The 3 Best Hydrogen Stocks to Buy in January 2024

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Hydrogen stocks will continue to be in focus in 2024. Countries around the world and their citizens continue to express concern over issues including global warming and decarbonization among others. 

Hydrogen is particularly important in this regard. When burned, it produces no carbon dioxide. Further, the production of hydrogen produces relatively less greenhouse gas overall making it an attractive choice moving forward.

Hydrogen stocks run the gamut from highly speculative to well-established firms and investments. The list below is ordered by risk and begins with the lowest risk, most established firm. Without further ado let’s consider a few of the best hydrogen stocks to buy in January.

Air Products & Chemicals (APD)

Air Products (APD) logo on the Arts Quest building, Air Products is a sponsor of Air Products Town Square at Arts Quest in Bethlehem, PA

Source: Andy Borysowski / Shutterstock.com

Air Products & Chemicals (NYSE:APD) is a very well established firm and a very stable stock for investors to consider within the hydrogen sector. It’s a great choice for conservative investors looking for a stock to buy in January.

A bit more about the relative safety of Air Products & Chemicals as an investment: The company is a Dividend Aristocrat meaning that it has paid an increasing dividend for the last 25 years. In fact, it has been much longer than that given the company last reduced its dividend in 1983. 

Air Products & Chemicals is the number one supplier of hydrogen globally and has committed $15 billion of capital toward low-carbon hydrogen projects by 2027. The company’s full fiscal year 2024 guidance anticipates a 13% increase in earnings. Fourth quarter expectations are even better, with an anticipated 20% increase in earnings.

APD stock is very stable, the company is highly invested in the hydrogen transition, and it will continue to be a smart investment choice overall.

Bloom Energy (BE)

BE stock Bloom Energy logo on a building

Source: Sundry Photography / Shutterstock

Bloom Energy (NYSE:BE) represents the middle of the road choice in terms of risk among best hydrogen stocks to buy in January. It is a growth stock unlike Air Products & Chemicals above. It should come as little surprise then that it does not pay a dividend. However what it lacks in income, it makes up for in growth potential. That truth is exemplified by its target price which is more than 50% greater than current share prices. 

Bloom Energy manufacturers and sells on site power generation platforms that produce electricity with fuels including hydrogen. Currently, there are a lot of reasons to like Bloom Energy as an investment in the hydrogen economy.

During the third quarter the company reported record revenue which eclipsed $400 million, increasing by 37%. The company also narrowed its operating loss by $51.1 million, falling to $103.7 million. 

While the company’s net losses remain high it is also fair to assume that the company’s growth will trump all. That’s particularly true given the macroeconomic factors present at the moment. With rate cuts expected in the coming months, growth stocks are going to become increasingly important. That should catalyze greater demand which would in turn spike Bloom Energy’s prices.

Fusion Fuel Green (HTOO)

An image of hydrogen fuel silos standing against a blue sky

Source: Audio und werbung / Shutterstock

Fusion Fuel Green (NASDAQ:HTOO) is the highest risk stock listed in this article, but an interesting one nonetheless. The company is focused on hydrogen production in Portugal, Spain and Morocco. It provides modular units that produce hydrogen from solar power through a micro-electrolyzer.

The company is targeting firms looking to produce zero emissions green hydrogen and sells its electrolyzer technology to companies looking to Increase their hydrogen capacity.

Fusion Fuel Green is also a penny stock and trades for around $1. That said, analysts expect that its shares could rise above the $3 mark.

During the third quarter the company announced a long-term deal to supply green hydrogen to a Spanish industrial group. Further, the company announced another strategic partnership with Italian firm, Duferco Energia. The company is also in negotiations to install a one megawatt demonstrator in India this year. 

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.

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