Hydrogen stock boom limits M&A activity
Eye-watering valuations mean making acquisitions or even taking stakes in hydrogen-focused companies are challenging
Hydrogen companies have been attracting the attention of both investors and energy firms seeking a stake in the sector. Share prices have boomed in 2020 while the wider market, and especially oil and gas valuations, has languished, which is working against corporate activity. “The challenge for M&A is spectacular valuations, so it is hard to find a metric that looks in any way sensible,” says Sean McLoughlin, Emea head of industrials research at bank HSBC. “In a very thematically driven market, hydrogen ticks an awful lot of boxes. But technology acquisitions in the sector are very expensive because you would have to likely put up an amount well in excess of the market cap in order to co
Also in this section
25 February 2026
Low-carbon hydrogen and ammonia development is advancing much more slowly and unevenly than once expected, with high costs and policy uncertainty thinning investment. Meanwhile, surging energy demand is reinforcing the role of natural gas and LNG as the backbone of the global energy system, panellists at LNG2026 said
18 February 2026
Norwegian energy company has dropped a major hydrogen project and paused its CCS expansion plans as demand fails to materialise
4 February 2026
Europe’s largest electrolyser manufacturers are losing patience with policymakers as sluggish growth in the green hydrogen sector undermines their decision to expand production capacity
2 February 2026
As a fertiliser feedstock, it is indispensable, but ammonia’s potential as a carbon-free energy carrier is also making it central to global decarbonisation strategies
