Top 10: Hydrogen Companies
Hydrogen is a highly versatile and clean energy carrier that is set to play an important role in the energy transition.
In sectors that are difficult to electrify, like heavy industry or transport, it can be used as a fuel that only emits water vapour with no CO₂.
While it holds a lot of promise, infrastructure and technologies still need progress for hydrogen to be viable as a lever for decarbonisation.
Across the world, companies are making progress in developing hydrogen and setting up a hydrogen economy.
Energy Digital has ranked 10 of the top hydrogen companies by market cap.
10. Ceres Power
CEO: Phil Caldwell
Headquarters: Horsham, UK
Founded: 2001
Market cap: US$217.49m
Based on research spun out from Imperial College London, Ceres Power has been working on its electrochemical technology since 2001.
In May 2025, Ceres announced first production from its MW scale electrolyser project located at Shell’s Technology Centre in Bangalore, India.
Theo Bodewes, General Manager of Hydrogen at Shell Projects & Technology, said: “Hydrogen has a huge role to play in a low-carbon energy system as a feedstock for low carbon gases and low carbon fuels.
“We are working with Ceres to help advance technologies that can deliver hydrogen efficiently and reliably.”
9. ITM Power
CEO: Dennis Schulz
Headquarters: Sheffield, UK
Founded: 2000
Market cap: US$239.19m
ITM Power says that it offers the most advanced Proton Exchange Membrane (PEM) electrolyser technology in the world.
The company has signed a Front-End Engineering Design contract for Uniper’s 120 MW Humber H2ub and is set to deploy six 20 MW POSEIDON core electrolysis process modules to the project.
Dennis Schulz, CEO at ITM, said: “The Humber project represents exactly the kind of scale, ambition and strategic alignment the green hydrogen sector needs right now.”
8. SFC Energy
CEO: Peter Podesser
Headquarters: Munich, Germany
Founded: 2000
Market cap: US$434.76m
SFC Energy manufactures both hydrogen and direct methanol fuel cells for use in a variety of applications including industrial, motorhomes, public security and telecommunications.
The company launched its pilot series EFOY H₂PowerPack in 2024 that can enable output of up to 200 kW in cluster configuration.
Björn Ledergerber, Senior Vice President Hydrogen & Corporate Development at SFC Energy, said: “The EFOY H₂PowerPack X50 incorporates many years of expertise in the development and use of fuel cell technology.
“As the new solution is based on hydrogen, the maintenance requirement for customers is reduced while there are no emissions during operation.”
7. Ballard Power Systems
CEO: Randall MacEwen
Headquarters: Burnaby, Canada
Founded: 1979
Market cap: US$475.5m
Ballard Power Systems estimates that its solutions save a million tonnes of CO₂ every year.
India’s first hydrogen fuel cell mining truck was deployed by Adani Group in May 2025 using Ballard’s 120 kW FCMove-XD fuel cell engine.
The truck can carry up to 36 tonnes of freight and has a 200 km range.
Dr Vinay Prakash, Director of Adani Enterprises, said: “The initiative for hydrogen-powered trucks is a significant step towards Adani Group's commitment to decarbonisation and responsible mining.”
6. Doosan
CEO: Jeongwon Park
Headquarters: Seoul, South Korea
Founded: 2019
Market cap: US$1.14bn
In 1969, fuel cells were supplied for the Apollo space shuttle mission by UTC Power, now part of South Korean company Doosan.
In 2025, the company announced Korea’s first hydrogen fuel cell carbon capture technology, co-developed with Korea Hydro & Nuclear Power and other partners.
The project began in 2023 and is capable of capturing more than 90% of the CO₂ generated in the process of extracting hydrogen from natural gas.
The company hopes this will contribute to reaching carbon neutrality and developing hydrogen infrastructure.
5. Plug Power
CEO: Andrew Marsh
Headquarters: New York, US
Founded: 1997
Market cap: US$1.63bn
Plug Power aims to build the global hydrogen economy with a fully integrated ecosystem across production, storage, delivery and power generation.
In April 2025, Plug Power’s Woodbine, Georgia facility in the US produced 300 tonnes of liquid hydrogen.
