February 20th, 2026 | 06:50 CET
Do not miss out! Small and micro cap upside in the cleantech sector with A.H.T. Syngas Technology, Nel, and SFC Energy!
The supply of electricity from renewable energy and climate protection are important issues not only on the political stage, but also on the capital market. National and international regulations represent decisive guidelines that lead to structural changes. When it comes to hydrogen and fuel cells, Nel and SFC Energy are the companies to watch. A.H.T. Syngas Technology, on the other hand, is a company that has been completely neglected until now. As a provider of syngas solutions, the company combines climate protection and security of supply. A.H.T. is currently undergoing a groundbreaking transformation process. Analysts attest that the stock has the potential to double in value. What can investors expect?
time to read: 4 minutes
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Author:
Carsten Mainitz
ISIN:
A.H.T. SYNGAS TECH. EO 1 | NL0010872388 , NEL ASA NK-_20 | NO0010081235 , SFC ENERGY AG | DE0007568578
Table of contents:
"[...] Internally we expect the resource to significantly grow the deeper we mine. [...]" Dennis Karp, Executive Chairman, Manuka Resources
Author
Carsten Mainitz
The native Rhineland-Palatinate has been a passionate market participant for more than 25 years. After studying business administration in Mannheim, he worked as a journalist, in equity sales and many years in equity research.
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A.H.T. Syngas Technology N.V. – Cleantech specialist with 100% upside potential!
With its innovative solutions, A.H.T Syngas Technology provides important answers to key challenges relating to the energy transition, climate neutrality, and local energy production. A huge growth market can be served. The company is currently undergoing an important transformation process. The share price has fallen significantly over the past year. Based on the emerging growth, the timing now appears ideal. Analysts attest to the stock's potential to double in value.
The company develops and builds decentralized, climate-friendly biomass power plants and syngas plants. This approach is particularly suitable for decentralized and industrial energy solutions, as domestic raw materials or waste can be used directly on site for energy production. Technologically, A.H.T. focuses on the patented R116 double-fire gas generator. This allows not only different types of wood to be processed, but also other substitute materials such as fermentation residues, sewage sludge, or manure. For users, this means a significant reduction in electricity costs and a short payback period for their investments.
The combustible gas mixture (syngas or synthesis gas), which consists mainly of hydrogen and carbon monoxide, is produced by the thermochemical conversion of carbonaceous feedstocks such as biomass, waste, sewage sludge, or coal under oxygen deficiency and high temperatures. This means that the way it works is significantly different from biogas plants, where biological fermentation takes place at low temperatures.
Although syngas is more technologically sophisticated, it is also much more versatile and scalable. The list of beneficial uses is long. It is therefore not surprising that experts predict a bright future for the market for natural gas replacement solutions and low-greenhouse-gas energy production in Europe. According to MarketResearchFuture.com, the syngas market will grow to USD 33.4 billion by 2035.
The company is currently in an exciting and groundbreaking phase of transformation and recently announced its strategic cornerstones. Accordingly, A.H.T. is evolving from a traditional plant manufacturer to an operator of its own energy plants and thus also to an energy supplier. The so-called "contracting" model extends the value chain, generating recurring revenues and higher returns. As a result, the company is gradually moving away from pure project business, which has generated good returns in recent years but has proven to be very volatile.
After good business in Japan, this market collapsed last year, which was reflected in significant share price losses. Now, activities in Europe, particularly in Germany, Poland, and Austria, are being stepped up. At the end of last year, the company raised EUR 2 million from institutional investors with a convertible bond to secure the necessary financial flexibility.
Most recently, A.H.T. announced the successful completion of the publicly funded BiDroGen joint project. This addresses a key challenge of the energy transition: the economical, decentralized production of climate-neutral hydrogen from sustainably available biogenic residues. This opens up further growth potential for the undervalued stock.
Nel – Q4 figures on February 26
The Norwegians are one of the oldest and technologically leading providers in the field of green hydrogen production and infrastructure. Nel supplies the technical components, such as electrolysers, and plans global projects for the production of green hydrogen. In addition, hydrogen filling stations are being built as an infrastructural prerequisite for the market penetration of fuel cell vehicles.
During the hype, the company was valued at several billion euros. Today, its market capitalization is equivalent to around EUR 350 million. As Nel is currently in the red and will continue to be so in the future, its current cash reserves of around EUR 150 million are an important risk-mitigating factor in the assessment of the company.
Operationally, the Norwegians are gradually expanding their business. In December, the company announced that, following a seven-year development program and the successful start of clean hydrogen production with the prototype of the next generation of pressure alkaline cells, it would now begin building production capacity of up to 1 GW for this technology platform at its Heroya plant in Norway. Analysts rate the stock as a "Hold". The fourth quarter report is expected to be published on February 26.
SFC Energy – Share price lags behind recent good news
The South German company is a leading provider of fuel cell and energy systems that generate reliable, off-grid, and environmentally friendly electricity, especially in areas where traditional power supplies are difficult to access.
Last spring, the shares were still trading at up to EUR 28, but today they are valued at less than half that amount. Last summer in particular saw significant price setbacks following a profit warning. At the end of 2025, the figures and outlook failed to convince the stock market, and the share price fell below EUR 12. The company is currently valued at just under EUR 240 million at a price of around EUR 13.30. On average, analysts are forecasting a target price of EUR 18.90 – a nice upside potential of around 40%.
SFC recently announced that it was expanding its strategic partnership with Linc Polska. Due to the continuing high demand for mobile, off-grid surveillance solutions in Central Europe, Germany, and other regions, previous plans were exceeded and, as a result, a new framework agreement with a volume of around EUR 1.5 million was concluded for the current fiscal year.
Those who want to invest in a high-growth market via an undervalued micro cap, A.H.T Syngas is the perfect choice. Syngas is a climate-friendly, base-load-capable substitute for fossil natural gas, which enables industry, municipalities, and energy suppliers to achieve stable, scalable, and economically attractive revenue models. A.H.T. benefits disproportionately from this. Analysts attest that the stock has the potential to double in value. Nel is one of the hydrogen pioneers, but continues to operate at a loss. The news flow from SFC is improving, but the stock market has not yet recognized this. Analysts attest that the stock has upside potential of 40%.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
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