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AFC Energy Plc - (LSE: AFC.L)
AFC Energy develops alkaline fuel cell systems for off-grid and grid-connected power, targeting construction, data centers, and maritime sectors. In 2025, the company scales its H-Power systems, leveraging partnerships with Speedy Hire and ABB for hydrogen-powered generators. AFC's focus on zero-emission power solutions positions it to meet growing demand for clean energy in Europe, despite challenges from high hydrogen production costs, aligning with global decarbonization goals.

Air Liquide SA - (Paris: AI.PA)
Air Liquide, a global leader in industrial gases, supplies hydrogen for energy, automotive, and industrial applications. In 2025, the company advances its green hydrogen strategy, targeting 3 GW of electrolysis capacity by 2030. Its partnerships with energy firms and focus on decarbonizing heavy industry position Air Liquide to meet rising demand for low-carbon hydrogen. The company's expertise in production, storage, and distribution supports its role in the global energy transition.

Air Products and Chemicals Inc. - (NYSE: APD)
Air Products, a major hydrogen supplier, operates over 100 plants producing 7 million kg daily. In 2025, it advances its $4.5 billion Louisiana blue hydrogen project, capturing 5 million metric tons of CO2 annually. Its focus on green hydrogen infrastructure and fuel cell technology positions Air Products to decarbonize transportation and industry, leveraging its extensive patent portfolio and partnerships with global energy firms.

AYRO, Inc. - (NASDAQ: AYRO)
AYRO designs emissions-free electric fleet solutions, integrating hydrogen fuel cell technology for urban and short-haul transport. In 2025, the company advances its customizable vehicles, targeting material handling and last-mile delivery. AYRO's focus on sustainable, low-carbon transport aligns with growing demand for green logistics, positioning it to capture market share in niche commercial applications with its compact, efficient designs.

Ballard Power Systems - (NASDAQ: BLDP), (TSX: BLDP.TO)
Ballard Power Systems develops PEM fuel cells for heavy-duty transport, including buses, trucks, and marine vessels. In 2025, it expands globally with partnerships like MAHLE for commercial vehicle powertrains. With 50 million km of vehicle operation and $54 million in 2024 funding, Ballard targets the $100 billion truck engine market, positioning itself as a fuel cell technology leader.

Bloom Energy Corp. - (NYSE: BE)
Bloom Energy designs solid-oxide fuel cell systems for clean power in data centers, utilities, and industrial applications. In 2025, it scales hydrogen-compatible platforms, leveraging green hydrogen to decarbonize energy-intensive sectors. Bloom's partnerships with tech giants like Amazon and focus on sustainable energy solutions position it as a leader in the global hydrogen economy.

Ceres Power Holdings Plc - (LSE: CWR.L)
Ceres Power develops solid-oxide fuel cell and electrolysis technologies for power generation and hydrogen production. In 2025, it expands partnerships with Bosch and Doosan to scale its SteelCell technology for industrial and residential applications. Ceres' focus on high-efficiency, low-carbon solutions positions it to meet Europe's demand for green hydrogen and fuel cell systems in the decarbonization push.

Charbone Hydrogen Corporation - (TSXV: CH)
Charbone Hydrogen develops modular green hydrogen facilities in the U.S. and Canada, powered by hydropower. In 2025, it advances its Sorel-Tracy project, targeting industrial and transport applications. Its integrated production and distribution strategy aims to supply clean energy to heavy industries. Note: Verify trading status due to limited recent data. Charbone's focus positions it in North America's hydrogen market.

Cummins Inc. - (NYSE: CMI)
Cummins develops hydrogen fuel cell technologies for transportation and heavy machinery, including a 100-MW electrolyzer for BP's Lingen project. In 2025, it expands hydrogen powertrains for commercial vehicles, leveraging partnerships with Iberdrola. Cummins' expertise in reducing carbon emissions positions it as a stable player in the green hydrogen transition, despite industrial cycle exposure.

Defiance Next Gen H2 ETF - (NYSEARCA: HDRO)
The Defiance Next Gen H2 ETF tracks the BlueStar Global Hydrogen & Next Gen Fuel Cell Index, holding 30 companies generating over 50% revenue from hydrogen-based energy, fuel cells, and industrial gases. In 2025, with a 0.3% expense ratio, it offers diversified exposure to the $1 trillion hydrogen market, targeting innovative firms in production, storage, and fuel cell technologies.

dynaCERT Inc. - (TSX: DYA.TO), (OTCQX: DYFSF)
dynaCERT's HydraGEN™ technology produces on-demand hydrogen to enhance diesel engine efficiency, reducing emissions. In 2025, it advances carbon credit-eligible systems for trucking, construction, and mining, with HydraLytica™ telematics tracking GHG savings. dynaCERT's retrofit solutions position it as a cost-effective option for decarbonizing heavy industries in the global hydrogen economy.

First Hydrogen Corp. - (TSXV: FHYD)
First Hydrogen develops hydrogen fuel cell-powered light commercial vehicles (FCEVs), with over 6,000 km tested and a 630 km range. In 2025, it expands U.K.-based production and refueling infrastructure, targeting logistics. Despite a 2023 net loss of CAD 13.72 million, its green hydrogen strategy positions it for growth in sustainable transport.

FuelCell Energy Inc. - (NASDAQ: FCEL)
FuelCell Energy produces large-scale fuel cell systems for utilities and industrial power, holding over 450 U.S. patents. In 2025, it scales its SureSource 4000 platform (60% electrical efficiency) and advances carbon capture with ExxonMobil. Its 20 MW KOSPO park's 99% availability underscores reliability, positioning FuelCell as a clean energy leader.

