Any recommendations on what to invest in for hydrogen?

Water

I like and own stock in Shell (SHEL) and Equinor (EQNR), but hydrogen is not their main business. They are energy companies in general.

Other companies that deal with hydrogen energy and are on my watch-list (but do not own) are Iberdrola (IBDRY), Linde (LIN) and L'Air Liquide (AIQUY).

Although, for good or bad, all of these are non-US companies and some people may not want that. Take with a heavy grain of salt.

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HJEN Direxion Hydrogen ETF

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I have a very small position in this too. Just enough to say I’m in it. But with that said, my little position is down about 40% from the original purchase price. It pays a smallish div and does trade options. But the market in the options is very thin and has silly spreads, so it’s a “hen sitting on a cold egg” investment for now.

I’ve been wondering about H2 infrastructure and who the leaders are, too.

Linde

APD (Air Products) is easily the leader in the US for hydrogen right now. Largest H2 pipeline in the world along the gulf coast. First to announce a blue hydrogen mega project and are at least 1-2 years ahead of the pack there. Recently announced 2 or 3 major green hydrogen plants. I’d also argue worldwide as well due to their NEOM and Canada projects too. Stock has been going up nicely lately

Most of our hydrogen comes from CH4 and America has what is said to be the world's largest reserves.

What people don’t realize is that those green hydrogen projects have become a massive money printer with the IRA credits. These companies don’t even need to sell green H2 at a green H2 price for the project to financially sound. $3 per KG credit before the hydrogen is even sold