3 Best Fuel Cell Stocks to Watch For in 2021

The environmentally friendly, fuel cell stocks have picked up hype in recent times. Let’s look at the top fuel cell stocks to watch as we head into the new year.

The next big thing in the stock market is renewable energy stocks. A major portion of these stocks belongs to the fuel cell sector that makes batteries and fuel cells based on hydrogen and other eco-friendly technologies.

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Green hydrogen stocks have been in whispers in the stock market over the past few months. Analysts’ interest in fuel cell stocks is increasing and investors have shifted their attention towards renewable energy. Though most of the stock market in renewable energy is still based on EV stocks and solar energy stocks. Still, fuel cell stocks are making a lightening impact in the market with huge potential going forward.

Here are the three best fuel cell stocks to watch as we head into 2021; considering long-term growth.

Plug Power (PLUG)

Plug Power (PLUG) is one of the leading hydrogen fuel cell developers in the market right now. The basic motive of the company is to replace traditional batteries—powered by electricity—used in vehicles and other equipment.

If you are looking to invest in hydrogen fuel cell stocks, you must consider PLUG stock. The reason for that is pretty simple: Plug has partnerships with giants like Amazon and Walmart, which use its fuel cell technology to power forklifts. This explores the ecosystem of the company driving the world towards a new beginning.

The CEO of the company, Andy Marsh expects Plug’s annual revenue to increase up to $1.2 billion in 2024, providing a profit of approximately $250 million. According to S&P Global Market Intelligence, Plug Power will be profitable in 2023.

Besides, Morgan Stanley analyst Stephen Byrd lifted his price target for PLUG stock to $38. He’s bullish on the hydrogen fuel cells system that powers the forklifts.

All these factors keep Plug Power a top investment option going into 2021.

Bloom Energy (BE)

Bloom Energy (BE) manufactures and sells solid oxide fuel cells that produce electricity on-site. The forces have been pulling the fuel cell firm as a pure-play fuel cell stock.  The company wants to transform the electric power market through its on-site electric power technology—let alone a solution.

Bloom Energy solution provides clean and sustainable power and also uses electrolyzers that create hydrogen. The company has intended to seize the opportunity to make its impact in the hydrogen market. 

BE stock has been riding along with the renewable energy wave this year. Over the last one-month period, Bloom Energy stock has soared by 37%. With that, the stock has jumped over 213.19% year-to-date.

In November, the company announced that it has obtained a competitive Request for Proposal. Bloom Energy will supply hydrogen-powered solid-oxide fuel cells in Korea. As per the contract, BE will supply 1.8 megawatts of fuel cells between the last phase of 2021 into 2022.

The potential is there and Bloom Energy is moving in the right direction. So, keep an eye on BE stock in 2021.

Ballard Power Systems (BLDP)

Ballard Power Systems (BLDP) is a global provider of proton exchange membrane (PEM) fuel cells. The proton-based fuel cells are used in heavy-duty motives and other material handling and engineering equipment.

BLDP stock is almost up by 115% so far this year. And, it has soared by 21.78% in the last month alone, as of Dec. 11, 2020.

The company recorded a 4% increase in its total revenue for the third quarter of 2020. This was driven by a rise in its Heavy-Duty Motive revenue, a whopping 161% increase year-over-year. Reportedly, Ballard has increased fuel cell product shipments to China.

Moreover, the company also collaborated with Audi AG back in October 2020. This deal is based on the high-performance FCgen®-HPS and zero-emission PEM fuel stack. FCgen®-HPS is developed in cooperation with both Ballard and Audi AG through their joint technology. This deal is a massive win for the company that will strengthen its position in the automotive industry.

Ballard’s prospects are high and it looks like a solid investment going forward.

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