Plug Power, Ballard Power, Nel Asa: The hydrogen hype is waning

Dusseldorf For a year, hydrogen stocks knew only one way: up. Not anymore. In the past six months, the growth of the darlings has slowed significantly. Pure hydrogen companies are in a difficult position: the demand is huge, but the actual investments have so far been limited. Actors wait and see, and projects hardly ever get beyond the pilot status.

As a result, the hype on the stock exchanges has dropped significantly. Stocks of companies like Norway’s Nel Asa have lost more than 23 percent in a year. The British competitor ITM Power is even over 60 percent. This also applies to US companies such as Plug Power: Despite the multi-billion dollar subsidy program from Washington, the price of the fuel cell specialist has fallen by almost 50 percent in the past twelve months.