3 Great Hydrogen Stocks To Own In September 2026

Rising energy bills in the UK, driven by disrupted gas and diesel supplies linked to the Iran war, are a sharp reminder of how exposed power systems remain to fossil fuel shocks. Investors looking for alternatives are turning to hydrogen fuel cell technology as one potential way to provide cleaner, more flexible power. This article highlights three hydrogen focused stocks from our screener that aim to benefit from this shift.

The three hydrogen stocks below are only a small sample from this theme, as the wider screen surfaced 76 more companies with similarly detailed stories that are not covered here.

If you want to go deeper into this segment and identify which hydrogen fuel cell plays best fit your risk profile, head straight to the Hydrogen Fuel Cell Technology screener.

Siemens Energy (XTRA:ENR)

Siemens Energy is a large energy technology group that also supplies the heavy kit behind green hydrogen, with industrial electrolyzers and related systems feeding projects in power, transport and industrial markets.

Siemens Energy runs a broad energy equipment and services portfolio, with Gas Services, Grid Technologies, Siemens Gamesa and Transformation of Industry generating €13.4b, €12.9b, €10.4b and €5.9b respectively, and a market value of about €124.7b.

For hydrogen focused investors, Siemens Energy matters because its electrolyzers and hydrogen systems plug directly into green hydrogen projects that could sit alongside its gas turbines, grids and wind equipment.

"The current valuation may be reflecting a belief in a rapid and sustained turnaround in the wind business (Siemens Gamesa), with breakeven assumed as soon as fiscal 2026. Execution risks from ongoing restructuring, lingering 4.X and 5.X product issues, and potentially slower offshore market growth could lead to continued earnings volatility and delays in restoring net margins."

What really moves the dial for Siemens Energy from here may come down to how one unseen pressure shapes future profitability.

Those margin pressures are only half the story, and the full narrative for Siemens Energy shows how Siemens Energy could turn restructuring pain into accelerating hydrogen upside.

Cummins (CMI)

Cummins brings hydrogen fuel cells into a much broader power solutions portfolio, which gives you exposure to the theme through its Accelera and Power Systems work rather than a pure play. That breadth is exactly what makes the next data center move so interesting.

"Cummins agreed to supply about 2 GW of high efficiency natural gas generator sets, including HSK78 and QSK60 platforms, to Circe Energy for behind the meter prime power microgrids supporting AI and high performance computing data centers in West Texas between 2026 and 2030, reinforcing its role in data center power."

The real test for Cummins hydrogen and fuel cell ambitions may come down to how one pressure on future power project margins resolves.

Cummins develops engines, components and power systems worldwide, with hydrogen linked fuel cells and electrified solutions housed mainly in its Accelera and Power Systems segments. The bulk of its US$35.7b revenue comes from Engines at US$11.0b, Distribution at US$12.9b, Components at US$10.2b and Power Systems at US$8.1b, while Accelera contributes US$498 million. Cummins has a market value of about US$71.3b.

That margin pressure is the real swing factor, and the full narrative for Cummins explains how Cummins could turn data center demand into accelerating hydrogen upside while managing those project risks.

FuelCell Energy (FCEL)

FuelCell Energy focuses squarely on hydrogen fuel cell technology, designing and operating carbonate systems and Tri-Gen platforms that provide on-site clean power and zero carbon hydrogen for transport, industrial and stationary users worldwide.

FuelCell Energy generated about US$154 million from fuel cell power plant production and research, underscoring its tight link to hydrogen fuel cell deployment, and carries a market value of roughly US$1.3 billion.

Investors watching the Hydrogen Fuel Cell Technology space often look to FuelCell Energy as a pure way to tap into carbonate fuel cells and on-site hydrogen, with the data center push adding an extra twist to the story.

"While the Dedicated Power Partners (DPP) initiative and new long-term service agreements hint at increased bookings and backlog, actual progress toward ramping Torrington facility utilization from the current 31 megawatts to the target of 100 megawatts is entirely dependent on order flow, and long-standing execution issues raise doubts about whether the company can translate tailwinds into sustained recurring revenues or positive adjusted EBITDA in the forecasted timeframe."

What happens to margins and hydrogen-led growth now hinges on whether one pressure point in this data center buildout breaks in FuelCell Energy's favor.

That pressure point is exactly what the full narrative for FuelCell Energy unpacks, showing how FuelCell Energy could turn stalled execution into accelerating hydrogen demand tied to data center buildouts.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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