In recent years, the use of hydrogen as a clean energy source has gained a lot of attention as a potential solution to reduce carbon emissions and mitigate climate change. This has increased manifold since the United Nations Climate Change Conference (COP26). Ever since the United Nations released a special report on climate change. green hydrogen stocks have gained significant attention from both public and private investors. As a result, many individual investors are also considering investing in hydrogen companies' stocks as part of their ESG portfolios or to participate in the disruptive energy sector.

For starters, green hydrogen, produced using renewable energy sources like wind or solar power, is particularly promising as a zero-emission fuel with a wide range of applications in transportation, industrial processes, and energy storage.

Although the green hydrogen industry is still in its early stages and not yet widely adopted, falling costs due to innovative technologies and the emergence of more firms with clean hydrogen targets show promising potential. Some companies are already positioning themselves as early leaders in the sector.

As a result, numerous companies around the world are investing heavily in green hydrogen technologies and infrastructure, ranging from electrolysis and fuel cell production to hydrogen storage and transportation. These companies are poised to play a significant role in the global transition to a low-carbon economy and are likely to see significant growth and market opportunities in the coming years.

In this blog, we will explore some of the leading green hydrogen companies, their technologies, and their contributions to the development of a sustainable hydrogen economy. We will also examine some of the challenges and opportunities facing these companies as they work towards achieving their goals of decarbonizing the energy sector and mitigating climate change. Additionally, for those interested in non-mainstream investments, green hydrogen presents a unique opportunity within the broader context of ESG and disruptive technologies. 

Top Companies Producing Green Hydrogen (2025)

FuelCell Energy Inc

FuelCell Energy Inc., headquartered in Danbury, Connecticut, is a publicly-traded company that specializes in the design, manufacturing, and operation of Direct Fuel Cell power plants, which offer an environmentally friendly alternative to traditional power generation methods. It is a key player in the green hydrogen industry, along with other hydrogen producers like Shell plc, Linde plc, and Reliance Industries.

Operating in more than 50 countries globally, FuelCell Energy Inc. is the biggest hydorgen producers in the world. They boast the world's most expansive fuel cell park, consisting of 21 power plants, located in South Korea. Additionally, the company operates the largest fuel cell park in North America in Bridgeport, Connecticut. Its primary focus is serving commercial and industrial clients and using trigeneration technology to produce green hydrogen from natural gas or biogas, which has a significantly lower carbon footprint compared to conventional reformation methods.

Green Hydrogen Technology

Carbonate Trigeneration: A powerful trigeneration platform designed, to generate hydrogen, water and power using biogas or natural gas as a fuel. This process has a lower carbon footprint due to carbon neutrality. 

Solid Oxide Electrolysis: A highly efficient process used to split water into hydrogen and oxygen. This is highly cost effective than traditional hydrogen production. 

Hydrogen Energy Storage: Hydrogen produced will be stored as compressed gas which can be converted into power for future. This hydrogen energy storage is under development stage. 

Major Green Hydrogen Projects [2025]

On 6th March 2025, FuelCell Energy and MHB announced a joint development agreement to support a detailed feasibility study for a low carbon fuel production facility using solid oxide electrolysis (SOEC) technology with  carbon dioxide and water as feedstocks in Malaysia.

Their collaboration started with a memorandum of understanding in February 2023 by developing hydrogen production facilities across Asia, New Zealand and Australia. 

On 26th October 2024, AmmPower and FuelCell Energy partnered for ammonia production. Under this partnership, AmmPower modular ammonia production units and FuelCell Energy solid oxide electrolyser system will be integrated for ammonia production.

UConn's Carbon Neutrality Drive with Solid Oxide Fuel Cells - The FuelCell Project under power purchase agreement will complete IPB project in two phases, this includes 250 KW SOFC (Solid Oxide Fuel Cells) units installed in each phase. After two phases, it will be connected to microgrid and unused power will be exported to Eversource grid.  

