Hydrogen Companies in ASX
The Federal Government announced a $2 billion Hydrogen Headstart program in the 2023-24 federal budget, half of the budget's $4 billion would be on new renewable energy.
What are Hydrogen Stocks
Hydrogen is an emerging source of clean energy in Australia, and there are several ASX-listed companies that are involved in the hydrogen industry. These companies are working on developing technologies for producing, storing, and using hydrogen as a fuel.
There are two types of hydrogen: grey hydrogen, which is produced from fossil fuels like natural gas; and green hydrogen, which is produced using renewable energy sources like wind and solar power. Many of the Australian companies that are involved in the hydrogen industry are focused on developing green hydrogen technology.
One of the main drivers of the hydrogen industry in Australia is the country's abundant renewable energy resources, such as wind and solar power. In addition, Australia has a large mining and resources sector that could benefit from using green hydrogen to power its operations.
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Hydrogen Stocks on ASX - Summary
Woodside Petroleum (ASX:WPL)
AGL Energy (ASX:AGL)
Fortescue Metals Group (ASX:FMG)
Hazer Group Ltd (ASX:HZR)
Origin Energy (ASX:ORG)
Woodside Petroleum (ASX:WPL)
Market Cap: 55.04B
52wk Low: 28.600
52wk High: 29.300
P/E (TTM): 6.35
Woodside Petroleum is an Australian oil and gas company that is headquartered in Perth, Western Australia. The company was founded in 1954 and has grown to become one of the largest petroleum exploration and production companies in Australia.
Woodside Petroleum's green hydrogen project is located in the Gascoyne region of Western Australia, which has significant potential for renewable energy generation. The project is still in the early stages of development, but if successful, it could help to position Woodside Petroleum as a leading player in the emerging hydrogen industry in Australia.
In addition to its hydrogen initiatives, Woodside Petroleum also operates several oil and gas assets in Australia, including offshore fields in Western Australia and Northern Territory. The company is committed to reducing its carbon footprint and has set a target of net-zero emissions by 2050.
AGL Energy (ASX:AGL)
Market Cap: 6.59B
52wk Low: 6.591
52wk High: 12.193
P/E (TTM): Loss
The company is involved in a pilot project to produce hydrogen from brown coal.
The Hydrogen Energy Supply Chain (HESC) project will convert brown coal from the AGL Loy Yang mine into hydrogen at an adjacent site and then transport the gas by road to a liquefication terminal at the Port of Hastings. It will then be shipped to Japan for use predominantly in the transport industry.
AGL Energy is one of Australia's largest retailers of electricity and gas. It services over 4 million retail electricity and gas accounts in Australian, or about one third of the market. Profit is dominated by energy generation, underpinned by its low-cost coal-fired generation fleet. Founded in 1837, it is the oldest company on the ASX. Generation capacity comprises a portfolio of renewable, peaking, intermediate, and base-load electricity generation plants.
Fortescue Metals Group (ASX:FMG)
Market Cap: 76.60B
52wk Low: 17.978
52wk High: 25.810
P/E (TTM): 10.65
More recently, Fortescue diversified into green energy, with ambitions to become a major supplier of green hydrogen and green ammonia. Its efforts are early stage.
Fortescue is an Australia-based iron ore miner. It has grown from obscurity start of 2008 to become the world's fourth-largest producer. Growth was fueled by debt, now repaid. Expansion from 55 million metric tons in fiscal 2012 to about 190 million metric tons in 2023 means Fortescue supplies nearly 10% of global seaborne iron ore. Further expansion above 200 million metric tons is likely once it completes construction of its 22 million metric tons Iron Bridge magnetite mine.
Hazer Group Ltd (ASX:HZR)
Market Cap: 129.70M
52wk Low: 0.450
52wk High: 0.830
P/E (TTM): Loss
Hazer Group Ltd is a commercialized technology company. It is engaged in the research and development of novel graphite-and-hydrogen-production technology. The product will cater to applications such as industrial hydrogen within the petroleum industry and produce ammonia. The company operates as a single segment being research and development of novel graphite-and-hydrogen-production technology. Geographically, it operates only in Australia.
Origin Energy (ASX:ORG)
Market Cap: 14.59B
52wk Low: 6.470
52wk High: 9.320
P/E (TTM): 13.91
Investing in renewable energy, including hydrogen production. The company is working on developing a hydrogen plant in Queensland.
Origin Energy is a major vertically integrated Australian energy utility. Its energy retailing business is the largest in Australia, with about 4 million customers and a 33% market share. Its portfolio of base-load, intermediate, and peaking electricity plants is one of the largest in the national electricity market, with a capacity of 6,000 megawatts. Origin also operates and owns 27.5% of Australia Pacific LNG, which owns large coal seam gas fields and LNG export facilities in Queensland.