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Bloom Energy (BE) may become the first dedicated hydrogen company to become profitable. The fact that its recent market cap is just $3.3 billion shows how far we have to go to develop a multi-trillion-dollar market for hydrogen, which is one of the world’s two types of clean and renewable energy carriers.

Bloom is an integrated hydrogen company. Not only does it make electrolyzers, the machines that separate hydrogen from the other atoms in water and natural gas molecules, it also makes the fuel cells that generate power from hydrogen and other energy carriers without combustion, i.e., through a chemical reaction.

The company is applying its technology in the real world. It has set up a distributed microgrid using its fuel cells to provide electricity on demand 24/7. Though all its customers are small users, they include big names such as Adobe (ADBE), Google (GOOGL), and AT&T (T), which clearly have the wherewithal to scale their use big time. Of course, the problem with hydrogen is cost.

It will be a long time before Bloom can compete with today’s energies. Still its progress, as measured by power generation costs that have fallen by 85% over the past decade, points to potentially very big things.

Market competition promises to be intense, but this is a company that expects to turn a small profit in 2022 and multiply that profit by 15-fold to $1.20 a share by 2025. This is a stock in which a small investment could take you a very long way. The stock has been recently trading at around $19.15.