These were the 5 best performing ASX hydrogen shares of the March quarter

2022 has been good to these ASX hydrogen stocks so far.

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Owners of these ASX hydrogen shares, get ready to celebrate. You're invested in some of the best performers of the March quarter.

Last quarter was a rough one for many ASX shares, with the broader market tracking relatively flat over the period.

In fact, the S&P/ASX 200 Index (ASX: XJO) and All Ordinaries Index (ASX: XAO) gained just 0.7% and 0.1% respectively over the 3 months ended 31 March.

Luckily, these 5 ASX shares – each somehow involved in hydrogen – bucked the trend.

Let's take a look at the 5 top performing ASX hydrogen stocks of the quarter just been.

Last quarter's best performing ASX hydrogen shares

A quick note before we start: This list doesn't include ASX hydrogen shares with market capitalisations of less than $50 million.

Frontier Energy Ltd (ASX: FHE) – up 96%

This dark horse swooped in at the last minute to take out the crown of the top performing ASX hydrogen share of the March quarter.

Frontier Energy, formerly known as Superior Lake Resources, relisted on the ASX in early March with a new focus – the Bristol Springs Solar Project.

Recently, the company announced a study into producing green hydrogen at the project.

On 11 August, the Superior Lakes share price closed trading at 13 cents. Additionally, the company raised $8 million through a prospectus earlier this year, wherein it offered shares in the company for 13 cents apiece.

The rebranded Frontier Energy was instated to the ASX on 3 March. Its share price surged to 16.5 cents at its first close.

As of the final close of March, it was trading at 25.5 cents.

That represents a 96% gain on its final close of 2021 and its prospectus' offer price. It's also 54% higher than the company's first close of 2022.  

Woodside Petroleum Limited (ASX: WPL) – up 46%

While the ASX petroleum giant might not be the first stock that comes to mind when discussing hydrogen shares, Woodside is wrapped up in a $1 billion Western Australian hydrogen project.

The company is working with the state's government to build H2Perth – a "world-scale" hydrogen and ammonia production facility that could produce 1,500 tonnes of hydrogen each day.

Construction on the project is estimated to begin in 2024.

Additionally, Woodside entered an agreement to look into shipping hydrogen from the project to Singapore and Japan in late 2021

It's also working towards building a liquid hydrogen production facility in the United States. It's hoping production at the facility will begin in 2025.

The Woodside share price closed the final session of the March quarter at $31.20.

AGL Energy Limited (ASX: AGL) – up 25%

AGL is another traditional energy giant tangled up in hydrogen.

The company entered the Hydrogen Energy Supply Chain project way back in 2018. The project aims to produce hydrogen at AGL's Loy Yang coal-fired power plant and transport it to Japan.

AGL also entered an agreement with Fortescue Metals Group Limited (ASX: FMG)'s green energy leg, Fortescue Future Industries late last year. The pair are looking into developing a green hydrogen facility at AGL's envisioned 'Hunter Energy Hub'.

The hub is currently home to the energy producer and retailer's Liddell and Bayswater power stations.

The AGL share price gained 25% over the March quarter, ending it trading at $7.72.

Origin Energy Ltd (ASX: ORG) – up 19%

Another strong performance from a big name ASX energy share with activities in the hydrogen sphere – the Origin share price is the fourth best performing hydrogen stock of the March quarter.

Origin has a number of hydrogen initiatives.

In 2020 it announced a feasibility study into producing hydrogen and ammonia for export in Tasmania.

Last year, it partnered with major shipping company Mitsui O.S.K. Lines to explore the transportation of the energy commodity.

It also announced that it's exploring a potential export-scale liquid hydrogen project in Townsville and a green hydrogen hub in Newcastle.

The Origin share price ended the March quarter trading at $6.23 – up from $5.24 at the final close of 2021. That represents an 18.89% gain.

Incitec Pivot Ltd (ASX: IPL) – up 17%

Finally, Incitec Pivot has come in as the fifth best performing ASX hydrogen share of the March quarter.

The explosives, industrial chemicals, fertiliser producer and exporter has a few interests in hydrogen.

Mainly, its partnership with Fortescue Future Industries. The pair announced their collaboration –exploring green ammonia production at Incitec Pivot's Gibson Island fertiliser facility – in 2021.

The entities believe the site could produce around 50,000 tonnes of renewable hydrogen each year, which would be converted to green ammonia and sold to markets.

The company is also involved in a partnership investigating green ammonia supply from hydrogen hubs in Queensland and NSW.

The ammonia could be used as a direct fuel for electricity. Or, it could be repurposed to produce green hydrogen to be used as a fuel feedstock.

The Incitec Pivot share price grew 16.98% last quarter, ending the period trading at $3.78.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 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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