Global X Hydrogen ETF - (NASDAQ: HYDR)
The Global X Hydrogen ETF tracks the Solactive Global Hydrogen Index, investing in companies involved in hydrogen production, fuel cells, and electrolyzers. With a 0.5% expense ratio, it holds industrials, materials, and utilities stocks. In 2025, HYDR offers diversified exposure to the $1 trillion hydrogen market, capitalizing on global decarbonization and renewable energy trends.

Gold Hydrogen Ltd. - (ASX: GHY)
Gold Hydrogen explores natural hydrogen in South Australia's Ramsay Project, targeting low-cost, carbon-free hydrogen extraction. In 2025, it advances drilling to delineate resources, leveraging Australia's hydrogen strategy. Its focus on naturally occurring hydrogen positions Gold Hydrogen as an innovative player in the green hydrogen market, with potential for scalable production.

Hazer Group Ltd. - (ASX: HZR)
Hazer Group uses proprietary technology to produce green hydrogen and synthetic graphite from natural gas, with no CO2 emissions. In 2025, following its 2024 commercial reactor test, Hazer advances a 2,500 t/y hydrogen facility with FortisBC in British Columbia. Its dual-output process positions it as a leader in low-carbon hydrogen and battery materials.

H/Cell Energy Corporation - (OTC: HCCC)
H/Cell Energy integrates hydrogen energy systems with solar and battery technologies for residential, commercial, and government sectors. In 2025, it expands its clean energy solutions, focusing on hydrogen storage and fuel cell applications. H/Cell's systems approach positions it to meet growing demand for sustainable power in urban and industrial settings, despite its smaller market cap.

HydrogenPro ASA - (Oslo: HYPRO.OL)
HydrogenPro designs high-pressure alkaline electrolyzers for green hydrogen production, serving industrial and energy sectors. In 2025, it scales its 100 MW+ projects, leveraging partnerships with ANDRITZ and Mitsubishi. HydrogenPro's focus on cost-efficient, large-scale hydrogen production positions it to meet Europe's demand for clean energy, supporting the global decarbonization agenda.

ITM Power Plc - (LSE: ITM.L)
ITM Power manufactures PEM electrolyzers for green hydrogen production, targeting transport, industry, and energy storage. In 2025, it scales its 5 MW Plug & Play units, with partnerships like Shell advancing refueling infrastructure. ITM's focus on modular, scalable hydrogen solutions positions it as a key player in Europe's hydrogen economy, despite high production costs.

Linde plc - (NASDAQ: LIN)
Linde, a global industrial gases leader, produces gray and green hydrogen for industrial and energy applications. In 2025, it expands its green hydrogen projects, including electrolysis plants, to support decarbonization. Linde's expertise in hydrogen supply chains and partnerships with oil majors like BP position it as a stable investment in the hydrogen economy.

Nel ASA - (Oslo: NEL.OL)
Nel ASA develops electrolyzers and hydrogen refueling stations for industrial and transport applications. In 2025, it scales its 500 MW alkaline and PEM electrolyzer production, leveraging contracts with Equinor and others. Nel's focus on cost-competitive green hydrogen positions it as a European leader, despite challenges from high energy costs and U.S. policy shifts.

Nikola Corporation - (NASDAQ: NKLA)
Nikola develops hydrogen fuel cell-powered trucks for shipping and heavy-duty transport. In 2025, it scales its Hyla refueling network, targeting 60 stations by 2026. Despite past financial challenges, Nikola's focus on zero-emission logistics and partnerships with fleet operators positions it for growth in the hydrogen-powered transport market.

Plug Power Inc. - (NASDAQ: PLUG)
Plug Power pioneers hydrogen fuel cell systems, deploying 69,000 units and 250+ refueling stations globally. In 2025, backed by a $1.66 billion DOE loan, Plug scales six green hydrogen plants, targeting 70 TPD production. Its Walmart and Amazon partnerships bolster its role in decarbonizing logistics, positioning Plug as a hydrogen industry leader.

PowerCell Sweden AB - (Stockholm: PCELL.ST)
PowerCell develops PEM fuel cells for automotive, marine, and stationary power applications. In 2025, it expands its megawatt-scale systems for heavy-duty transport, leveraging partnerships with Volvo and Bosch. PowerCell's high-efficiency fuel cells position it to meet Europe's demand for zero-emission power, supporting the region's decarbonization goals.

SunHydrogen Inc. - (OTC: HYSR)
SunHydrogen, formerly HyperSolar, develops a low-cost solar-to-hydrogen technology using water and sunlight. In 2025, it advances its nanoparticle-based system for green hydrogen production, targeting industrial and transport applications. SunHydrogen's zero-emission process positions it as an innovative player in the renewable hydrogen market, despite its early-stage status.

Tidewater Renewables Ltd. - (TSX: LCFS)
Tidewater Renewables produces renewable diesel, hydrogen, and natural gas in North America, operating Canada's first renewable diesel refinery. In 2025, it advances its renewable hydrogen projects, targeting transportation and industrial clients, despite filing anti-dumping complaints against U.S. biodiesel imports. Its focus on low-carbon fuels positions Tidewater to meet decarbonization demands.

Westport Fuel Systems Inc. - (TSX: WPRT), (NASDAQ: WPRT)
Westport Fuel Systems develops alternative fuel systems, including hydrogen and CNG/LNG components for transportation. In 2025, it advances high-pressure hydrogen systems for heavy-duty vehicles, leveraging partnerships with Volvo. Westport's focus on reducing emissions in existing fleets positions it as a key player in the hydrogen transition, despite market volatility.

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