We recently published a list of 10 Best Hydrogen Stocks to Buy According to Billionaires. In this article, we are going to take a look at where Ballard Power Systems Inc. (NASDAQ:BLDP) stands against other best hydrogen stocks to buy according to billionaires.
As the global push toward clean energy and decarbonization gains momentum, hydrogen stocks are seeing a renewed interest from institutional investors and billionaires. With recent advancements in hydrogen technology, this once speculative energy source is now looking like a solid investment opportunity in the clean-energy sector.
The World Energy Transitions Outlook 2025 highlights that annual deployment of over 1,000 GW of renewable power is needed to stay on a 1.5°C pathway. Hydrogen is expected to play a key role in the decarbonization of end uses and the flexibility of the power system. Investment needs for clean hydrogen and derivatives are projected at $1.1 billion per year to meet global transition requirements. An IEA 2025 Report noted that the global energy demand rose by 2.2% in 2024 – a faster-than-average rate. This reiterates the fact that the demand for alternate sources of energy is still on the rise.
More investors are looking for long-term growth opportunities in emerging sectors but are restricted by the ever-fluctuating interest rate expectations and evolving energy policies. Within these dynamics, policymakers and corporations are looking at hydrogen adoption more favorably. According to Grand View Research, the industry is projected to hit a staggering $317.39 billion by 2030, expanding at a healthy 9.3% CAGR.
After a challenging 2023, fraught with high interest rates and investor skepticism leading to a sector-wide decline in clean energy stocks, hydrogen stocks have made a recovery in 2024. The Global Hydrogen Index has gained 4.86% in U.S. dollar terms, signaling a comeback. The finalization of hydrogen tax credit guidelines could be seen as a key catalyst. Barron’s has noted that with the 45V tax credit offering up to $3 per kilogram for clean hydrogen, investment in the sector is getting a much-needed boost.
Compared to wind and solar energy, hydrogen has had smoother sailing due to direct government support and increasing private sector interest. In 2025, expanding industrial applications are likely to fuel hydrogen stocks. With research and technological advancements easing production and storage, costs and scalability can be massive improvements. Furthermore, the growing interest in hydrogen infrastructures in the U.S and Europe can bring in growth for the best hydrogen stocks.
Of course, the challenges remain. Despite strong momentum, hydrogen stocks are faced with strong cost competitiveness and regulatory uncertainty. Green hydrogen is still relatively expensive compared to fossil fuels, even with the declining costs. Stricter lifecycle emissions requirements for qualifying hydrogen progens under the 45V tax credit are likely to lead to an adoption slowdown. Also, geopolitical uncertainties pose additional risks within supply chains.
While not entirely free of challenges, there is no denying the rising interest in the industry. Its vast potential has attracted major investors like Bill Gates and Jeff Bezos, who are backing a startup focused on harnessing expertise from the hydrocarbon sector to capitalize on the burgeoning hydrogen market, now termed a “white gold rush” by analysts. In a growing global hydrogen economy, some of the best hydrogen stocks are in a position to create great value.
Our Methodology:
We used Insider Monkey’s exclusive database of billionaire stock holdings to arrive at our list of best hydrogen stocks to buy according to billionaires. Firstly, we have screened the top hydrogen stocks included in notable industry ETFs. We have then selected the 10 best stocks to buy based on the highest number of billionaire investors, updated as of Q4 2024. For the stocks with the same number of billionaire holdings, we have used the total value of billionaire holdings as a secondary metric to rank the stocks. Billionaires are founders or managers of some of the world’s leading hedge funds and companies.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
Is Ballard Power Systems Inc. (BLDP) the Best Hydrogen Stock to Buy According to Billionaires?
An industrial facility floor with employees walking around PEM fuel cell applications.
Ballard Power Systems Inc. (NASDAQ:BLDP) designs and manufactures hydrogen fuel cell systems for heavy-duty applications including buses, trucks, rail, marine, and stationary power. The company also provides services such as technology solutions and training. It is among the best hydrogen stocks to monitor.
In April 2024, Ballard Power Systems Inc. (NASDAQ:BLDP) signed a landmark Long-Term Supply Agreement with Solaris, a top European bus manufacturer, to deliver 1,000 hydrogen fuel cell engines through 2027. This marks the largest engine order in Ballard’s history. In March 2025, Solaris deployed the first phase of a 137-bus fleet in Bologna and Ferrara, Italy, all powered by Ballard technology.
In February 2025, Ballard Power Systems Inc. (NASDAQ:BLDP) entered a strategic partnership with Vertiv to develop a zero-emission UPS system for data centers, using Ballard’s fuel cell systems for uninterrupted power supply.
Financially, Ballard Power Systems Inc. (NASDAQ:BLDP) reported an FY 2024 revenue of $69.7 million, down 32% year-over-year, with a net loss of $323.5 million, widening significantly from 2023. Despite this, analysts see potential upside. Of 16 analysts covering the stock, 75% rate it a Hold, with a median price target of $1.50, suggesting a 38.9% upside from current levels. Ballard remains a long-term clean energy play backed by strong partnerships and growing traction in global hydrogen adoption.
Overall, BLDP ranks 9th on our list of best hydrogen stocks to buy according to billionaires. While we acknowledge the potential of BLDP, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than BLDP but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
