The S&P 500 may have lost momentum in August, but not Bloom Energy (NYSE: BE). The hydrogen stock rallied 25.6% in the month, according to data provided by S&P Global Market Intelligence. With those gains, Bloom Energy shares surged a whopping 54% between just July and August when the S&P 500 barely managed to move 4.5% higher.

The momentum in Bloom Energy stock is unlikely to die down, given the green hydrogen industry's potential and the company's growth prospects.

Clean energy stocks first got a massive boost in August after the Senate unexpectedly passed the Inflation Reduction Act (IRA), a toned-down version of President Joe Biden's Build Back Better Plan, which proposed huge incentives for renewable energy, among other things, before it was shelved last year. With Biden eventually signing the bill into law, Bloom Energy and other renewable energy stocks shot up further as investors bet on the incentives and tax credits for green hydrogen and other clean energy sources to kick in under the Act.

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Source Fool.com