World's Largest FuelCell Power Platform is built under FuelCell Energy and Gyeonggi Green Energy. A agreement to purcase 42 1.4 MW carbonate fuel cell modules is signed. This largest fuel cell platform will be located in Hwaseong-si. 

World's first "Tri-gen" Production System under FuelCell Energy and Toyota Motor is launched at the Port of Long Beach in North America. This is North America's largest vehicle processing unit that receives 200,000 Toyota and Lexus vehicles annually. 

Bloom Energy Corp.

Bloom Energy Corp. is an American clean energy company that designs and markets solid oxide fuel cells capable of on-site electricity generation. The company, founded in 2001 and headquartered in San Jose, California, benefits from various US government incentive programs, including the recently enacted Inflation Reduction Act. Bloom Energy Corp. is one of the top green hydrogen companies with a total installed capacity of over 900 megawatts of fuel cells.

Bloom Energy Corp.'s solid oxide fuel cells offer a combustion-free solution for generating clean energy from hydrogen. These fuel cells rely on pure green hydrogen and deliver continuous reliability while emitting no carbon. The company has previously deployed these solid oxide fuel cells to produce combustion-free, emission-free electricity using green hydrogen. 

Major Green Hydrogen Projects [2025]

World's Largest Solid Oxide Electrolyser installed by Bloom Energy at Nasa's Ames Research Center in the Mountain View, Calif. This 4MW Boom Electrolyser delivers 2.4 metric tonnes of hydrogen per day. It was built, installed and operated in a span of two months. 

Plug Power Inc. 

Plug Power Inc. is an American company headquartered in Latham, New York, that specializes in developing and producing hydrogen fuel cell systems for equipment and electric vehicles. Hydrogen fuel cells, hydrogen generation, storage, and supply are major services offered by Plug Power Inc. This company was founded in 1977 and employs over 2,200 people across ten states in the United States. In Q1 2024, the total revenue reported was USD 120.3 Million. In Q3 2022, it reported a total revenue of USD 188.6 million.

In November 2022, the company partnered with Lidl to bring green hydrogen to logistics platforms in its European warehouses, making it possible to use and sell it to multiple stores across Europe. Additionally, Plug Power Inc., in collaboration with Acciona, plans to construct two green hydrogen plants in Spain, which is projected to give the company a 20% market share in the green hydrogen industry in Spain and Portugal by 2030. The company also plans to produce 11,000 tonnes of green hydrogen by 2025.

Major Green Hydrogen Projects [2025]

On 25th February 2025, Plug power confirmed that its Louisiana Hydrogen Plant in St. Gabriel, Louisiana is on schedule  for operations in the Q1 of 2025. This plant confirms a production of 15-ton per day (TPD). This project will increase PLug Power's total production capacity to 39 TPD.  

Plug power on 17th February 2025, announced its plans to build multiple hydrogen production plants in India before 2030. Earlier in January 2025, it also received USD 1.7 billion loan guarantee from the U.S. Department of Energy as one of the last energy-related loans from outgoing Biden administration.

Plug Power Inc operated eight 5 MW electrolyzes in US Geogria Plant that produces up to 15 tones of liquid hydrogen per day that will be used at Walmart, Amazon, Home Depot sites sufficient to fuel 3,216 forklifts per day. 

Plug Power Inc, installed one-megawatt proton exchange membrane electrolyzes that will power 225 hydrogen fuel-cell powered forklift trucks in Amazon. So far, Plug in collaboration with Amazon deployed more than 17,000 fuel cells to replace battery forklifts. 

Adani Green Energy Ltd.

Adani Green Energy, one of the largest renewable energy companies in India, headquartered in Ahmedabad, Gujarat, is a subsidiary of the Indian conglomerate Adani Group. Among its notable accomplishments, the company owns and operates the Kamuthi Solar Power Project, one of the world's largest solar photovoltaic plants. Additionally, the company utilizes renewable biogas to produce green hydrogen using emission-less thermal reforming of renewable hydrocarbon feedstocks.

