scale, green hydrogen production facility in the United Kingdom. Not only will this sit pleasurably well with the UK government, which has mandated a shift towards green energy by 2030, the agreement will resolve some of the climate-induced challenges that U.K. has been battling, including the 580,000 tonnes of greenhouse gas emissions every year.

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Disclosure: none. Top 10 Green Hydrogen Companies In The World is originally published on Insider Monkey.