Close menu

March 19th, 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 | Author: André Will-Laudien
ISIN: DE000A255G02 , US35952H6018 , NO0010081235 , US72919P2020

Table of contents:

    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.

    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 in the future hold shares or other financial instruments of the mentioned companies or will bet on rising or falling on rising or falling prices and therefore a conflict of interest may arise in the future. conflict of interest may arise in the future. The Relevant Persons reserve the shares or other financial instruments of the company at any time (hereinafter referred to as the company at any time (hereinafter referred to as a "Transaction"). "Transaction"). Transactions may under certain circumstances influence the respective price of the shares or other financial instruments of the of the Company.

    Furthermore, Apaton Finance GmbH reserves the right to enter into future relationships with the company or with third parties in relation to reports on the company. with regard to reports on the company, which are published within the scope of the Apaton Finance GmbH as well as in the social media, on partner sites or in e-mails, on partner sites or in e-mails. The above references to existing conflicts of interest apply apply to all types and forms of publication used by Apaton Finance GmbH uses for publications on companies.

    Risk notice

    Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and etc. on These contents serve information for readers and does not constitute a call to action or recommendations, neither explicitly nor implicitly. implicitly, they are to be understood as an assurance of possible price be understood. The contents do not replace individual professional investment advice and do not constitute an offer to sell the share(s) offer to sell the share(s) or other financial instrument(s) in question, nor is it an nor an invitation to buy or sell such.

    The content is expressly not a financial analysis, but rather financial analysis, but rather journalistic or advertising texts. Readers or users who make investment decisions or carry out transactions on the basis decisions or transactions on the basis of the information provided here act completely at their own risk. There is no contractual relationship between between Apaton Finance GmbH and its readers or the users of its offers. users of its offers, as our information only refers to the company and not to the company, but not to the investment decision of the reader or user. or user.

    The acquisition of financial instruments entails high risks that can lead to the total loss of the capital invested. The information published by Apaton Finance GmbH and its authors are based on careful research on careful research, nevertheless no liability for financial losses financial losses or a content guarantee for topicality, correctness, adequacy and completeness of the contents offered here. contents offered here. Please also note our Terms of use.

    Der Autor

    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

    Related comments:

    Commented by Juliane Zielonka on December 1st, 2022 | 13:09 CET

    First Hydrogen, Tesla, Volkswagen - Hydrogen or battery drive, who makes the race?

    • Hydrogen
    • Electromobility
    • GreenTech

    The German Federal Ministry of Research and Education has big plans: the natural gas network is to be converted as a supply structure for hydrogen so that Germany is well equipped for the future. The Canadian company First Hydrogen is betting on hydrogen propulsion, launching its first production facility in Quebec. A call for leadership is being heard regarding Elon Musk and his car company Tesla. It seems that a blue bird and the desire for freedom of expression are taking up so much of his time that the share price is wobbling. The competition is not sleeping: Volkswagen is currently number one in Europe with its EV models. Who will make the race?


    Commented by Fabian Lorenz on December 1st, 2022 | 11:55 CET

    Comeback stocks: Nel, Aurora Cannabis, Barrick Gold, Tocvan Ventures

    • Mining
    • Gold
    • Hydrogen
    • Cannabis

    Gold, cannabis and hydrogen could be among the top trends of the coming year - also on the stock market. Due to full order books, Nel could be poised for a comeback in 2023. At least sales are already secured until mid-2024. Now, all that is left is to cut the loss to reach analysts' price targets. Aurora Cannabis has largely completed its turnaround and is also hoping for legalization in Europe and the US. Driven by a strong gold price, mining stocks have already jumped. Now exploration companies should follow. Tocvan Ventures is one of them. And with the gold explorer, investors can look forward to a regular news flow in the coming year. Are the three candidates comeback stocks in 2023?


    Commented by André Will-Laudien on November 29th, 2022 | 11:10 CET

    Hydrogen from Qatar: Nel, Plug Power, dynaCERT and ThyssenKrupp, winners in H2 fever!

    • Hydrogen
    • greenhydrogen
    • GreenTech

    "The accelerated expansion of hydrogen supply chains is central to the transition to sustainable energy." Economics Minister Habeck welcomed the planned cooperation between German companies and Emirati producers of hydrogen. For this purpose, there is a new research cooperation between the Fraunhofer Institute and the Ministry of Energy of the United Arab Emirates. Of particular interest to Germany is the production, storage and delivery of green hydrogen to the EU. Whether the FIFA World Cup will help to deepen industrial relations in this field is not certain. But what is important is that hydrogen technology is finally gaining momentum worldwide. We take a look at the protagonists in the round-up for important investments.