Top 6 ASX hydrogen stocks to watch in 2026
Hydrogen forms underground naturally and one company is exploring for deposits rather than making it.
Hydrogen can be produced from natural gas, generated via electrolysis, or in some cases extracted from naturally occurring underground deposits. The six stocks in this list reflect that range: Hazer Group ($HZR) is commercialising a methane-conversion process that co-produces graphite, Gold Hydrogen ($GHY) is exploring for naturally occurring hydrogen in South Australia, and larger names like Woodside Energy Group ($WDS) carry hydrogen projects as part of a broader energy business.
How we built this list: We selected these companies based on their industry. Prices are updated daily, and the list and supporting content are reviewed roughly every quarter. All data is sourced from Stake. This list isn't a recommendation and isn't ordered by suitability.
Company Name | Ticker | Share Price | Market Cap | In Watchlists |
|---|---|---|---|---|
Hazer Group | HZR | $0.35 | $93.7M | 1005 |
Gold Hydrogen | GHY | $0.57 | $102.0M | 930 |
Woodside Energy Group | WDS | $32.85 | $62.45B | 14069 |
Fortescue | FMG | $17.75 | $54.65B | 20643 |
APA Group | APA | $9.98 | $13.21B | 3341 |
Worley Limited | WOR | $10.85 | $5.29B | 900 |
Past performance is not a reliable indicator of future performance.
Source: Stake market data. Figures in A$. Data updated as of 17 August 2026.
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1. Hazer Group ($HZR)
Hazer Group (HZR) share price over the last year: started at A$0.36, ended at A$0.35, a change of −2.8%. Range over the period: high A$0.59, low A$0.30. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: $0.35 · Daily: 7.7% · Market cap: $93.7M · Sector: Industrials · Industry: Commercial Services
The Hazer Process is the technology at the centre of Hazer Group ($HZR). The company says it converts natural gas – or biogas – into hydrogen using iron ore as the catalyst, with low carbon dioxide emissions. The reaction also co-produces high-purity graphite, giving $HZR two potential outputs from a single process.
$HZR holds the intellectual property rights to the Hazer Process and operates an R&D lab alongside a fluid bed reactor pilot plant. CEO Glenn Corrie leads the company as it develops that technology towards commercial scale. Its target markets cover industrial hydrogen, hydrogen mobility and synthetic graphite.
2. Gold Hydrogen ($GHY)
Gold Hydrogen (GHY) share price over the last year: started at A$0.52, ended at A$0.57, a change of +9.7%. Range over the period: high A$0.66, low A$0.30. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: $0.57 · Daily: 2.7% · Market cap: $102.0M · Sector: Energy · Industry: Renewables
Gold Hydrogen ($GHY) sits at an unusual end of the hydrogen spectrum. Where most hydrogen ventures start with a production process, $GHY is looking for hydrogen that already exists underground. The company holds a granted petroleum exploration licence – PEL 687 – covering roughly 75,000 square kilometres across South Australia's Yorke Peninsula and Kangaroo Island.
Beyond that licence, $GHY has lodged applications for seven additional natural hydrogen and helium exploration licences within South Australia. The company is also the applicant for four gas storage exploration licence applications covering around 8,000 km² within the Yorke Peninsula portion of PEL 687. CEO Neil McDonald leads the business through this exploration phase, which means the company is still some distance from production or revenue.
3. Woodside Energy Group ($WDS)
Woodside Energy Group (WDS) share price over the last year: started at A$26.14, ended at A$32.85, a change of +25.7%. Range over the period: high A$35.80, low A$22.10. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: $32.85 · Daily: 0.8% · Market cap: $62.45B · Sector: Energy · Industry: Oil & Gas
Woodside Energy Group ($WDS) produces and sells LNG, crude oil, pipeline gas and natural gas liquids through operations in Australia and internationally. Its Australian projects include Pluto LNG, the North West Shelf Project and the Scarborough Energy Project. $WDS also holds an interest in Woodside Louisiana LNG, an LNG export terminal under construction in Lake Charles, Louisiana, and operates Sangomar, an oil and gas field 100 kilometres south of Dakar.
The hydrogen connection sits with the Beaumont New Ammonia Project, one of several developments the company lists on its slate. Ammonia can function as a carrier for hydrogen, making it easier to transport and store at scale. CEO Liz Westcott leads the business across its Australia, International and Marketing segments, with 4,693 employees.
