10 Hydrogen Stocks to watch in September 2025
Hydrogen stocks September 2025 are drawing plenty of attention as the global energy transition keeps pace. Policy incentives are fuelling new projects, while companies jostle for position in fuel cells, electrolysers and hydrogen infrastructure.
Here are the ten hydrogen-linked stocks we think deserve a look this month, along with their latest prices and what they’re actually delivering.
Disclaimer: This article is for information purposes only and should not be considered financial advice. Please seek independent professional advice before making investment decisions.
Plug Power Inc. (NASDAQ:PLUG)
$1.44
What they do: Plug Power is building a full green hydrogen ecosystem in the United States. That includes designing fuel cells for forklifts and vehicles, developing hydrogen production plants, and operating one of the largest H₂ distribution networks in North America. They’re effectively trying to do it all, from generation to end-use.
What’s hot now: Shares have dropped from $1.63 in August to $1.44, around 12% down. Investors are watching its Project Quantum Leap cost-cutting strategy, which aims to fix margins and make its hydrogen supply chain financially sustainable.
Ballard Power Systems (NASDAQ:BLDP)
$1.85
What they do: Based in Canada, Ballard is a long-time leader in PEM fuel cells. Its products are widely used in buses, trucks, trains and even ships. Ballard has decades of fuel-cell expertise and continues to supply engines for major transport OEMs across the globe.
What’s hot now: From $2.03 in August down to $1.85, a 9% slide. Demand for zero-emission heavy vehicles is expected to rise over time, but near-term orders are patchy, leaving markets cautious.
FuelCell Energy (NASDAQ:FCEL)
$3.92
What they do: FuelCell Energy produces large carbonate fuel-cell plants that can provide baseload electricity and capture carbon dioxide while producing hydrogen. They’ve built projects in the United States and South Korea, and they’re moving into industrial carbon capture with partners like ExxonMobil.
What’s hot now: Shares are down from $4.34 in August to $3.92, a 7% drop. Investors are waiting for commercial results from its carbon-capture pilots and new utility projects in Asia.
Bloom Energy (NYSE:BE)
$54.91
What they do: Bloom specialises in solid oxide fuel cells and the “Bloom Energy Server,” which generates reliable on-site power for data centres, hospitals and manufacturers. They’re also making solid oxide electrolysers, designed to produce hydrogen with high efficiency.
What’s hot now: Up slightly from August, now at $54.91, virtually flat month on month. Its plans to double manufacturing capacity by 2026 and its exposure to the booming data-centre power market keep sentiment positive.
Air Products & Chemicals (NYSE:APD)
$289.97
What they do: A global industrial gases leader, Air Products is throwing billions into hydrogen. It is spearheading the world’s biggest green hydrogen project at NEOM in Saudi Arabia and building a major blue hydrogen complex in Louisiana.
What’s hot now: Down modestly from $295 in August to $289.97, a 2% fall. Investors are playing the long game, with megaprojects due to come online later this decade.
Linde plc (NYSE:LIN)
$472.39
What they do: Linde is the world’s largest industrial gas company and one of the biggest players in hydrogen production. It operates pipelines, refuelling stations and supply chains across Europe, North America and Asia. The company is also scaling electrolyser technology to strengthen its clean hydrogen offering.
What’s hot now: Trading at $472, slightly lower than August’s $482, about 2% down. Despite the dip, analysts remain bullish thanks to its strong contracts and reliable cash flow.
Nel ASA (OSE:NEL.OL)
NOK 2.23
What they do: Norway’s Nel makes electrolysers and hydrogen refuelling stations, with installations across Europe, North America and Asia. It has been a technology pioneer for decades and was among the first to push industrial-scale electrolysers.
What’s hot now: Shares are down from NOK 2.37 in August to NOK 2.23, a 6% decline. Market watchers are waiting for Nel to announce large contracts and bring new capacity online.
ITM Power (LSE:ITM)
~62–63p
What they do: ITM is a UK-based manufacturer of proton exchange membrane (PEM) electrolysers. From its large factory in Sheffield, it produces systems designed for transport, industrial hydrogen and renewable integration. ITM has been through a turnaround effort to improve delivery and reduce costs.
What’s hot now: Shares are down heavily from ~80p in August to around 62–63p, a 22% slide. Investors are cautious about order flow, but long-term partnerships, such as with Deutsche Bahn in Germany, keep it relevant in Europe’s clean hydrogen rollout.
Ceres Power Holdings (LSE:CWR)
~110–111p
What they do: Ceres develops solid oxide fuel-cell and electrolyser technology, but rather than manufacturing the hardware itself, it licences the tech to global partners. That means companies like Bosch and Doosan do the production, while Ceres collects royalties. It’s a capital-light, intellectual-property business model.
What’s hot now: Shares are down from 118p to 110–111p, about 7–8% lower. Licensing agreements are still its strength, and investors are watching closely for royalty revenue to ramp up.
ExxonMobil (NYSE:XOM)
$112.40
What they do: Still one of the world’s biggest oil and gas firms, Exxon is gradually pivoting into low-carbon fuels. It is developing large-scale blue hydrogen projects in the US and expanding carbon capture and storage. Its Baytown project in Texas is a flagship, aiming to become one of the world’s largest hydrogen hubs.
What’s hot now: Shares dipped slightly from $113.35 to $112.40, about 1% down. Markets are waiting for clarity on incentives and timelines for its hydrogen projects.
Final Thoughts
Hydrogen stocks September 2025 show a familiar split: the industrial giants such as Air Products, Linde and ExxonMobil hold steady with long-term projects, while pure-play innovators like Plug, Ballard, ITM and Nel face sharper volatility. Bloom Energy continues to ride the wave of data-centre demand, and Ceres Power builds momentum with its licensing model.
For investors, it’s a classic mix of reliable infrastructure names and high-risk, high-reward plays. The sector remains unpredictable but undeniably central to the energy transition story.
