Recent Interviews

Dirk Graszt, CEO, Clean Logistics SE

Dirk Graszt
CEO | Clean Logistics SE
Trettaustr.32, 21107 Hamburg (DE)


Interview Clean Logistics: Hydrogen challenge to Daimler + Co.

Matthew Salthouse, CEO, Kainantu Resources

Matthew Salthouse
CEO | Kainantu Resources
3 Phillip Street #19-01 Royal Group Building, 048693 Singapore (SGP)

+65 6920 2020

Interview Kainantu Resources: "We hold the key to growth in the Asia-Pacific region".

Justin Reid, President and CEO, Troilus Gold Corp.

Justin Reid
President and CEO | Troilus Gold Corp.
36 Lombard Street, Floor 4, M5C 2X3 Toronto, Ontario (CAN)

+1 (647) 276-0050

Interview Troilus Gold: "We are convinced that Troilus is more than just a mine".

19. March 2021 | 10:30 CET

Enapter, FuelCell, NEL, Plug Power - hydrogen or battery?

  • Hydrogen
Photo credits:

According to publications of the last few days, the decision has been made in the mobility sector. The markets are clearly focusing on electromobility, and titles such as VW and Varta are in demand as never before. VW had called for an assault on the Tesla bastion at its last press conference. VW can also make a big splash here. It is the world's second-largest automaker and is at the forefront of mass manufacturers in the electricity sector. In this business, size means a high number of hits and positive cash flows, precisely what many hydrogen companies do not yet have, because outside of a few research projects, there is still no business worth mentioning. Billions will now flow into battery development.

time to read: 4 minutes by André Will-Laudien
ISIN: DE000A255G02 , US35952H6018 , NO0010081235 , US72919P2020

Sebastian-Justus Schmidt, CEO and Founder, Enapter AG
"[...] Why should a modular electrolyzer cost more than a motorcycle? [...]" Sebastian-Justus Schmidt, CEO and Founder, Enapter AG

Full interview



André Will-Laudien

Born in Munich, he first studied economics and graduated in business administration at the Ludwig-Maximilians-University in 1995. As he was involved with the stock market at a very early stage, he now has more than 30 years of experience in the capital markets.

About the author

Enapter AG - Capital increase completed with EUR 17.8 million

In the current environment, Enapter AG can be pleased about fresh capital amounting to EUR 17.8 million. The previously completed rights offering was significantly oversubscribed at 42% and the entire capital increase will lead to a significant boost in liquidity in the stock once it is registered.

The technology hotbed needs money in large quantities. In addition to the property in Pisa, Italy, it is building a new production and research site in Saerbeck, North Rhine-Westphalia. The ultra-modern production facility will be completed by the end of 2022 because the green H2 production is to start entirely with renewable electricity, one of the few industrial sites to focus on sustainability from the outset. The main product will again be the modular electrolyzer unit. It represents the current Enapter core technology. There are also already market-ready units with the abbreviation EM 2.1, which operate based on anion exchange membrane (AEM) electrolysis.

Enapter has not been greatly affected by the current wave of sales in the hydrogen sector, as the sell-off in hydrogen stocks is based on an overvaluation resulting from the automotive sector's dwindling prospects. With the broad commitment to battery propulsion, the focus of H2 research is now on basic applications, primarily in the energy sector.

Here, Enapter is at the forefront. Enapter is a typical representative of distributed energy storage, suitable for all off-grid applications around the globe. The focus here is on areas that are difficult to access and have little infrastructure. Enapter could provide one of the necessary unique solutions, suitable in the long term for green energy supply in Africa, Asia or even the polar zones. The availability of renewable energy sources alone can elevate hydrogen to the perfect decentralized energy storage, a solution that could finally replace the climate-hostile diesel aggregate.

Enapter stands for CO2 reduction and climate neutrality, and the growing global demand for energy plays into the Company's hands. We recently warned against the overvalued peer group, but those who are faced with the choice today are betting on the long-term growth prospects of the Enapter share.

FuelCell - Poor figures cause sell-off

FuelCell stock is undoubtedly one of the more uncertain stocks in the sector at the moment. Last week, it reported numbers for its most recent quarter. FuelCell Energy Inc. suffered an operating loss of 6 cents per share in the first quarter of fiscal 2021, which was 50% above analysts' estimates of 4 cents and exceeded the previous year's total loss of 3 cents. Now, FuelCell also has significantly more shares than it did a year earlier.

