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| Nikola Motor Company's zero-emission hydrogen-electric truck Badger / Courtesy of Nikola Corp. |
The hydrogen-electric vehicle maker's share price has skyrocketed in just a few days since the company went public. Nikola has surpassed traditional vehicle powerhouses such as Ford and Fiat Chrysler in terms of market cap, as the firm's market valuation hit over $30 billion, ahead of Ford's $28.8 billion during intra-day trading Tuesday (local time).
The German government also announced a comprehensive national hydrogen strategy, Wednesday (local time). The country plans to invest about 90 billion euros by 2030 in building a hydrogen infrastructure to make the full use of the green fuel in various industries.
Following this, global hydrogen-linked stocks such as FuelCell, Bloom Energy, ITM Power, Ballard Power and Plug Power all witnessed a drastic surge in their share prices.
Korea's hydrogen stocks have also seen a big rally since their low points in March.
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Doosan Pure Cell and S-Fuelcell are the nation's fuel cell manufacturers listed on the KOSDAQ market.
The share price for Doosan Pure Cell, in particular, has soared over 400 percent since it hit a low of 4,180 won ($3.50), March 19, amid a peak in the global pandemic. The share price increased 21.32 percent on June 11, alone.
S-Fuelcell's share price also rose to 21,750 won, up 131.38 percent from its low on the same date ― and rose 29.89 percent on June 10, alone.
Other hydrogen-linked stocks such as Hyosung Heavy Industries, which runs a hydrogen station business, also saw its shares soar. EM Korea, which also develops technologies related to the commercialization of hydrogen stations through its affiliate EM solutions, is another stock that is enjoying a recent rally.
"So far, the most noticeable weakness of hydrogen-linked stocks in Korea was that their share prices were largely dependent on the government's domestic policies," Han Byung-hwa, an alternative energy analyst at Eugene Investment & Securities, said.
"Yet, European countries' bold policy changes have made investors realize that the hydrogen industry is not limited to a few neighboring countries like Korea, Japan and China, but will grow into a key global industry with high growth potential. Thus, local hydrogen businesses, which boast technological prowess in vehicles and fuel cells, could log sustainable growth," the analyst wrote in a recent report.
