Investing in hydrogen with management on board: Air Liquide, Pure Hydrogen, Air Products & Chemicals

Number of hydrogen projects growing rapidly – Corporations focusing on large-scale projects

The global hydrogen economy is growing rapidly: According to the Hydrogen Council, over 1,500 new hydrogen projects are already planned worldwide – that is about 600% more than in 2021. In total, investments of around USD 680 billion will be necessary by 2030. Many governments are promoting hydrogen investments. Sectors such as shipping, heavy transport, and certain parts of industry in particular cannot do without hydrogen. In the wake of this growing demand, the market is focusing on stocks such as Air Liquide and Air Products & Chemicals. The former is the world's second-largest industrial gas manufacturer after Linde and focuses primarily on large-scale initiatives. In Rotterdam, Air Liquide is investing EUR 500 million in a 200 MW electrolyzer that combines two electrolysis technologies and is expected to deliver 23,000 tons of renewable hydrogen per year. The Company recently scored points with strong order intake.

Air Products & Chemicals is also active in the field of industrial gases and operates gas and filling station networks. Air Products is also active in the refueling of fuel cell vehicles. Producing green hydrogen is another area of activity in which the Company has seen significant growth in recent years. In February 2025, however, the new CEO, Eduardo Menezes, put three hydrogen projects in the US on hold. At the time, the Company said it wanted to focus on value-creating investments. Although analysts are cautiously optimistic about Air Products' stock, according to Marketbeat, and the average price target sits at USD 335, the stock has shown little movement: A decline of around 5.8% over a six-month period likely explains why the insider ratio at Air Products is only 0.4% based on outstanding shares. At Air Liquide, insider ownership is even lower.

At Pure Hydrogen, management is buying shares: Hydrogen for small and mid-sized businesses

The management of Australian hydrogen solutions provider Pure Hydrogen has taken a completely different approach to investing in its own company: Managing Director Scott Brown holds more than 13 million shares and Director Ron Prefontaine holds as many as 18.7 million shares. Pure Hydrogen is developing an integrated clean energy ecosystem, producing, storing, and distributing hydrogen, and aims to score points with customers with its comprehensive range of hydrogen solutions. While large companies such as Air Liquide and Air Products are focusing on prestige projects, Pure Hydrogen also aims to become a partner to medium-sized companies.

Pure Hydrogen stands out with its broad portfolio, especially in the area of zero-emission commercial vehicles, and is collaborating with partners such as HDrive International, Hyzon, and BYD, among others, to achieve this. In the second quarter, Pure Hydrogen delivered its first fuel cell trucks to customers and received additional orders for zero-emission buses and trucks. Another interesting aspect of Pure Hydrogen is its involvement in gas projects in Australia and Botswana. While production approvals are still pending, revenues from the gas business could help fund future hydrogen investments. For investors, this would mean that, unlike many other growth companies, there may be no need for dilutive capital raises later on. This potential "gas wild card" could also explain why management is so strongly committed to the Company and holds a significant long-term stake in its own stock.

Market capitalization + growing business = Good prospects for investors?

For investors, too, Pure Hydrogen's stock has significantly more fire in it: While both major hydrogen stocks are already valued at several billion, Pure Hydrogen is worth just over EUR 20 million. With new orders already announced for 2025 and an integrated hydrogen solution tailored for mid-sized and smaller businesses, this small-cap deserves a spot on investor watchlists. Investing alongside a committed management team can also boost investor confidence. The generally rosy forecasts for the hydrogen economy do the rest.