Pure-play hydrogen stock prices plateau

Valuations shot up last year, but many have since lost momentum. Does the investment outlook match the hype?

The hydrogen sector, buoyed by support from policymakers, attracted unprecedented interest from investors last year, with valuations achieving record highs. However, since peaking early this year, share prices of pure-play companies have generally plateaued, and some institutional investors are looking elsewhere to take advantage of opportunities in the growing hydrogen economy. Electrolyser companies, which produce the technology used to make green hydrogen, continue to receive a great deal of interest, says Richard Hulf, managing director at HydrogenOne Capital. “The best opportunities are clearly in fuel cell and electrolyser manufacturers,” he says. “Their order books are full for the ne