What happened with the Pure Hydrogen (ASX:PH2) share price today?

Why is Pure Hydrogen doing so well lately?

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The Pure Hydrogen Corporation Ltd (ASX: PH2) share price finished flat today following an investment update.

After hitting a 59.5 cent high in early trading, shares in the hydrogen company had retreated to their opening price of 52 cents apiece by the close of trade this afternoon.

Pure Hydrogen is intent on developing clean energy and tapping into the net-zero emissions market.

What did Pure Hydrogen announce today?

In today’s update, Pure Hydrogen provided an investment summary of its fuel cell technology, hydrogen operations and fuel cell mobility.

This follows the Pure Hydrogen shares surging to incredible highs yesterday, finishing the day up 22.89% on the previous close.

To recap, Pure Hydrogen advised the market yesterday it had released several hydrogen fuel cell power generation units to the market in partnership with H2X Global Limited.

In today’s announcement, Pure Hydrogen predicted demand for Hydrogen could increase 10-fold by 2050.

Hydrogen, it explained, was the no-emissions replacement fuel for diesel.

The company predicted global demand for hydrogen would top 500 million tonnes by 2050.

With this in mind, Pure Hydrogen International plans to develop four large scare hydrogen plants on the east coast of Australia — in Gladstone, Mackay, Newcastle and Port Anthony.

Pure Hydrogen share price snapshot

The Pure Hydrogen share price has rocketed a whopping 526.5% in the past 12 months and is up almost 491% this year to date. The range between its 52-week high and low is extreme: from as low as 8 cents per share to as high as 83 cents apiece.

In contrast, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned nearly 11% in the past year.

Based on its current share price, Pure Hydrogen commands a market capitalisation of roughly $176 million.

Should you invest $1,000 in Pure Hydrogen right now?

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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