Hydrogen stocks are going ballistic.
All thanks to the Senate’s climate bill.
In fact, according to Recharge News, “The passing of the Inflation Reduction Act (IRA) by the US Senate on Sunday may prove to be the single most important event in the history of green hydrogen to date — and a turning point for the nascent industry beyond American borders. Not only will the act’s generous tax credits of up to $3/kg make the renewable H2 produced in the US the cheapest form of hydrogen in the world — but it will also light a fire under the many countries that aim to become major players in the nascent green hydrogen space.”
It’s an absolute game changer for stocks like:
Ballard Power Systems (BLDP)
Over the last few days, the BLDP stock ran from about $6.50 to $8.77. From here, if it can break above resistance around $9.28, it could potentially break to $10.50, near-term.
“We continue to see policy momentum across the globe to support our vision of decreasing our planet’s emissions. We believe our product offering will make a meaningful impact on the energy transition by enabling our customers with zero emission solutions. This vision is at the forefront of our continued innovation and investment in our business and product offering”, said Mr. Randy MacEwen, President and CEO.
Bloom Energy (BE)
Today along, BE is up 1&% to $28.94, and could see higher highs.
All thanks to solid earnings and guidance. For one, the company posted revenue of $243.2 million, which was above expectations for $229.4 million. Then, it affirmed 2022 revenue guidance of $1.1 billion to $1.5 billion, with positive operating cash flow.
Greg Cameron, executive vice president and CFO of Bloom Energy added, “We had a very strong operating quarter delivering record Q2 revenue, expanding our margins and building the manufacturing capacity to support our growth. We remain confident in our business and are reaffirming our 2022 financial guidance. With our solid record of accomplishments, we believe the company is at an inflection point to build upon our mature technology platform and achieve our robust growth roadmap given.”
Defiance Next Gen H2 ETF (HDRO)
Even the HDRO ETF is going ballistic.
Since the start of August, the ETF jumped from about $11.50 to $13.57, and could push even higher with the latest hydrogen news. HDRO has an expense ratio of 0.30%, and holds stocks such as Plug Power, Bloom Energy, Ballard Power Systems, FuelCell Energy, and dozens more.