5 Best Hydrogen and Fuel Cell Stocks To Buy For 2024

3. Linde plc (NASDAQ:LIN)

Number of Hedge Fund Holders: 71

Linde plc (NASDAQ:LIN) is an industrial gas company with operations across North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company provides atmospheric gases like oxygen, nitrogen, argon, and rare gases, as well as process gases including carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. It is one of the best hydrogen stocks to monitor. 

On December 5, Linde (NASDAQ: LIN) announced an expansion of its liquid hydrogen production capacity at its McIntosh, Alabama facility. The upgraded facility is now capable of producing up to 30 tons per day of liquid hydrogen for the local merchant market. This $90 million expansion is aimed at meeting the growing demand for hydrogen in different industries, including manufacturing and electronics. The move is part of Linde plc (NASDAQ:LIN)’s strategy to enhance its hydrogen business in the southeast U.S. and strengthen its network density in the region. 

According to Insider Monkey’s third quarter database, 71 hedge funds were bullish on Linde plc (NASDAQ:LIN), compared to 70 funds in the preceding quarter. 

Here is what Madison Funds had to say about Linde plc (NYSE:LIN) in its fourth-quarter 2022 investor letter:

“Linde plc (NYSE:LIN) stock was strong during the fourth quarter following a solid third quarter. Linde remains well positioned with the passage of the Inflation Reduction Act and energy transition with carbon dioxide sequestration opportunities, gasification services, and various hydrogen projects. Linde and Schlumberger announced that they entered into a collaboration of carbon capture, utilization, and sequestration (CCUS) projects to accelerate decarbonization solutions across industrial and energy sectors. The collaboration will combine decades of experience in carbon dioxide capture and sequestration. The collaboration will focus on hydrogen and ammonia production where carbon dioxide is a by-product. The International Energy Agency estimates that 6 Gigatons of carbon dioxide will need to be abated with CCUS in order to reach net zero by 2050. During the quarter, Linde also announced that it became a signatory to the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative. As a signatory, Linde has committed to aligning its strategy and activities with the UNGC’s Ten Principles across human rights, labor, environment, and anti-corruption.”