Top ASX hydrogen shares to watch in 2025

What are hydrogen shares?

Hydrogen shares are the stocks of publicly listed companies that develop, produce or use hydrogen as a source of clean energy. Hydrogen is a versatile fuel that can be used to power vehicles, generate electricity and even support heavy industry, all with minimal carbon emissions.

These shares are attracting attention because hydrogen is increasingly seen as a key part of the global energy transition. Governments, industry and investors are all looking for ways to reduce carbon emissions, and hydrogen offers a clean alternative to fossil fuels in multiple sectors.

Hydrogen shares can suit both long-term share traders looking for growth potential from emerging energy technologies, as well as CFD traders, who are drawn to the volatility and price swings in these early-stage companies. 

ASX hydrogen opportunities

Hydrogen is often described as the ‘fuel of the future’ – a clean energy source that could help decarbonise industries from transport to steelmaking. For Australia, it represents an economic opportunity. With vast land, abundant renewable resources and established export infrastructure, Australia is aiming to become one of the world’s leading producers of low-carbon hydrogen.

On the ASX, hydrogen shares fall into several broad categories:

• Green hydrogen producers: Companies such as Frontier Energy and Fortescue are building large-scale projects powered by wind and solar energy to create zero-emission hydrogen
• Technology developers: Groups like Hazer are commercialising innovative processes that make hydrogen production cleaner and more efficient
• Exploration and early-stage ventures: Companies including Gold Hydrogen and HyTerra are investigating naturally occurring hydrogen deposits underground, which could lower production costs
• Hydrogen mobility players: Companies such as Pure Hydrogen are focusing on fuel-cell transport and infrastructure, from buses to refuelling hubs

Advantages and risks of hydrogen shares

The market is still young, and most ASX-listed hydrogen companies remain in the development phase. That means high potential, but also high volatility – a combination that tends to attract both long-term share traders and active CFD traders.

For share traders, hydrogen offers exposure to one of the most important global energy transitions, particularly as governments introduce emissions targets and clean-fuel incentives.

For CFD traders, price action around project updates, funding news or policy announcements can generate short-term opportunities.

Australia’s natural advantages and ambitious hydrogen roadmap, backed by government funding and private investment, suggest significant potential in the sector’s long-term outlook. The ASX has become a natural home for both pioneering hydrogen developers and speculative explorers, each playing a part in shaping the country’s clean-energy future.

Still, it’s important to stick to a robust risk management plan, whether you’re looking to trade over the short term or the long term, as it’s likely that not all companies in Australia’s growing hydrogen sector will succeed.

Top 3 ASX-listed hydrogen shares for share traders to watch in 2025

We picked these three shares for share traders to watch for a few reasons, such as their stock price growth in the year to date (YTD), their potential for exponential growth and their proprietary technology (in some instances).

All figures are accurate as of 27 October 2025.

Overview of the shares in this section

You can share trade all the stocks in this list.

1. Frontier Energy Limited (ASX: FHE)

Market cap: A$154.56 million¹

Frontier Energy is one of Australia’s more advanced pure-play green hydrogen developers. The company’s flagship project, the Bristol Springs Renewable Energy Project in Western Australia, aims to produce affordable green hydrogen using renewable electricity generated on-site. Its proximity to the state’s major energy infrastructure, including the Dampier-to-Bunbury Natural Gas Pipeline and high-voltage grid, could help keep costs low and speed up development.

Recent milestones have kept investors interested. Frontier signed a collaboration agreement with Australian Gas Infrastructure Group (AGIG) to inject hydrogen into the existing gas network—an early sign of real-world integration. The company’s feasibility studies suggest Bristol Springs could produce hydrogen at globally competitive prices, strengthening its investment case.

For share traders, Frontier offers exposure to the growing hydrogen economy without the speculative risk of early-stage explorers. The company’s strategic location, tangible project progress and partnerships make it a standout among smaller ASX energy developers.

Highlights:

• A word of caution: it’s still a pre-revenue business. Frontier must secure project financing and offtake agreements before commercial production begins
• As with most renewable energy projects, execution and funding risks are a concern
• Its YTD share price has increased by 147.83%²

2. Fortescue Limited (ASX: FMG)

Market cap: A$63.15 billion³

Fortescue is best known as one of the world’s largest iron-ore producers, but in recent years it’s become a serious player in the clean-energy space through its subsidiary, Fortescue Future Industries (FFI). FFI is investing heavily in green hydrogen production, technology and export projects, both in Australia and overseas.

These projects are designed to help decarbonise Fortescue’s mining operations, while building a new revenue stream in renewable energy. The company has announced pilot hydrogen plants, renewable power hubs and partnerships with governments around the world.

Share traders see hydrogen as Fortescue’s next big growth pillar, complementing its mining cash flow and supporting the global energy transition narrative.

Unlike smaller hydrogen start-ups, Fortescue has the balance sheet strength and technical capacity to fund large-scale developments.

For share traders, FMG provides exposure to hydrogen without the high volatility that comes with speculative micro-caps.

