Hydrogen is the most abundant element in our universe and can be transformed into electricity or methane. This makes hydrogen an extremely versatile fuel with many applications for today’s world and tomorrow’s technologies. Hence hydrogen stocks are likely to become top-rated investment options.

According to Morgan Stanley, the Hydrogen Economy is set to enter its long overdue renaissance in the 2020s and potentially be an $11 trillion market in the coming decade. The massive growth comes from the energy and transportation markets, particularly in electric batteries, where it shines the brightest. Thus, now could be the time to buy hydrogen stocks.

The race for energy resources has become one of the most critical talking points in modern-day politics. Hydrogen’s unmatched energy density makes it the go-to for long-range and heavy use. It has a significant edge regarding range, recharging times, and emissions. From Russia’s invasion and dramatically escalating tensions between America and China over Taiwan, hydrogen stocks are sure to profit from this dynamic.

Plug Power (PLUG)

Plug Power (NASDAQ:PLUG) delivers hydrogen fuel cell solutions for various sectors and has established itself as one of the leaders in the space. Its shares rose after its deal with Amazon (NASDAQ:AMZN) to supply green hydrogen to decarbonize its operations. The Amazon deal is a massive nod of approval for Plug as it looks to expand its market share in the hydrogen sphere.

Electrolysis is a process where electricity powers the conversion of water into hydrogen and oxygen. This reaction takes place in an electrolyzer. The company’s electrolyzer business has been growing rapidly over the past several quarters and could contribute 50% to its total sales mix down the road. It achieved 1.5GW in the second quarter, surpassing its target for the year, implying stronger-than-expected demand.

Furthermore, Microsoft partnered with Plug for backup power for its data centers, which opened a new market opportunity in stationery power for the firm. Plug estimates a $40 billion market opportunity in stationary power. Layer that up with the Inflation Reduction Act incentives could result in tremendous growth in PLUG stock.

Bloom Energy (BE)

Bloom Energy (NYSE:BE) is a solid-oxide fuel cell producer for on-site energy production in the U.S. and South Korea. Its products and financials make it a clear winner in renewable energy. According to InvestorPlace contributor Josh Enomoto, it could lay it “could lay the groundwork for tomorrow’s zero-carbon economy.”

Bloom believes its solid oxide technology could be sued for the majority of green hydrogen use cases, such as steel, ammonia, and iron production. Its primary business lends itself to widespread hydrogen production. It installs industrial-scale fuel cells for the production of large amounts of energy. Therefore, Bloom is positioned to benefit from subsidies linked to The U.S. Inflation Reduction Act.

The firm also laid down its long-term revenue expansion goals of 30% to 35%, with 30% gross margins. Moreover, with over $400 million in cash, it has sufficient liquidity to fund its investments.

Ballard Power Systems (BLDP)

Ballard Power Systems (NASDAQ:BLDP) is another leading fuel cell company based out of Canada. Its fuel cells cater to heavy-duty vehicle manufacturers such as Mahle and Van Hool. The hydrogen in its cells can effectively create renewable energy or fossil fuels, positioning it incredibly well, as the energy transition won’t be overnight.

Ballard has struck multiple deals of late, which is a testament to its popularity. It announced it secured an order from Stadler Rail for its fuel cell engines to effectively power its hydrogen train in the U.S. Moreover, it also announced it was supplying fuel cell modules for its fleet of hydrogen passenger trains in Germany. It will be Berlin’s first hydrogen-powered rail network.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.