Adani Green Energy is playing a crucial in India's Asian energy transition. This includes providing affordable, clean, and reliable green hydrogen to facilitate economic growth and the shift towards net zero. In June 2022, Adani Green Energy collaborated with TotalEnergies SE in investing over USD 5 billion in a vast green hydrogen initiative. This venture involves constructing a 2GW hydrogen-producing electrolyzer farm powered by a 4GW solar and wind farm. The project aims to produce 1 million tonnes of green hydrogen annually by 2030, supported by 30 GW of clean power capacity. As India is the world's third-largest polluter and the government increasingly prioritizes decarbonization goals, Adani Green Energy's potential is immense.

On 25th March 2025, Adani Green Energy won a project worth INR 2,800 crores (USD 337.35 million). The project titled as Transmission System for Green Hydrogen/Ammonia Manufacturing Potential in Mundra, Gujarat is a crucial power transmission project in Gujarat. The company secured this project through a tariff-based competitive bidding (TBCB) mechanism.

Air Products and Chemicals Inc.

Air Products and Chemicals Inc., an American international corporation headquartered in Allentown, Pennsylvania, specializes in the sale of gases and chemicals for industrial purposes. The total revenue of 2023 is accounted as USD 12.6 Billion. In the third quarter of 2022, Air Products and Chemicals Inc. generated total revenue of USD 3.57 billion.

With a strong presence in the green hydrogen sector, Air Products and Chemicals Inc. provides a wide range of atmospheric industrial gases, including green hydrogen, to a diverse customer base. The company has supplied liquid green hydrogen for the Space Shuttle External Tank program and plans to invest over USD 500 million to build a green hydrogen production facility in New York by 2027. Additionally, the company has partnered with ABP to construct and operate the first large-scale green hydrogen production facility in the United Kingdom, which aligns with the government's mandate to shift towards green energy by 2030. Furthermore, this collaboration will address some of the climate-related issues that the UK has been grappling with, such as 580,000 tonnes of greenhouse gas emissions each year.

Major Green Hydrogen Projects [2025]

On 31st March 2025, Air Products and Chemicals Inc. announced the commission of the first phase of green hydrogen plant co-located with glassmaking facility in Rajasthan, India. It was initially scheduled for July 2024. The first phase details are not disclosed, however, INOX Air Products told that second phase will have an annual production capacity of 190 tonnes and will be built in next 6 months.

On 24th February 2025, Air Products announced its decision to exit three projects in USA. These projects include termination of its contract with World Energy for Sustainable Aviation Fuel expansion project in Paramount, California.

Cancellation of 35 metric ton per day facility to produce green liquid hydrogen in Massena, New York and a project in Texas for production of carbon monoxide. The reasons for these termination are stated as commercial aspects, its project being ineligible for the Clean Hydrogen Production Tax Credit (45V) and unfavorable project economics.

Neom Green Hydrogen Project built under consortium of Air Products, ACWA Power, and NEOM. It is world's largest green hydrogen based ammonia production unit. It produces 600 tonnes of green hydrogen per day, providing carbon-free hydrogen in the form of green ammonia globally. 

Sinopec

Sinopec is a Chinese state-owned oil and gas enterprise headquartered in the Chaoyang District of Beijing. The company is a subsidiary of Sinopec Group, one of the world's largest oil refining, gas, and petrochemical conglomerates. Sinopec specializes in oil and gas exploration, refining, and marketing, as well as the production and sales of petrochemicals and other chemical products. Moreover, the company is involved in the production of ethanol, biodiesel, green jet fuel, and green hydrogen. 

Major Green Hydrogen Projects [2025]

The Sinopec Xinjiang Kuqa Green Hydrogen Pilot Project commissioned in Q4 of 2023, produces 20,000 tons of hydrogen annually. It is one of the largest green hydrogen projects in China. 

Air Liquide S.A. 

Air Liquide S.A. has been a pioneer in the energy transition since 1998, investing in technologies and commercial ventures to drive the production, development, and application of renewable hydrogen. As a member of the Hydrogen Council, a group of companies dedicated to green hydrogen production and hydrogen vehicles, the company is at the forefront of the energy transition effort.

