Hydrogen stocks have gone ballistic.
Over the last few weeks:
· Plug Power (PLUG) ran from $30 to $67.
· Bloom Energy (BE) ran from $28 to $35.
· FuelCell Energy (FCEL) ran from $10 to $19.
· Ballard Power Systems (BLDP) ran from $22 to $36.
Even after exploding to new highs, all could see even more upside.
For one, Joe Biden is bullish on green energy.
Two, Goldman Sachs is already calling it a “once in a lifetime opportunity,” says Barron’s. The firm also notes the addressable market could be worth up to $11.7 trillion in the next 30 years with the U.S., Asia, and Europe leading the way.
Three, analysts at Bank of America say green hydrogen could be worth more than $11 trillion by 2050, as well. In fact, the firm compared green hydrogen to smartphones pre-2007 and the Internet prior to the dot-com boom, as also highlighted by Barron’s.
Four, Plug Power recently noted, “Customer demand for hydrogen has grown 10x in five years – nearly a 200% annual growth rate. From a market perspective, McKinsey expects hydrogen will provide 18% of global energy by 2050. As the world’s largest supplier and user of liquid hydrogen, we’re positioned as the forward-thinking company, leading the expansion of green hydrogen technologies while growing their use into a range of transportation and stationary power applications.”
Helping to fuel the boom, French automaker Renault just signed a memorandum of understanding to launch a 50-50 venture with Plug Power in France by the end of 2021. They’ll target over 30% share of the fuel-cell powered light commercial vehicle market in Europe, says MarketWatch.
In short, related hydrogen stocks could easily see higher highs.