In 2024, the Global X Hydrogen ETF (NASDAQ:HYDR) has experienced a significant drop of over 23.7%, reflecting the challenging landscape for hydrogen stocks. While pure-play hydrogen businesses like HYDR have suffered, there are alternative investment opportunities within larger, established companies in sectors such as chemicals and oil & gas. Air Products and Chemicals (NYSE:APD) emerges as a noteworthy option, with its strong presence in industrial gases and clean hydrogen production. Despite a slight revenue decline in fiscal year 2023, the company showcased resilience by managing operating costs and delivering a year-over-year increase in non-GAAP EPS. BP (NYSE:BP), a global energy giant, has strategically positioned itself in the hydrogen market through investments in renewable energy and hydrogen projects. With a low valuation multiple and a dedicated hydrogen division, BP presents an appealing investment prospect for those eyeing the hydrogen sector. Bloom Energy (NYSE:BE), a pure-play hydrogen firm, specializes in solid-oxide fuel cell systems for on-site power generation. Despite economic uncertainties, Bloom Energy maintains a healthy balance sheet with substantial cash reserves and a successful capital raise, indicating its readiness to navigate market challenges. These three companies offer diverse opportunities for investors seeking exposure to the evolving hydrogen energy landscape.