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As Hydrogen Economy Gains Traction, 2 Stocks You Should Buy
Amid rising concerns regarding climate change, countries around the world are trying to find new solutions to reduce their emission levels. In this regard, some studies point that hydrogen can act as a game-changer.
Canada, which aims to achieve net zero emissions by 2050, has been looking into hydrogen as a fuel source for a while now. Reports even note that hydrogen can be a low-cost solution for reducing the carbon footprint.
For a long time, hydrogen economy was majorly a theoretical concept. However, it is now beginning to gain commercial traction, pulling the attention of keen investors as well.
If you are looking to add some hydrogen stocks to your kitty, here are some names to keep in your watchlist:
Linde plc (NYSE:LIN, LIN:US)
Linde understood the importance of hydrogen quite early on and it has been harnessing the power of this element for over 100 years now. A global leader in the production, processing and distribution of hydrogen, Linde found in its studies in the mid-70s that hydrogen is a carbon-free fuel.
The company, which invests in hydrogen technology, claims to have the world's biggest liquid hydrogen capacity as well as distribution network, along with over 200 fuelling stations.
To lead by example, the company is taking major steps to decarbonize its operations. It plans to spend at least a billion dollars for the same and aims to lower its greenhouse gas emissions intensity by 35 per cent by 2028. It also reportedly has 80 electrolysis plants for hydrogen.
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Ballard Power Systems Inc (TSX:BLDP)
Burnaby-based Ballard Power Systems claims to be one of the fastest-growing companies that develops and manufactures proton exchange membrane fuel cells. Ballard's products are made for portable power heavy-duty motive and engineering services market.
Latest innovations in the electric vehicles (EV) industry make it possible for EVs to run on hydrogen-based fuel cells, making Ballard an ideal candidate for expanding its market share.
Its recent deals with Canadian Pacific Railways and Sierra Northern Railway is likely to boost Ballard’s stock prices in future. As per the deals, Ballard fuel cell modules will be provided to these companies to power zero-emission locomotives.
Apart from the North American market, Ballard also plans to increase its presence and expand its operations in Europe and China.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