Over the last 60 years Air liquide is leading the entire chain of hydrogen production, transportation, storage, and distribution. Being a key player in the hydrogen industry, Air Liquide produces 1.2 Million tons of hydrogen per year with a annual turnover of EUR 2 Billion. The Air liquide Group aims to achieve carbon neutrality by 2050.

Major Green Hydrogen Projects [2025]

On 18th February 2025, Air Liquide S.A announced two large scale electrolyser projects in collaboration with TotalEnergies'. These projects include ELYgator, an Air Liquide 200MW electrolyser that will supply both TotalEnergies’ industrial platform and other European industrial and heavy-duty mobility needs. The second project is v250MW electrolyzer that will be developed by Air liquide and TotalEnergies' that will suppl green hydrogen to Zeeland refinery site.

CurtHyl and ELYgator are two 200 MW electrolyser projects in Rotterdam and Ternuezen (Netherlands) scheduled in 2026 and 2027. Powered by renewable sources like wind power, the hydrogen produced will be injected directly into the network pipeline.

A 200 MW electrolyser is been installed in Port-Jerome, France under Air Liquide and Normand'Hy project. This project is an initiative to support and develop low-carbon hydrogen ecosystem in the Normandy industrial basin. It is likely to be commissioned in 2025. 

Air Liquide has be operating 20 MW PEM electrolyser in Becancour, Canada. It produces 8.2 tonnes of hydrogen per day. It is one of the low-carbon hydrogen producing projects in North America.

A 20 MW electrolyser is built in Oberhausen, Germany under Siemens Energy and Air Liquide. The hydrogen produced in this plant will directly flow through Air Liquide's pipeline network for delivery in the Ruhr region.

Linde plc

Linde plc, the largest industrial gas company in the world by market share and revenue, was founded in Germany and is domiciled in Dublin, with its headquarters in the UK. The company specializes in producing and distributing atmospheric and process gases, including green hydrogen, for a global customer base that spans various industries such as steelmaking, food and beverage, material handling equipment, and healthcare.

The company has projected that hydrogen vehicles will be able to compete with electric vehicles by 2035 and has established wind-powered plants to convert water into green hydrogen on a large scale in Greece, France, and other European countries. The production of green hydrogen is accomplished through electrolysis using renewable solar and wind power, enabling the company to significantly reduce its carbon footprint.

Linde plc has also announced plans to invest in steam reformation production methods, which catalyze the conversion of natural gas to green hydrogen. The company has additionally planned to increase green hydrogen production in the United States through a 35-megawatt Proton Exchange Membrane electrolyzer plant, which is set to operate at full capacity by 2025.

Major Green Hydrogen Projects [2025]

On 6th February 2025, Linde announced it aims to focus on blue hydrogen in US projects using CCUS technologies which aligns with US government 45Q tax credit that offers financial incentives for carbon capture incentives. 
 

Linde signed a long -term agreement with H2 Green Steel in May, 2024 for World's first Largest-scale green steel production plant. Linde will invest USD 150 Million to build, own and operate an on-site air separation (ASU) units in this H2 Green Steel Integrated plant. It project will start in 2026. 

Shell plc

Shell plc, a multinational oil and gas company headquartered in London, UK, is among the world's largest companies in terms of revenue and profits. The company specializes in oil and gas exploration, production, refining, transport, distribution, marketing, power generation, and green hydrogen production. Although it has historically had high greenhouse gas emissions and was ranked as the ninth-largest emitter from 1988-2015, Shell plc has been transitioning into clean energy since 2015. It has invested heavily in solar power, wind power, green hydrogen generation, and forestry, with a goal to become a net-zero emissions energy business by 2050.