Total Q1 revenues for the group were just USD 14.9 million, also dramatically below the USD 20 million expected as well as below the numbers for the same period last year. One begins to wonder when the knot will break at FuelCell and growth will finally be on the clock. We find the 30% drop in the share price quite reasonable. After all, the value has risen 1400% in just 4 months due to irrational industry dynamics. From the perspective of a rational investor, we expect further price losses here.

Nel ASA - Sometimes you are the second winner

The Germans were faster! Linde PLC already makes USD 2 billion in sales with hydrogen and wants to multiply the segment in the next few years. And with green hydrogen, which has so far been heavily underrepresented in total sales, they want to set standards. Only recently, Linde was able to win a customer from its competitor Nel ASA "on its doorstep".

After Linde announced its intention to set up and operate a nationwide hydrogen network for South Korea with Hyosung Corp, there is now another deal to report. The Norwegian ferry Company Norled has selected Linde as a supplier for the necessary refueling infrastructure and the delivery of the green hydrogen. And this involves the world's first hydrogen-powered ferry service for passengers and vehicles.

NEL had recently delivered figures below expectations and was immediately taken to task in the industry turmoil. The former stock market darling crashed from EUR 3.40 to EUR 2.10, which was almost 40% of the TOP in only 2 months. Let's see how it continues here. On a one-year view, the value is still a good 200% up.

Plug Power - Balance sheets have to be corrected

This does not sound good. The US hydrogen Company Plug Power has terrible news for its shareholders: The Company has to correct several annual financial statements after the auditor KPMG discovered errors in the financial reports.
Specifically, the Company said that accounting errors had been identified that were "mainly attributable to several non-cash items." Specifically, these were incorrect book values, in addition to loss provisions and impairments of long-lived assets. And some of the research and development costs had also been misclassified. The consequences of this are far-reaching, as the accounting errors will require the restatement of several annual financial statements. The reporting periods of the last three fiscal years are affected, but this does not impact the liquidity situation, business operations or profitability.

Plug Power still expects to reach USD 475 million in gross sales in 2021, and Plug Power did not adjust its targets for subsequent years. Shareholders nevertheless sent the 2020 highflyer on a downward slide, with the stock now losing just under 50% in the last 6 weeks of trading. We had warned against the completely overvalued share early on and expect the current revaluation to continue.


André Will-Laudien

Born in Munich, he first studied economics and graduated in business administration at the Ludwig-Maximilians-University in 1995. As he was involved with the stock market at a very early stage, he now has more than 30 years of experience in the capital markets.

About the author

Conflict of interest & risk note

In accordance with §34b WpHG we would like to point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH may hold long or short positions in the aforementioned companies and that there may therefore be a conflict of interest. Apaton Finance GmbH may have a paid contractual relationship with the company, which is reported on in the context of the Apaton Finance GmbH Internet offer as well as in the social media, on partner sites or in e-mail messages. Further details can be found in our Conflict of Interest & Risk Disclosure.

Related comments:

14. October 2021 | 13:30 CET | by Carsten Mainitz

SMA Solar, dynaCERT, TotalEnergies - Good for the climate, good for your portfolio!

  • Hydrogen

The signs of the times are climate protection: In America, Joe Biden is trying to push his Green New Deal through the legislature, China is phasing out the construction of coal-fired power plants, and in Germany, the Greens will most likely be part of the next government. Industry is also rethinking its position. Recently, an alliance of 69 leading German companies called for an "implementation offensive for climate neutrality" within the first 100 days of a new government. Signatories included heavyweights such as SAP, E.ON and Bayer. The following three stocks should get a tailwind from the new climate awareness.


08. October 2021 | 12:19 CET | by Armin Schulz

Nel ASA, dynaCERT, Plug Power - Hydrogen is part of the energy turnaround

  • Hydrogen

If the upcoming German government wants to achieve the energy transition and banish all fossil fuels such as coal, oil and gas, part of the solution lies with hydrogen. On particularly sunny or windy days, some of the green electricity generated is simply lost. To avoid overloading the power lines, some of the electricity is given away abroad. Using this energy to produce green hydrogen would make the energy produced both storable and portable. If the price per kg of hydrogen could be reduced significantly, the greatest potential for this technology would automatically arise.


07. October 2021 | 10:33 CET | by Nico Popp

Varta, Enapter, NEL: Where hydrogen pays off directly

  • Hydrogen

It is turnaround time! Never before in history will so much be changing as in the next five years. The energy turnaround is switching our supply to renewable energy sources and new storage options, and the mobility turnaround will ensure that electric motors will soon dominate the roads. Although it is clear where the journey is headed, shares based on the new technology offer highly diverse opportunities. We take a look at three stocks.