October 13th, 2025 | 07:00 CEST
Hydrogen as an explosive mixture: First Hydrogen, Plug Power, Amazon
Hydrogen continues to shine as a beacon of opportunity for industry and logistics. Experts remain optimistic despite the challenges of scaling up hydrogen production in Germany. Market observers, such as McKinsey, anticipate that the cost of green hydrogen will fall rapidly in the coming years, potentially turning many projects, still debated by experts today, into profitable ventures. Companies already established in the sector stand to benefit the most. We present three hydrogen visionaries and examine whether the associated stocks can benefit from the hydrogen boom.
time to read: 3 minutes | Author: Nico Popp
ISIN: First Hydrogen Corp. | CA32057N1042 , PLUG POWER INC. DL-_01 | US72919P2020 , AMAZON.COM INC. DL-_01 | US0231351067
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Author
Nico Popp
At home in Southern Germany, the passionate stock exchange expert has been accompanying the capital markets for about twenty years. With a soft spot for smaller companies, he is constantly on the lookout for exciting investment stories.
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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.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.
For this reason, there is a concrete conflict of interest.
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