Major Green Hydrogen Projects [2025]

Shell is constructing Europe's largest green hydrogen plant in the Netherlands, Holland. With 200 MW electrylizser constructed in port of Rotterdam, it will produce 60,000-80,000 kilograms of hydrogen per day. The renewable power for electyrlozser will be supplied from wind farm Hollandse Kust (noord). The hydrogen produced here will be paired with CSS that will reduce carbon emissions and boost hydrogen ecosystem. The plant will directly supply Shell's Rotterdam refinery, and operations are scheduled to commence by 2025.

World’s Largest Hydrogen Proton Exchnage Membrane (PEM) electrylosers is built by Sheel Rhineland Refinery in Wesseling, Germany. With a peak capacity of 10 MW it produces 1,300 tonnes of hydrogen per year. This Refhyne I built under ITM Power began its operations in mid 2021 and Refhyne 2 has been further awarded for 100 MW electrolyzsers by European Climate, Infrastructure and Environemntal Executive Agency (CINEA).

China’s M4 Elecyrloyzser began its operations in Janurary 2022. This 20 MW power-to-hydrogen electr;loyzser and hydrogen refuelling station is under a joint venture of Sheel china and Zhangjiakou City Transport Construction Investment Holding Group Co. Ltd. 

Reliance Industries Ltd.

Reliance Industries Ltd., headquartered in Mumbai, Maharashtra, is a diversified Indian multinational conglomerate that operates in various industries such as energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. With a workforce of over 236,000 employees spread across 102 countries, the company is considered one of the most profitable corporations in India and ranks 100th on the Fortune Global 500 list in 2022. Historically, Reliance Industries Ltd. has been a major producer of grey hydrogen. However, the company has recently initiated a transition to green hydrogen and is expected to complete the transition by 2025.

Given its prior experience with hydrogen production, analysts are optimistic about Reliance Industries Ltd.'s transition to green hydrogen. The company has already announced a USD 10 billion investment to create a comprehensive ecosystem for New Energy and Green Hydrogen in India. Additionally, Reliance Industries Ltd. has entered into a partnership with Stiesdal to reduce costs and commercialize their pressurized alkaline electrolyzer technology, which will help the company achieve its green hydrogen production targets.

On 21st March 2025, Reliance Industries (RIL) announced a INR 382 crores land deal to support green hydrogen business. On the other hand Adani Energy Solutions (AESL) won a INR 2800 crores power transmission order for tis green hydrogen project. Reliance Strategic Business Ventures Limited (RSBVL) a subsidiary of RIL announced it acquired 100 per cent equity stake in Nauyaan Tradings Private Limited (NTPL) from Welspun Tradings Limited, a wholly-owned subsidiary of Welspun Corp Limited (WCL).

Some other notable companies producing green hydrogen

1. McPhy Energy

2. Nel Hydrogen

3. Toshiba Energy Systems & Solutions Corporation

4. Snam S.p.A.

5. Engie

6. Eni S.p.A.

7. Repsol

8. TotalEnergies

9. BP

10. Equinor

Green Hydrogen Future

Hydrogen one of the most abundant element emerged as a reliable source of renewable energy. With several potential benefits, and increased risk of carbon emissions, green hydrogen is a cleaner energy alternative. Its higher density compared to fossil fuels makes it more energy efficient leading to reduced carbon emissions.

Several coutnires have launched green hydrogen policies across carbon emitting sectors. Countries like USA have allocated USD 9.5 Billion to build and enable hydrogen hubs across America. Similarly, India launched a SIGHT scheme, under the National Hydrogen Mission to promote production and use of green hydrogen and mark India a global leader in green hydrogen production and export by 2030.

As the world looks to decarbonize and reduce its reliance on fossil fuels, green hydrogen is poised to play a crucial role. From powering vehicles and heating buildings to providing a reliable source of electricity, the possibilities are endless which is evident from the fact that new green hydrogen projects coming up frequently as the world is transitioning towards green energy.

Latest Green Hydrogen News 2025

On 5th October 2025, Masdar and Eithad Rail signed a MoU for UAE's green hydrogen value chain. This partnership will national network to transport hydrogen, ammonia, methanol and sustainable aviation fuel to improve UAE's hydrogen economy.

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