Linde, Amazon, and Pure One: The New Alliance Against Fossil Fuel Dependency

Linde as the Backbone of Gas Supply

Linde has established itself as the market leader in hydrogen infrastructure. Its business model is based on a unique vertical integration that links the plant engineering of the Linde Engineering division with the long-term operation of production facilities. By focusing on complete industrial clusters, the company achieves a high network density, enabling it to efficiently deliver gases directly to customers via its own pipelines. Stable cash flows are secured through long-term take-or-pay contracts, which, according to experts at JPMorgan, makes Linde a defensive quality stock with excellent market positioning. In the first quarter of this year, the group underscored its earnings power with earnings per share of USD 4.20, significantly exceeding analysts' expectations.

Amazon: Tech Giant as a Driver of Demand

While Linde supplies industry, Amazon has long been a key catalyst for scaling the hydrogen business. The company faces the challenge of reconciling the massive energy demands of its AWS cloud division with its climate goals. In 2025 alone, AWS's capacity grew by 3.9 GW, with hydrogen playing a key role as an emission-free baseload energy source for data centres. Through an expanded partnership with Plug Power, Amazon has been sourcing more than 10,000 tons of green hydrogen annually since 2025 to power over 15,000 fuel cell systems in its logistics centers. The retail giant and tech conglomerate is leveraging its market power to actively promote the development of a global hydrogen ecosystem.

Synergies and Decentralized Innovations for Industry

The combination of industrial infrastructure and decentralized solutions forms the foundation for a comprehensive energy transition in Germany and the EU. In areas where building central pipelines is too time-consuming, decentralized systems excel by producing energy directly at the point of consumption. Start-ups like Sypox, a spin-off from the Technical University of Munich, are developing electrified reactors to replace fossil-fuel burners and significantly reduce CO2 emissions. Industry giants such as BASF in Ludwigshafen are also relying on their own electrolysers to feed hydrogen directly into the site network for the production of ammonia and vitamins. This technological flexibility reduces transportation costs and provides sustainable relief for the energy-intensive chemical industry. For small and medium-sized enterprises or widespread applications, the Australian company Pure One offers solutions.

Pure One: The Specialist for Green Commercial Vehicles

Positioned in the niche for decentralized mobility concepts, Pure One is an agile pioneer. The company covers the entire value chain, from vehicle provision and fuel supply to mobile refueling infrastructure. A recent operational milestone was the successful handover of the first hydrogen-powered garbage truck to Solo Resource Recovery, demonstrating the technology's commercial readiness under real-world conditions. **On the Australian stock exchange, Pure One is currently valued at just around AUD 25.3 million. This low valuation alone makes it worth taking a closer look at the company, which is currently in the midst of selling its own gas reserves worth AUD 5 million. Even though fossil fuels are currently making a comeback on the stock market, Pure One investors can look forward to the planned sale—the deal will inject fresh capital into the hydrogen pioneer's coffers.

With these funds, the Australians can push forward other projects. One example is the planned expansion into the US market. The plan further underscores Pure One's growth potential. Through strategic agreements with partners such as Riverview International Trucks, the company aims to deliver its first demonstration vehicles in California as early as this year. Thanks to existing free trade agreements, the company can export its hydrogen trucks to the US duty-free and thus directly benefit from local clean energy subsidy programs. Investors betting on a widespread breakthrough in hydrogen technology will find Pure One an interesting complement to established infrastructure stocks. For speculative investors, the stock offers leverage to the ramp-up of hydrogen mobility, given its low valuation.