Linde: Scaling Up the Global Infrastructure
To bring hydrogen mobility to the masses, building a reliable infrastructure on a large scale is essential. Market researchers at Coherent Market Insights forecast growth for the global hydrogen truck market from an estimated USD 10.30 billion today to USD 131.64 billion by 2033. Linde plays a central role in this rapid development, as the industrial gas company covers the entire value chain from production and liquefaction to high-pressure refueling. Through long-term supply contracts with minimum volume commitments, the Group secures superior cash flow stability, which was reflected in the fourth quarter of 2025 by strong adjusted earnings per share of USD 4.20. In cooperation with industry partners, the company is also advancing liquid hydrogen technology, which enables heavy-duty trucks to be refueled in less than 15 minutes for ranges exceeding 1,000 km. Analysts at UBS and JPMorgan view this strong strategic positioning extremely positively in their reports and have set price targets between USD 515 and USD 550.
Amazon: Accelerating the Use of Fuel Cells
On the demand side, Amazon is seen as a driver for scaling these new hydrogen technologies. With the clear goal of becoming fully carbon-neutral by 2040, the e-commerce giant is using its enormous market power to rigorously drive the decarbonization of hard-to-abate sectors. Kara Hurst, Vice President of Global Sustainability at Amazon, emphasizes that scaling up the supply and demand for green hydrogen plays an absolutely key role in achieving these ambitious climate goals. A strategic milestone in this effort was the agreement with Plug Power to supply 10,950 tons of liquid green hydrogen annually, which could theoretically power about 800 heavy-duty long-haul trucks. To put this vision into practice, the company is actively engaged in field tests and is evaluating, among other things, heavy-duty fuel cell trucks from established manufacturers under real-world conditions in the demanding daily operations of a fleet. Amazon has also already conducted tests in the UK using solutions from First Hydrogen.
First Hydrogen: The Complete Package
While industry giants are primarily focused on heavy-duty transport, First Hydrogen occupies a highly lucrative niche in the market for light commercial vehicles. The company’s flagship product is a van that demonstrated a range of over 630 km in tests with a refueling time of around just 5 minutes. Recent field trials with the British gas network operator Wales & West Utilities were particularly impressive, with the fuel cell delivering consistent performance even in cold temperatures and on hilly terrain. Through the smart Hydrogen-as-a-Service model, customers pay only a monthly fee that covers the vehicle, hydrogen, and maintenance, transforming the technology from a capital-intensive investment into a pure operating expense. To further expand its technological base in robotics and AI-driven platforms, First Hydrogen signed a letter of intent in January to acquire a majority stake in Exodus Actuation Solutions and simultaneously secured financing equivalent to approximately USD 1.15 million. For investors, First Hydrogen’s technology-neutral approach represents a good opportunity to participate directly in the market launch of hydrogen-based mobility, which is validated by Linde’s infrastructure and the concrete demand from market leaders such as Amazon.
In-House Production and Cost Parity Secure First-Mover Advantage
To secure this innovative business model in the long term and achieve cost parity with diesel trucks, a factor considered crucial by industry observers such as the consulting firm McKinsey, First Hydrogen is consistently advancing its own fuel production. A central component of this vertical strategy is a planned 35-megawatt electrolysis plant in Shawinigan, Canada. To make green hydrogen production there economically viable, CEO Balraj Mann plans to eventually deploy so-called Small Modular Reactors (SMRs), which are expected to supply baseload electricity at extremely competitive costs of about 3.6 cents/kWh. With the market launch of the first vehicle generation in early 2026 and a new model series planned for 2028, which is expected to enable ranges of over 1,000 km, First Hydrogen is positioning itself as an ambitious pioneer. In the light commercial vehicle segment, which the company says is growing by 40% annually, the stock offers risk-aware investors opportunities to profit from the hydrogen ramp-up in logistics.
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