Fortescue Metals is best known as an iron ore producer but has pursued ambitions in the hydrogen space. It is building a Green Energy Hub at Christmas Creek in the Pilbara where it operates renewable energy, hydrogen and prototype electrification technologies. The plan is to output 1,500/t per year of green iron, but for this to serve as a 'testbed' for a lager-scale facility.

Hazer Group is commercialising the HAZER® Process, that converts natural gas and similar feedstocks into hydrogen and high-quality synthetic graphite using an iron ore catalyst. While some conventional hydrogen processes emit significant CO₂, Hazer’s technology aims to deliver low-emission hydrogen while also creating a valuable by-product in synthetic graphite, which has applications in battery anodes & other high-tech materials.

Hazer’s hydrogen exposure is rooted in its technology licensing model and ongoing demonstration projects. The company has made progress with its Commercial Demonstration Plant (CDP) in Western Australia, which has achieved operational milestones and provided early validation of the HAZER Process. Strategic partnerships — such as agreements with engineering giant KBR and potential industrial applications in steelmaking at Whyalla — highlight how the technology could be integrated into broader decarbonisation value chains, not just isolated hydrogen production. Recent collaboration news also shows interest in incorporating Hazer’s clean hydrogen into green steel production processes.

For investors, Hazer represents a technology play on hydrogen rather than a pure project developer. Its future value will depend on successful commercialisation and adoption of the HAZER Process globally. That means licensing deals, IP monetisation, and cross-industry partnerships are critical milestones. While hydrogen revenue is not yet large, the diversified revenue streams — hydrogen plus synthetic graphite — can potentially provide a more robust financial outlook than hydrogen alone.

Pure Hydrogen (ASX:PH2) is focused on developing hydrogen and clean energy projects across Australia and internationally. It has articulated plans to build hydrogen plants that could produce low-emission fuel for industrial users and transport, and has pursued international agreements to supply hydrogen equipment and vehicles into emerging hydrogen markets.

One key part of Pure Hydrogen’s strategy has been involvement with hydrogen fuel cell electric vehicles (FCEVs) and associated infrastructure. For example, the company has executed multi-million-dollar agreements to supply hydrogen buses and refuelling equipment in markets such as Southeast Asia, reflecting a real-world application of hydrogen beyond simply producing the gas. This positions Pure Hydrogen as a hybrid play — combining upstream hydrogen production ambitions with downstream utilisation via mobility solutions.

However, Pure Hydrogen’s hydrogen projects are early-stage, and like many small hydrogen developers on the ASX, it faces challenges such as capital requirements, limited scale of production facilities, and commercial viability of its planned plants. These hurdles — from funding hydrogen electrolysis sites to building refuelling networks — underscore the longer timeframe often needed before substantial revenue flows from hydrogen activities. As a result, the stock tends to be more volatile and speculative, appealing to investors willing to accept development risk in exchange for potential growth if hydrogen adoption accelerates.