The increasing demand for clean energy sources and the development of environmental-friendly urban transport systems in developed countries had been driving the impressive growth of the fuel cell industry. In the next seven years, the entire market is expected to rise by CARG of 56% and hit a $24.8bn value.
The increasing awareness about carbon emissions and the efforts taken to maximize sustainable energy use have also boosted the growth of the companies operating in this sector.
According to data presented by Stock Apps, the combined market capitalization of Plug Power, Ballard Power and Bloom Energy, as the top three fuel cell companies, soared by 550% year-over-year and hit $20.8bn in December.
Plug Power Market Cap Soared by 1283% YoY
Fuel cell technology plays a huge role in dealing with environmental issues and encouraging the use of renewable energy carriers by minimizing the emission of carbon dioxide or any other hazardous pollutants.
As the market leader, Plug Power Inc. witnessed the most impressive market cap growth in 2020. In December 2019, the combined value of stocks of the US company specialized in converting battery-powered equipment to hydrogen-generated fuel sources amounted to $950 million, revealed the Yahoo Finance data. By the end of the first quarter of 2020, the company hit the one-billion benchmark, despite the COVID-19 crisis.
In the next three months, the Plug Power market cap almost tripled and hit $2.7bn. The strong increasing trend continued in the third quarter, with the combined value of stocks surging to $5.2bn in September, a 450% jump in nine months.
However, statistics indicate the US fuel cell producer’s stock price exploded in the fourth quarter, with the market cap rising by almost $8bn in the last three months. Last week, Plug Power market capitalization stood at $13.1bn, a 1283% jump year-over-year.
Bloom Energy Market Cap Jumped by 377% YoY, Ballard Power Follows with a 223% Increase
As the second-largest fuel cell company by market cap, Ballard Power Systems has also witnessed an impressive stock price growth this year.
The fundamental technology that makes hydrogen power work is called a proton exchange membrane, which utilizes hydrogen and oxygen in an electrochemical reaction. The Canadian company is specialized in developing and manufacturing proton exchange membrane (PEM) fuel cell products for markets like heavy-duty motive applications, portable power, material handling, and engineering services.
Statistics show the Ballard Power Systems market cap surged by 223% year-over-year, rising from $1.6bn in December 2019 to $5.3bn last week.
As the third-largest company operating in the fuel cell market, Bloom Energy Corporation has also witnessed a three-digit market cap growth in 2020. The California-based company raised more than $1 bn in venture capital funding before going public in 2018. Its unique selling point is a fuel cell that allows its industrial-sized generators to run on natural gas, biogas, or hydrogen without combustion.
In December 2019, the combined value of stocks of the third-largest fuel cell technology producer stood at $900 million. By the end of June, this figure rose to $1.36bn and continued growing. Statistics show that Bloom Energy’s market cap stood at $4.3bn last week, a 377% jump in a year.