“Plug’s Georgia plant is doing exactly what it was built to do—delivering real hydrogen at real scale using Plug technology,” said Andy Marsh, CEO of Plug Power.
“This isn’t a pilot or a promise. It’s commercial hydrogen production, with proven technology running 24/7 and making an impact today.”
4. Cummins
CEO: Jennifer Rumsey
Headquarters: Indiana, US
Founded: 1919
Market cap: US$45.92bn
Cummins develops a number of power generation products and its hydrogen offerings continue to expand.
In February 2025, Accelera by Cummins announced the supply of a 100 MW PEM electrolyser system for bp’s Lingen green hydrogen project in Germany.
The hydrogen-generation system will be the largest electrolyser system assembled by Accelera to date and will be manufactured in its new electrolyser plant in Spain.
Once fully commissioned in 2027, the 100 MW electrolyser system is set to produce nearly 10,000 tonnes of green hydrogen per year.
"This project marks a significant milestone for Accelera and the energy transition in Germany and Europe," said Andreas Lippert, Vice President and General Manager of Electrolysers for Accelera.
“Partnering on this 100MW system with an industry leader like bp underscores our ability to deliver innovative, industrial-scale solutions that move the needle on our customers’ decarbonisation goals and continue to grow the green hydrogen economy."
3. Air Products
CEO: Eduardo Menezes
Headquarters: Pennsylvania, US
Founded: 1940
Market cap: US$63.93bn
Industrial gas supplier Air Products was founded in 1940 and has more than 65 years of experience in the production, storage, distributing and dispensing of hydrogen.
In 2024 the company signed a significant 15 year deal with TotalEnergies to supply more than 60,000 tonnes of green hydrogen from 2030.
Air Products expects that this hydrogen will avoid more than 600,000 tonnes of CO₂ each year.
“Today, one of the largest energy companies in the world has committed to use renewable hydrogen to decarbonise its refineries in Northern Europe, and we at Air Products are honoured and proud to be the producer and supplier of the green hydrogen required,” said Air Products’ previous Chairman, President and CEO Seifi Ghasemi.
“We always believed that if we made clean hydrogen available at commercial scale, the demand would be there. This contract validates our long-term strategy.
“Clearly the demand is here, and it will grow significantly as we move forward, playing an essential role in decarbonising heavy industry and other sectors.”
2. Air Liquide
CEO: François Jackow
Headquarters: Paris, France
Founded: 1902
Market cap: US$119.93bn
Air Liquide has installed more than 200 hydrogen stations around the world.
Its technologies allow the company to offer hydrogen produced either by electrolysis with renewable electricity or by methane or biomethane reforming with carbon capture and storage.
Air Liquide also launched the Hydrogen Council with Toyota in 2017 to bring the voice of hydrogen to the international stage.
The council now has nearly 150 members across the energy, transport, industry and financial sectors.
The company has also joined the Global Hydrogen Mobility Alliance to call for the acceleration of the development of hydrogen mobility in Europe.
Erwin Penfornis, Vice President of Air Liquide’s Hydrogen Energy business line, said: “As a company with over 60 years of expertise in hydrogen, it is Air Liquide’s responsibility to help forge a clear path forward in the transportation sector.
“We formed this alliance to advocate for a diversified decarbonisation strategy.”
1. Linde
CEO: Sanjiv Lamba
Headquarters: Dublin, Ireland
Founded: 1879
Market cap: US$213.49bn
Linde describes its hydrogen infrastructure as “unrivalled” and itself as the worldwide leader in installed hydrogen gas refueling stations.
The company’s industrial gases and technologies are used in a variety of applications, including the production of clean hydrogen and other systems vital to the energy transition.
It is supplying hydrogen for a number of projects, including Dow’s Path2Zero in Canada.
The company is developing a new on-site complex using autothermal reforming and carbon capture to produce clean hydrogen and recover hydrogen in Alberta.
Upon its completion in 2028, the complex is set to be the largest clean hydrogen production facility in Canada and one of the largest globally alongside Linde’s largest single investment.
“Linde is helping to build a more sustainable future,” said Sanjiv Lamba, Chief Executive Officer at Linde.
“This landmark project aligns with our strategy of developing high-quality projects with secured off-take.
“Our technology, experience and execution are enabling the transition to a cleaner economy.”