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Highlights
- The green energy industry is likely to grow significantly in the long term, making hydrogen stocks one to watch.
- A hydrogen-focused clean energy company has received a research grant to design and build low temperature electrochemical CO2 conversion under ECO2Fuel Consortium in Europe.
- A hydrogen stock mentioned here posted a one-year return of more than 20 per cent.
Climate change is a global emergency. Today, many parts of the world are witnessing extreme weather conditions like floods, droughts, storms, etc due to a lack of actions to repair the environmental degradation.
Many organizations and governments across the world have realized that these environmental issues, if left unattended, will get worst in the future, impacting the upcoming generations.
Thus, a number of corporates and institutions are making conscious moves towards reducing carbon emissions and environmental footprints.
Given the urgent need for environmental correction, clean energy stocks of electric vehicle (EVs) and hydrogen-focussed companies are likely to gain momentum in the future.
Also read: 3 Canadian EV stocks that should be on your radar
Some hydrogen stocks, for one, can be an investment opportunity in the emerging green energy industry.
On that note, let us explore two TSX-listed hydrogen stocks that can bring you profit in long run.
Ballard Power Systems Inc (TSX:BLDP)
Canadian clean energy firm Ballard Power Systems Inc focuses on developing and commercializing proton exchange membrane (PEM) fuel cell technology. It markets fuel cell product solutions for multiple applications, including motive and stationary power systems.
The Burnaby-based firm, which combines hydrogen fuel with oxygen for electricity generation, saw its stock wrap up trade at C$ 23.61 apiece, up by 5.261 per cent, on Monday, November 1.
Image source: © 2021 Kalkine Media Inc
BLDP stock had slipped by more than 56 per cent from a one-year high of C$ 53.90 reached on February 9, 2021. However, at this level, it had scaled up by more than 52 per cent from its 52-week low of C$ 15.5 on May 11, 2021.
The hydrogen stock also expanded by more than 20 per cent in the past year. It gained almost 17 per cent in the last three months and its one-month return stood at approximately 33 per cent.
Ballard Power, which held a market capitalization of C$ 7.02 billion, inked a Memorandum of Understanding (MOU) on October 18 to strategically partner with Forsee Power, a smart battery systems company.
Under the MOU, both the companies are set to be developing fully integrated and optimized fuel cell and battery solutions.
2. Xebec Adsorption Inc (TSX: XBC)
Xebec Adsorption Inc, a global clean energy solutions provider, saw its stock close at C$ 3.26 per share, up by 12.027 per cent, on November 1.
At this level, it had declined by almost 72 per cent from its 52-week high of C$ 11.55 (January 18, 2021) and by roughly 37 per cent in the last twelve months.
However, the clean energy stock seems to be on the recovery mode as it has marked a one-month return of more than 20 per cent.
The company received a research grant to design and build low temperature electrochemical CO2 conversion under ECO2Fuel Consortium in Europe, said an announcement on October 21.
The Montreal-headquartered is a designer and developer of purification, separation and dehydration equipment that filter gases and compressed air operates in the US, Canada, Italy, France, China and other countries.
Also read: Is Cameco Corp (TSX:CCO) a uranium stock to buy?
Bottom line
The S&P/TSX Renewable Energy and Clean Technology Index rose by 2.56 per cent on November 1, while noting a quarter-to-date (QTD) return of 4.7 per cent. This growth could be a reflection of investors showing interest in green energy stocks.
That said, investors should not forget to research a company, its business, fundamentals and financials to evaluate its scope for growth prospects before investing.
