3 Hydrogen Stocks to Buy for 10x Upside Potential in July 2024

InvestorPlace07-03

These hydrogen stocks certainly look poised for some big gains over the long-haul, if growth picks up again. Plug Power (PLUG): The company is lobbying for a more favorable regulatory environment ...

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These projects could total as much as $570 billion in investment by 2030, indicating strong industry growth. The shift from grey hydrogen toward clean hydrogen is expected to drive demand by 2050, creating substantial long-term investment opportunities in hydrogen stocks.\nIn 2024, U.S. Senators Cassidy, Crapo, Risch and Ricketts criticized the Biden administration’s strict 45V tax rule, which hinders U.S. hydrogen producers from qualifying for tax credits. If lifted, hydrogen stocks could see upward momentum. The senators argued that the current rule diverges from defining clean hydrogen straightforwardly. This could complicate renewable energy expansion for hydrogen production. \nA revised policy could advance emission reduction goals, as hydrogen supports achieving net-zero emissions. Investors are urged to consider buying leading hydrogen stocks amid expectations for 45V reforms.\nHere are three of the best bets in hydrogen stocks for those looking to take advantage of these trends.\nPlug Power (PLUG)\nSource: T. Schneider / Shutterstock.comPlug Power (NASDAQ:PLUG) presents a buying opportunity at the $2.30 level, supported by triple bottom levels from January. Recent developments included significant progress in Georgia and Tennessee plants, with a Louisiana joint venture with Olin (NYSE:OLN) nearing mechanical completion by Q3’s end. Additionally, the company signed new contracts for engineering and design packages (BEDP) in Europe and the U.S., bolstering its future prospects.\nRecently, Plug announced a long-term partnership to kickstart the customer’s decarbonization efforts. This will start with a phased project featuring up to 2 GW of electrolyzer capacity. The initiative will deploy five 5 MW containerized PEM electrolyzers to reduce carbon emissions through green hydrogen. CEO Andy Marsh emphasized the market potential in Europe for green hydrogen to meet decarbonization goals, positioning Plug Power well to make a significant impact with its technology and industry expertise.\nAt the recent Hydrogen Insight Summit 2024, Don Boyajian, Plug Power’s director of government affairs, cautioned that U.S. regulators risked undermining the country’s green hydrogen subsidy program. He highlighted that proposed strict regulations on additionality, temporal and geographic correlation could inflate costs by approximately $2/kg. This would reduce the value of the $3/kg production tax credit.\nAir Products and Chemicals (APD)\nSource: Andy Borysowski / Shutterstock.comAir Products and Chemicals (NYSE:APD) is also a notable hydrogen stock. The company is breaking a $70 million expansion in its Missouri facility. The company supports the rising demand for biogas, hydrogen recovery, aerospace nitrogen, and maritime fuels. It aims for production by late 2025, adding 30 jobs to its current 170-person workforce.\nMoreover, APD specializes in hollow fiber membrane separators and onsite gas-generating systems. The company develops, engineers and markets PRISM Membrane Separators and custom systems for various industries to enhance safety, sustainability and productivity globally.\nNotably, TotalEnergies and Air Products agreed to a 15-year contract starting in 2030, supplying 70,000 tons of green hydrogen annually in Europe. The deal now supports TotalEnergies’ aim to decarbonize European refineries and reduce over 700,000 tons of carbon dioxide every year. Air Products will deliver the hydrogen supply directly to TotalEnergies’ Northern European refineries.\nBloom Energy (BE)\nSource: Sundry Photography / ShutterstockBloom Energy (NYSE:BE) is one of the top-performing hydrogen fuel cell stocks to own. It closed at $13.32 this past week and recently outperformed the index. Analysts expect the stock to rise more in 2024. Its EPS is anticipated to come in at $0.05, with revenue reaching $314.75 million.\nAlthough Bloom Energy is undoubtedly an energy stock, it is gaining traction due to the recent AI hype. The company offers solid oxide fuel cells (SOFCs) and hydrogen electrolyzers that produce clean on-site energy. Among its first adopters is tech giant Alphabet, deploying Bloom boxes as a power source in its headquarters.\nRBC Capital (NYSE:RY) recently reiterated an outperform rating on BE stock with a $15 price target, noting Bloom’s fuel cell technology’s potential in data centers. BTIG also maintained a buy rating with a $21 target. This highlights Bloom’s recent contract with Intel (NASDAQ:INTC) for fuel cell services in Santa Clara, California, bolstering its presence in the data center market.\nOn the date of publication, Chris MacDonald did not hold (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.\nOn the date of publication, the responsible editor did not have (either directly orindirectly) any positions in the securities mentioned in this article.\nChris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.Energy, Hydrogen, Renewable Energy\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2024/07/3-hydrogen-stocks-to-buy-for-10x-upside-potential-in-july-2024/.\n©2024 InvestorPlace Media, LLC","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2448164447"}