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4. Fortescue ($FMG)
Fortescue (FMG) share price over the last year: started at A$19.69, ended at A$17.75, a change of −9.9%. Range over the period: high A$22.99, low A$17.64. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: $17.75 · Daily: 0.6% · Market cap: $54.65B · Sector: Basic Materials · Industry: Metals & Mining
Fortescue ($FMG) built its reputation mining iron ore across the Pilbara in Western Australia, and under CEO Dino Otranto that metals business remains its core operation. Its hydrogen activity sits within a separate Energy segment, which the company is pursuing alongside – not instead of – the iron ore side.
The Energy segment covers green hydrogen, green ammonia and green electricity, with several projects in various stages of development: the Arizona Hydrogen project, Holmaneset in Norway, Pecem in Brazil and the Gladstone PEM50 Project in Queensland. Green technology development and manufacturing also fall under that segment's remit.
$FMG's metals business includes the Chichester Hub, Western Hub, Iron Bridge and Hedland operations in the Pilbara, plus exploration activity in Gabon, Latin America and Australia. The hydrogen and energy projects represent a developing strand of a company whose financial foundations are firmly in iron ore.
5. APA Group ($APA)
APA Group (APA) share price over the last year: started at A$8.47, ended at A$9.98, a change of +17.8%. Range over the period: high A$10.87, low A$8.47. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: $9.98 · Daily: -0.8% · Market cap: $13.21B · Sector: Utilities · Industry: Natural Gas
APA Group ($APA) sits at the backbone of Australia's energy network, owning and operating a portfolio of gas pipelines, compression facilities, storage sites and electricity transmission assets. It also runs wind and solar generation projects, plus battery energy storage systems – making it a broad energy infrastructure business rather than a pure gas play.
The asset management side handles services for third-party energy owners, while the energy investments segment holds interests in further infrastructure assets. Adam Watson leads the company as CEO.
Gas storage is part of the picture too – $APA operates the Mondarra Gas Storage and Processing Facility as well as the Dandenong LNG Gas Storage Facility, two pieces of infrastructure that support gas supply reliability across their respective regions.
6. Worley Limited ($WOR)
Worley Limited (WOR) share price over the last year: started at A$12.90, ended at A$10.85, a change of −15.9%. Range over the period: high A$14.69, low A$9.84. Source: Stake market data. Past performance is not a reliable indicator of future performance.
Price: $10.85 · Daily: 0.9% · Market cap: $5.29B · Sector: Industrials · Industry: Construction & Engineering
Worley Limited ($WOR) sits at a different point in the hydrogen story to the explorers and technology developers elsewhere in this article. With 45,500 employees worldwide, the company provides engineering, project and asset management services – it helps customers design, build and operate assets rather than owning or producing energy itself.
Under CEO Chris Ashton, $WOR works across the full energy spectrum, from conventional oil and gas through to wind, solar and hydrogen. Its hydrogen involvement comes through project delivery: engineering the infrastructure its clients need to bring hydrogen ambitions into physical form. That breadth means hydrogen is one part of a much larger industrial services business.
Common questions
How do I invest in hydrogen stocks in Australia?
All six companies in this list trade on the ASX, so you can buy shares through any share trading platform with access to Australian markets. The companies here range from early-stage technology developers and explorers to large, established energy and industrial businesses. The mechanics of buying are the same across all of them, but what you're holding differs considerably from one company to the next.
What are the key risks of hydrogen stocks?
Hydrogen as a commercial energy source is still in early stages, which means project delays, cost overruns and uncertain demand are real possibilities – particularly for companies without established revenue. Smaller pure-play businesses can be sensitive to funding availability and to setbacks in their technology or resource development. Larger, diversified companies carry a different mix of risks: commodity price exposure, regulatory change and the challenge of allocating capital across competing priorities. For those with international projects, movements between the Australian dollar and the currencies of those markets can also affect financial results.
How does hydrogen exposure differ across the companies in this list?
The list mixes pure-play hydrogen businesses with large, diversified companies that hold hydrogen as one project among many. $HZR and $GHY are focused almost entirely on hydrogen-related activity – technology development and natural hydrogen exploration respectively – so their prospects track closely with progress in those specific areas. The other four companies generate most of their revenue from established businesses: oil and gas production, iron ore mining, gas infrastructure and engineering services. For those companies, hydrogen represents a portion of their activities rather than the core of what they do.
Disclaimer
Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation, and particular needs before making an investment decision. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.
This is not personal financial advice nor a recommendation to invest in the securities listed. Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.
Please refer to hellostake.com/pricing for the fees that apply. When you trade securities priced in another currency, currency conversion fees may apply and movements in the exchange rate may affect your returns.
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This article combines AI and human review from our analysts to bring you accurate, informative investing content at speed. For questions or suggestions, contact stakedesk@stake.com.au.
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