our theme hydrogen economy stock, Including stocks of US listed companies that sell hydrogen fuel cells, related renewable energy equipment, and supply hydrogen gas, rose 5% year-to-date in 2023, outperforming the S&P 500 Which is -2% less than the previous year. same period.
Hydrogen and renewables stocks have performed well over the past year, driven by a mix of favorable regulations, including the passage of the Inflation Reduction Act in the US and a growing urgency to reduce dependence on fossil fuels in the wake of oil price increases following Russia. invasion of Ukraine. Furthermore, earnings of many of the players in the space have been relatively strong in recent quarters. For example, Bloom Energy
So, how’s the outlook for the theme? Although hydrogen is not likely to be as large as other renewable energy sources such as solar and wind, it could be important in decarbonizing the industrial sector and heavy vehicles. It can also be seen as a means of storing renewable energy. While mostly external factors drive the theme’s movement into 2022, investors will need to look at underlying improvements in hydrogen technology, which still remains somewhat expensive and small-scale. first solar
Has been the best performing stock in our theme, up almost 40% year-to-date. On the other end, Air Products & Chemicals
A company whose primary business is selling gases and chemicals for industrial uses has been the worst performer with its stock down nearly 7% year-to-date.
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Credit: www.forbes.com /