"Almost all major energy companies believe that hydrogen will be an important part of their business in the future.
Green hydrogen is the "cleanest" method of hydrogen production fueled by renewable energy sources, while blue hydrogen is produced from natural gas mixed with hot steam and a catalyst.
A mix of green and blue hydrogen will likely be the fastest and cheapest solution to decarbonization, Beveridge said.
To be sure, Beveridge admitted the hydrogen industry is still in the early stages of development, and choosing winners is "not easy."
Bloom Energy is another U.S.-based hydrogen company Bernstein named to its top picks list.
Persons:
Bernstein, Neil Beveridge, Beveridge, Refinitiv, — CNBC's Michael Bloom
Organizations:
U.S, European Union, Bloom Energy, Doosan, Cells, Doosan Fuel Cell, U.S . Doosan Fuel, Shanghai Stock Exchange
Locations:
China, inflect, U.S, South Korea, Beijing