Index Performance
Overview
Description
Hydrogen fuel cell technology has emerged as a prominent theme in the transition toward low-carbon energy sources, driven by increasing awareness of climate change and the global push for decarbonization. The leading players in the hydrogen fuel cell space are distinguished by their technological innovations, manufacturing capabilities, strategic partnerships, and often, substantial government support. With an increasing number of countries committing to carbon neutrality, demand for clean energy solutions is rising. This tailwind is particularly beneficial for companies specializing in hydrogen fuel cells, which offer zero-emission energy for a variety of applications, from transportation to industrial power. The market landscape is a mixture of established industrial giants pivoting into the space and innovative pure-plays scaling up operations. These leading entities are poised for growth amid supportive regulatory environments, technological advancements driving down costs, and growing industry adoption. However, the market's nascent state means high volatility and substantial risks related to the technology's commercial viability and the achievement of projected economies of scale. Possible investable subcategories within the theme: - [[Hydrogen Fuel Cell Systems for Heavy-Duty Vehicles]]: Manufacturers specializing in developing and producing fuel cell systems designed to power buses, trucks, and other heavy-duty vehicles. - [[Green Hydrogen Production Technology Providers]]: Companies focused on the technology for producing hydrogen through renewable energy sources, particularly through electrolysis, which may also include storage and transportation solutions. - [[Hydrogen Fuel Cell Components and Materials]]: Businesses that provide crucial components, such as membranes, catalysts, and plates, or materials required for the development and enhancement of fuel cell performance and longevity. - [[Hydrogen Refueling Infrastructure Development]]: Firms involved in the deployment and operation of infrastructure such as hydrogen refueling stations necessary for widespread hydrogen-fueled transportation. - [[Portable Hydrogen Fuel Cell Products]]: This subcategory targets companies that cater to smaller scale applications such as backup power systems, portable generators, and fuel cells for consumer applications. This index was generated with help from Thematic Analyst.
- Inception Date02/06/2024
- WeightingEqual
- # of holdings42
What's inside?
Holdings
All holdings as of April 8, 2026
| Plug Power, Inc. (PLUG) | 2.69% | $3.69B | 12.90% | -34.09% | 3.84 |
| Siemens Energy AG (ENR) | 2.67% | $164.63B | 8.20% | 21.63% | 2.43 |
| PHINIA, Inc. (PHIN) | 2.63% | $2.76B | 2.35% | 20.87% | 0.91 |
| Rogers Corp. (ROG) | 2.62% | $2.03B | -2.33% | 31.67% | 1.85 |
| Cleveland-Cliffs, Inc. (CLF) | 2.62% | $5.16B | -3.00% | -4.10% | 0.80 |
| EnerSys (ENS) | 2.58% | $6.92B | 1.43% | 30.27% | 1.72 |
| Garrett Motion, Inc. (GTX) | 2.54% | $3.62B | 3.14% | 24.50% | 1.35 |
| Brookfield Renewable Holdings Corp. (BEPC) | 2.54% | $7.71B | -8.20% | 26.64% | 7.77 |
| Solvay SA (SOLB) | 2.54% | $3.34B | -7.49% | 20.02% | 0.96 |
| Woodward, Inc. (WWD) | 2.53% | $23.55B | 28.95% | 29.32% | 5.03 |
| PACCAR, Inc. (PCAR) | 2.53% | $65.31B | -15.46% | 14.54% | 2.25 |
| TechnipFMC plc (FTI) | 2.49% | $28.73B | 9.36% | 21.71% | 1.92 |
| Mercedes-Benz Group AG (MBG) | 2.45% | $61.20B | -9.19% | 17.18% | 1.06 |
| GE Aerospace (GE) | 2.43% | $323.10B | 18.48% | 36.45% | 7.38 |
| Northwest Natural Holding Co. (NWN) | 2.43% | $2.29B | 11.83% | 39.56% | 3.53 |
| Asahi Kasei Corp. (3407) | 2.41% | $14.16B | 0.78% | 33.83% | 0.88 |
| Xcel Energy, Inc. (XEL) | 2.40% | $50.82B | 8.94% | 24.47% | 5.39 |
| Pinnacle West Capital Corp. (PNW) | 2.40% | $12.47B | 4.20% | 25.41% | 4.71 |
| Ford Motor Co. (F) | 2.39% | $48.59B | 1.23% | 12.18% | 0.96 |
| Air Products & Chemicals, Inc. (APD) | 2.39% | $66.04B | 5.80% | 32.05% | 6.11 |
| Gentherm, Inc. (THRM) | 2.39% | $886.18M | 2.92% | 24.30% | 0.81 |
| Portland General Electric Co. (POR) | 2.39% | $6.79B | 6.50% | 33.65% | 3.11 |
| Public Service Enterprise Group, Inc. (PEG) | 2.38% | $41.25B | 19.61% | 25.18% | 5.24 |
| Vontier Corp. (VNT) | 2.37% | $5.22B | 3.24% | 44.82% | 2.32 |
| WEC Energy Group, Inc. (WEC) | 2.37% | $37.42B | 13.96% | 27.10% | 5.81 |
| California Resources Corp. (CRC) | 2.37% | $5.89B | 15.08% | 35.79% | 1.51 |
| Dover Corp. (DOV) | 2.34% | $29.22B | 4.48% | 40.16% | 3.56 |
| Linde Plc (LIN) | 2.33% | $231.92B | 2.97% | 37.76% | 6.65 |
| KBR, Inc. (KBR) | 2.33% | $4.84B | 0.57% | 14.77% | 0.98 |
| The AES Corp. (AES) | 2.31% | $10.26B | -0.37% | 18.47% | 3.83 |
| Toyota Motor Corp. (7203) | 2.31% | $278.54B | 8.60% | 17.77% | 1.57 |
| Honda Motor Co., Ltd. (HMC) | 2.30% | $31.55B | -4.46% | 20.25% | 0.66 |
| Woodside Energy Group Ltd. (WDS) | 2.29% | $42.91B | -7.03% | 29.69% | 3.22 |
| Chart Industries, Inc. (GTLS) | 2.27% | $9.94B | 2.49% | 29.16% | 3.00 |
| JFE Holdings, Inc. (5411) | 2.26% | $7.14B | -6.29% | 12.17% | 0.68 |
| Hyundai Motor Co., Ltd. (005380) | 2.26% | $79.05B | 6.29% | 18.51% | 1.29 |
| Mazda Motor Corp. (7261) | 2.24% | $4.27B | -2.51% | 19.55% | 0.11 |
| Bloom Energy Corp. (BE) | 2.21% | $41.18B | 37.33% | 29.02% | 10.60 |
| QuantumScape Corp. (QS) | 2.17% | $3.86B | N/A | N/A | N/A |
| Tesla, Inc. (TSLA) | 2.11% | $1.29T | -2.93% | 18.03% | 16.43 |
| New Fortress Energy, Inc. (NFE) | 1.93% | $189.23M | -42.32% | 4.33% | 5.44 |
| HANWHA SOLUTIONS CORP. (009830) | 1.79% | $4.66B | 7.58% | 10.13% | 1.45 |