Highlights:

• Its hydrogen division is still years away from major revenue, but early progress could eventually reshape the company’s image from pure miner to an integrated green-energy group
• Analysts will be watching closely to see if Fortescue can deliver measurable returns from FFI’s ambitious plans
• Its share price YTD has seen a respectable 13.30% growth⁴

3. Hazer Group Limited (ASX: HZR)

Market cap: A$134.81 million⁵

Hazer Group stands out as one of Australia’s most innovative hydrogen technology companies. It’s commercialising the HAZER® Process, a patented method that converts natural gas into clean hydrogen and graphite using an iron-ore catalyst. This ‘turquoise hydrogen’ route aims to produce hydrogen at lower cost and emissions than traditional methods.

The company’s Commercial Demonstration Plant (CDP) in Western Australia has achieved strong operational milestones, validating its process at scale. Partnerships with major companies, such as KBR and Mitsui & Co, point to a global licensing model, allowing Hazer to scale through royalties rather than owning costly infrastructure.

For share traders, Hazer offers a unique technology-led hydrogen exposure, somewhere between a growth stock and a future cash-flow story.

Highlights:

• Analysts have noted the potential for global expansion if the company’s process gains wider adoption, especially as demand for low-carbon hydrogen picks up pace
• There are risks, of course: Hazer is still pre-profit and dependent on successful licensing and partner uptake. Commercial rollout timelines could also extend beyond expectations
• The company’s share price YTD has increased by 36.84%⁶

Top 3 ASX-listed hydrogen shares for CFD traders to watch in 2025

We picked these three shares for CFD traders mainly for their stock price volatility YTD, giving CFD traders opportunities to take advantage of market movements.

All figures are accurate as of 27 October 2025.

Overview of the shares in this section

You can CFD trade Gold Hydrogen Limited on this list and share trade all of them.

1. Pure Hydrogen Corporation Limited (ASX: PH2)

Market cap: A$33.44 million⁷

Pure Hydrogen is building a business around the production, supply and use of hydrogen fuel in transport and energy systems. Its projects include hydrogen micro-hubs, vehicle leasing and partnerships for fuel-cell trucks and buses – placing it firmly in the hydrogen mobility sector.

For CFD traders, PH2’s share price tends to react strongly to news about project milestones, new vehicle launches or funding announcements. Its smaller market cap and pre-commercial stage mean the stock can move sharply in both directions.

It appeals to traders who want volatility and near-term catalysts, though the company’s lack of consistent earnings and frequent capital raisings mean positions should be managed carefully.

Highlights:

• It’s one of the most actively traded hydrogen small caps on the ASX
• Its share price has been a rollercoaster of value changes, reaching a A$0.67 low in April 2025, and a high of A$0.120 in July 2025⁸

2. HyTerra Limited (ASX: HYT)

Market cap: A$35.02 million⁹

HyTerra is a hydrogen exploration company with assets in the United States, focusing on ‘natural’ or ‘white’ hydrogen – hydrogen that occurs naturally underground rather than being manufactured. Its flagship Nemaha Project in Kansas sits within an area where early tests have shown hydrogen seepages, giving the company early-mover potential.

This is a highly speculative segment of the market, but it’s also one that’s drawn growing global attention. If natural hydrogen proves commercially viable, production costs could be dramatically lower than for green hydrogen. That possibility fuels strong trader interest in HyTerra’s shares.

For CFD traders, HYT is known for its sharp swings around drilling results and exploration updates. With a small market cap and limited liquidity, price reactions can be significant.

Highlights:

• While long-term share traders may find it too high-risk, its frequent price volatility, ongoing exploration news flow and global partnerships make HyTerra appealing for short-term trading strategies
• Its share price has dropped 50% in value YTD, with plenty of volatility in its descent throughout 2025, giving CFD traders multiple opportunities to take a position¹⁰

3. Gold Hydrogen Limited (ASX: GHY)

Market cap: A$93.84 million¹¹

Gold Hydrogen is another early-stage explorer targeting natural hydrogen deposits in South Australia’s Yorke Peninsula and Kangaroo Island regions. It’s also investigating potential helium reserves, adding another layer of speculative upside.

The company’s profile surged in 2025 after global giants Toyota, Mitsubishi Gas Chemical and ENEOS invested roughly A$14.5 million at a premium to market, validating industry interest in natural hydrogen.

However, the stock has since experienced steep volatility, with its share price down significantly YTD as share traders reassess development timelines and exploration risk.

For CFD traders, that volatility is precisely the draw. GHY shares often react strongly to drilling results, resource updates or partnership news, making it well suited for short-term trading setups.

Highlights:

• A concern is that Gold Hydrogen remains pre-revenue and highly speculative, with commercial viability yet to be proven. But for traders who thrive on momentum and event-driven price moves, GHY is among the most active hydrogen explorers on the ASX
• The company’s share price has been all over the place in 2025, reaching a low of A$0.425 in March 2025 and again in September 2025, with a high of A$0.735 in between that in May 2025¹²

How to trade ASX hydrogen shares with IG AU

CFDs

1. Open a CFD trading account with IG AU
2. Search for ASX hydrogen shares on the IG platform
3. Decide whether to go long (buy) or short (sell)
4. Choose your position size
5. Set stop-loss and limit orders
6. Place your trade and monitor it

Share trading

1. Open a share trading account with IG AU
2. Search for ASX hydrogen shares
3. Choose the shares you want to buy
4. Determine how many shares you want to purchase
5. Place your order
6. Monitor your investment and collect any dividends

FAQs about hydrogen shares

Footnotes
 

1. TradingView, October 2025
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