The Hazer Group Ltd (ASX: HZR) share price is rallying on Tuesday, up 8.71% to an almost 8-month high of $1.435.
Hazer is developing a low-emissions HAZER Process that can effectively convert natural gas and similar feedstocks into hydrogen and high-quality graphite for both vehicle fuel and energy applications.
Hydrogen ETF hits fresh all-time high overnight
Global X launched its Hydrogen Exchange Traded Fund (ETF) on 14 July when it closed at US$23.93 a piece.
The ETF slumped 16% to all-time lows of US$20.04 by 6 October, coinciding with the broader market selloff driven by factors such as the US debt ceiling, China's Evergrande crisis, and concerns about rising interest rates.
The Hydrogen ETF has since surged almost 25% from October lows and 5.67% last night, closing at a fresh all-time high of US$24.97 last night.
The surging Hydrogen ETF could be a factor influencing the bullish performance of the Hazer share price on Tuesday.
About the Hydrogen ETF
The Hydrogen ETF invests in companies that "stand to benefit from the advancement of the global hydrogen industry".
This includes companies engaged in hydrogen production, integration of hydrogen into energy systems, development of hydrogen fuel cells, and other related technologies.
Its top 3 holdings, which make up about 35% of its net assets, include:
- Hydrogen fuel cells developer Plug Power
- Developer and manufacturer of proton exchange membrane fuel cell products Ballard Power Systems
- Solid oxide fuel cell manufacturer Bloom Energy
Interestingly, Bloom Energy shares surged 37.2% overnight after the company signed a deal with South Korean industrial company SK Group.
Unfortunately, there are no ASX-listed hydrogen players within the ETF.
Hazer share price snapshot
The Hazer share price is up 75% year-to-date, with most of its gains taking place between January and early February.
After trading sideways for most of the year, the Hazer share price is climbing in October.
