Hydrogen as an explosive mixture: First Hydrogen, Plug Power, Amazon

Hydrogen has long since arrived in industry

At first glance, it may seem surprising to mention Amazon in the same breath as two pure hydrogen companies – after all, the e-commerce and cloud giant is not a manufacturer of energy technology. But Amazon has a dual role: on the one hand, it is a major consumer and user of hydrogen solutions in its own logistics, and on the other hand, it is an investor and driving force behind the development of new technologies. The background to this is Amazon's ambitious sustainability goal of becoming climate neutral by 2040. In order to get closer to this goal, the Company identified its own logistics centers and the forklifts used there as a suitable location for the use of fuel cells years ago. Amazon implemented the project together with Plug Power, and is benefiting from higher availability of the machines, which are in use almost around the clock. Unlike battery-powered forklifts, hydrogen forklifts can be refueled in less than 5 minutes. Since logistics centers also offer solar power, which can be converted into hydrogen using electrolysers, such investments quickly pay off. Amazon plans to deploy 20,000 hydrogen forklifts in over 100 logistics centers this year.

Hydrogen and logistics: Numerous applications

Amazon is also exploring fuel cell applications across other parts of its vast logistics network. Examples include heavy-duty trucks and delivery vans, which offer distinct advantages over battery-powered vehicles. Together with hydrogen company First Hydrogen, Amazon has already conducted successful road tests in the UK. The use of fuel cells is also conceivable for emergency power supplies in data centers.

While established market leaders like Plug Power are often the first choice for many investors looking for hydrogen investments due to their years of expertise, companies like First Hydrogen stand out with their comparatively low market capitalization and agility. First Hydrogen offers both solutions for vehicle fleets and plans to launch a new version of the delivery van - already tested with Amazon - by 2028 with a range of up to 1,000 km, as well as hydrogen infrastructure. This includes electrolysers and hydrogen refueling stations, along with the potential for direct hydrogen delivery to customers.

First Hydrogen aims to score with comprehensive offering

First Hydrogen plans to roll out the technology tested in its delivery vans in adjacent markets, aiming to make boat propulsion systems, agricultural machinery, emergency power generators, and medium-sized trucks CO₂-neutral. This aligns directly with the hydrogen use cases that global corporations like Amazon are exploring. Rather than developing everything in-house, First Hydrogen relies on strong partnerships. The hydrogen delivery trucks, for example, were sourced from well-known manufacturers and equipped with fuel cells supplied by Ballard Power. This "asset-light business model" enables First Hydrogen to address multiple future issues and roll out products in these areas as needed. The Company even sees opportunities in the field of small nuclear power plants. These modular mini reactors could also be used to produce green hydrogen and, in addition, solve the problem of high electricity costs for industrial companies. The subsidiary First Nuclear has been in existence since 2025.

First Hydrogen and Plug Power: Hydrogen boost still to come

While First Hydrogen's nuclear power division is still a bet on the future, the electrolyser business is picking up worldwide. Plug Power's latest quarterly figures show a 40% increase in revenue compared to the previous year. At the same time, however, the Company once again posted a loss. As a result, analysts are divided and see price targets for Plug Power shares between USD 0.50 and USD 7. Observers are also cautious about First Hydrogen – the big hydrogen breakthrough is still pending. However, with companies such as Amazon, Shell, BASF, and many others investing heavily in the technology worldwide, the big push for the hydrogen economy is likely still to come. Subject to successful financing rounds, companies like Plug Power and First Hydrogen, which already offer comprehensive solutions, are perfectly positioned to benefit. With its mini market capitalization of only EUR 23 million, First Hydrogen offers the most explosive mix for shareholders in the event of the next hydrogen hype.