ASX hydrogen shares were the talk of the town in 2021 as many entities turned towards the element for low-emissions power.
However, not all companies involved in hydrogen saw their share price boom last year. In fact, some of the highest profile stocks leaning into the energy commodity saw their value tumble.
Here are 2021's biggest losers of the hydrogen space.
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2021's worst performing ASX shares involved in hydrogen
For clarity, this list includes companies involved in hydrogen. Many find most of their business elsewhere.
Additionally, this list only includes companies with market capitalisations of more than $30 million and share prices of more than 5 cents.
AGL Energy Limited (ASX: AGL) – fell 47.2%
While AGL has its roots in coal-fired power, the company has been exploring hydrogen energy for a number of years.
It is a leader of the Hydrogen Energy Supply Chain Project, which aims to see hydrogen produced using coal from AGL's Loy Yang Mine delivered to Japan.
Additionally, the company announced a deal with Fortescue Future Industries (FFI) last month. The pair are looking into converting AGL's Liddell and Bayswater power stations into a facility capable of producing green hydrogen.
However, the recent agreement wasn't enough to boost AGL back into the green. The AGL share price tumbled over 2021, ending the year trading at $6.14.
SRJ Technologies Group PLC (ASX: SRJ) – tumbled 15.6%
SRJ Technologies is a specialised engineering company. In September, it partnered with Curtin University to produce hydrogen-compatible pipe technology.
The company might also find itself able to patent the resulting technology.
Over the course of 2021, the SRJ Technologies share price tumbled 15.6% to end the year at 43 cents.
Fortescue Metals Group Limited (ASX: FMG) – down 15.3%
We've already mentioned FFI, and now its parent company has made the list of 2021's worst performing ASX hydrogen shares.
Fortescue Metals is an iron ore producer. However, it also owns a renewable energy leg, FFI.
FFI has been making headways with hydrogen energy in 2021, but that hasn't been enough to boost the Fortescue Metals share price into the green.
The company's stock ended the year 15.3% lower, trading at $19.21.
TNG Limited (ASX: TNG) – fell 7.7%
TNG is a resource and mineral processing company and, last year, it branched into hydrogen.
It entered an agreement with Malaysian-based green energy company, AGV Energy & Technology to work to integrate vanadium redox flow batteries with AGV Energy's green hydrogen production technology.
The two companies entered a project development agreement to jointly build Australian hydrogen projects in September.
The TNG share price ended 2021 trading at 8 cents, 7.7% lower than it ended 2020.
Origin Energy Ltd (ASX: ORG) – up 11.5%
Finally, making the list of the worst performing ASX hydrogen shares of 2021 by the skin of its teeth, is Origin Energy.
The company is involved in hydrogen through a feasibility study it's conducting in Tasmania. There, it's evaluating the potential to produce green hydrogen which will then be turned into green ammonia and exported.
Last year, the Origin share price gained 11.5% to close at $5.24 on New Year's Eve.
