Growing demand for renewable energy, supported by global government initiatives, is creating a potential multi-trillion-dollar opportunity for hydrogen stocks. Or, what many are calling the “fuel of the future.”

Remember that analysts at Bank of America (NYSE:BAC) say green hydrogen could be worth more than $11 trillion by 2050. Morgan Stanley (NYSE:MS) sees a potential $11 trillion hydrogen opportunity, too. The International Energy Agency says the world still needs $4 trillion by 2030 to meet global net zero emission goals. Also, the International Renewable Energy Agency (IRENA) says, “the consumption of hydrogen by G7 countries could grow between four and seven times by 2050.”

That being said, it’s time to back up the truck on the following hydrogen stocks, in my view.

Defiance Next Gen H2 ETF (HDRO)

One of the best ways to diversify into a given group of stocks is with an ETF. Accordingly, in the hydrogen space, an ETF such as the Defiance Next Gen H2 ETF (NYSE:HDRO) is a great choice to consider.

Not only does this ETF offer a good deal of exposure to hydrogen stocks, but it does so at an impressively lower cost. For example, the HDRO ETF, which has an expense ratio of 0.30%, trades at around $10 a share. With this ETF, investors gain exposure to stocks such as Plug Power (NASDAQ:PLUG), Bloom Energy (NYSE:BE), Ballard Power (NASDAQ:BLDP), Fuel Cell Energy (NASDAQ:FCEL), and dozens more.

To be included in this ETF, a company must generate 50% of its revenue from hydrogen and/or a fuel cell project, or be involved in developing fuel cells or hydrogen sources, according to Defiance ETFs.

Bloom Energy (BE)

One of the most well-known hydrogen stocks is Bloom Energy, which specializes in solid-oxide fuel cells. These fuel cells have been deployed in healthcare centers, data centers, retailers,  and with clients like Alphabet (NASDAQ:GOOG) and Walmart (NYSE:WMT). Additionally, its fuel cells are combustion-free, highly efficient, and produce zero carbon.

Currently, shares of Bloom Energy are deeply oversold. These shares are over-extended on RSI, MACD, and Williams’ %R. Accordingly, from a current price of around $18 per share, I’d like to see it again challenge overhead resistance around $26 shortly. Notably, in early February, Truist raised its price target on the BE stock to $26 from $20, making such an increase seem more realistic than before.

Additionally, the company’s fuel cells just increased the electric efficiency of a luxury cruise ship by Chantiers de l’Atlantique (CdA). The two parties announced they signed a memorandum of understanding to collaborate on developing future multi-MW installations on board marine vessels.

Ballard Power (BLDP)

Ballard Power’s zero-emission proton exchange membrane (PEM) delivers fuel cell power for buses, trucks, trains, and marine vessels. In fact, according to the company, “Fuel cells improve the performance of electric buses by generating onboard power from hydrogen to recharge the batteries. Today, bus manufacturers offer fuel cell buses to transit agencies as a standard electric propulsion option.”

Technically beaten-down shares of BLDP also recently found support around a key level dating back to December. I think BLDP stock is also oversold on RSI, MACD, and Williams’ %R, and could run from $5.25 back to $7 shortly. Indeed, some of the stock’s recent downside was due to earnings, which were nothing to write home about. Still, with more investors discussing hydrogen stocks, I think this more positive environment could translate into higher prices over time for Ballard’s stock price.

On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.