Hydrogen fuel cells have long been considered a promising energy storage alternative. However, they have seen limited adoption so far; but that may change in the future. Several governments and leading companies are throwing their weight behind this promising technology. Let’s take a closer look at what these developments may mean for fuel cell companies such as Plug Power (NASDAQ:PLUG) and FuelCell Energy (NASDAQ:FCEL).
Uneven growth
The adoption of hydrogen fuel cells in the global electric vehicle segment is patchy. At the end of 2020, there were roughly 34,800 fuel cell electric vehicles (FCEVs) in use worldwide. Of these, 29% were in South Korea. The U.S. followed with a 27% share while China accounted for 24% of the FCEVs. South Korea is betting big on hydrogen, and the country increased its hydrogen refueling stations by 50% in…
Top Automakers Are Investing in Fuel Cells. Should You, Too?
