To say Hydrogen pure-play stocks have rewarded investors handsomely over the past year would be somewhat of an understatement. Several names have delivered massive returns, as investors’ enthusiasm for clean energy stocks has been hard to satiate. Trying to give context to some of these companies’ towering valuations, J.P. Morgan analyst Paul Coster says it’s easier to justify the elevated enterprise value-to-sales multiples “when viewed against the massive long-term growth prospects for these first-movers in the space.” By the 2030s, the hydrogen economy’s global TAM (total addressable market) could be worth between $200 and $400 billion.