At the Heart of Industrial Transformation: HPQ Silicon, Plug Power, and Evonik

Evonik: Specialty Chemicals for Future Technologies

The chemical group Evonik Industries supplies essential raw materials for industry. With its core brand AEROSIL, the company is a major player in the global market for fumed silica and, according to market studies by Global Market Insights, holds a market share of over 14.5%. These products are indispensable for modern lithium-ion batteries, as they improve thermal stability, thermal conductivity, and safety. In the past fiscal year, the group generated total revenue of EUR 14.1 billion and adjusted EBITDA of EUR 1.87 billion. To further boost profitability in a challenging macroeconomic environment, the Evonik Tailor Made cost optimization program aims for annual savings of EUR 400 million by the end of 2027. For investors, Evonik remains a defensive anchor of stability with a reliable dividend policy that benefits from the growth of the battery industry. However, since the traditional production of fumed silica is highly energy-intensive, ESG pressure on the Group is growing, shifting the focus toward innovations for low-emission production methods.

Plug Power: Scaling the Hydrogen Economy

Plug Power is pursuing what is arguably the most ambitious strategy in the green hydrogen economy, as the company aims for complete vertical integration of the value chain. From building its own electrolysers to supplying liquid hydrogen and fuel cells, the company offers a comprehensive ecosystem for corporate customers. In 2025, Plug Power increased its total revenue to approximately USD 710 million. A historic turning point was reached in the fourth quarter of 2025, when the company reported a positive quarterly gross profit of USD 5.5 million for the first time. This development shows that the Project Quantum Leap restructuring program is beginning to bear fruit, and that the operating cash burn was significantly reduced from USD 728.6 million to USD 535.8 million. Another strategic milestone is the award of a 275-megawatt green hydrogen project in Quebec, which is intended to serve as a blueprint for future facilities.

HPQ Silicon: The Technological Bridge Builder

The agile tech pioneer HPQ Silicon positions itself right at the intersection of these two billion-dollar markets. In partnership with PyroGenesis Canada, the company is developing the so-called Fumed Silica Reactor, which enables plasma-based, low-emission production of fumed silica in a single step. According to reports by ChemAnalyst, both companies signed a memorandum of understanding in February to build a commercial plant with an annual capacity of 1,000 tons. If scaling proves successful, HPQ Silicon's technology could outcompete conventionally produced fumed silica. At the same time, HPQ is revolutionizing the battery materials market together with its partner Novacium through the new ENDURA+ brand silicon anodes, which achieved a capacity of 7,030 mAh in a 21700 cell during testing. Since early 2025, the company has also been collaborating with the French military in this area. The company also offers a technology for decentralized, on-demand hydrogen production, which provides decisive operational advantages over centralized systems, particularly for niche applications. The potential use cases are diverse. Any application outside major industrial centers is conceivable.

Opportunities for Investors – Innovator HPQ in an Exciting Phase

All three companies are of interest to investors due to their significance for the energy and mobility transition. Evonik is the high-dividend blue-chip company that supplies the battery industry with critical materials on a large scale. Plug Power, as a fully integrated hydrogen pioneer, is increasingly achieving profitability. **However, the greatest potential lies with HPQ Silicon, as this up-and-coming company aims to make proven raw materials better and more environmentally friendly and has already made significant progress toward that goal. If the operational ramp-up is successful, the young company could become central to the next generation of products from battery manufacturers and the hydrogen industry. The current market environment, in which clean and efficient solutions matter more than ever, plays into HPQ Silicon's hands. Lucrative licensing agreements, partnerships, or even an acquisition of this young player cannot be ruled out.