September 10th, 2021 | 13:35 CEST
Enapter, NEL, Ballard Power - Hydrogen: This will happen!
If you follow the political discussion in Germany regarding climate and green energy, the debate is almost exclusively about solar and wind power. Electric mobility is the order of the day. But soberly considered, there will and must be a coexistence of several approaches. Hydrogen solutions have received far too little attention. But this technology is urgently needed for the energy transition. The industry is still relatively young, but there is a very good chance that a huge market will emerge in which several companies will be able to operate successfully and profitably. Are these the winners?
time to read: 3 minutes
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Author:
Carsten Mainitz
ISIN:
ENAPTER AG INH O.N. | DE000A255G02 , NEL ASA NK-_20 | NO0010081235 , BALLARD PWR SYS | CA0585861085
Table of contents:
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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ENAPTER AG - Analysts see almost 40% upside potential
Green innovation made in Germany - that is what Enapter stands for. The Heidelberg-based hydrogen technology specialist plans to enter the megawatt-class by developing a large-scale electrolyzer based on anion exchange membrane (AEM) technology. Currently, the Company is concentrating on starting construction of the first mass-production plant in Saerbeck in the Münsterland region of Germany. It is here where the Enapter Campus is to be built. The new electrolyzer, called AEM-Multicore, is expected to produce up to 450kg of hydrogen per day using AEM stacking. The AEM technology promises to make the electrolyzer much cheaper to operate and easier to maintain than conventional alkaline or PEM technologies. The market launch of the AEM multicore is planned for 2022. In the medium term, a production capacity of 280MW per year is to be built up.
The road from innovations and first prototypes to mass production and relevant market shares is long. Therefore, solid capitalization until break-even is extremely important. Government grants are also significant. This year, the Enapter Group announced a grant decision for a non-repayable amount of EUR 7.16 million from KfW to implement the Enapter Hydrogen Campus. In addition, the German Federal Ministry of Education and Research is funding the development, design and construction of the first megawatt-class AEM electrolyzer with a sum of EUR 5.6 million. The German state of North Rhine-Westphalia is also funding product development with EUR 9.36 million.
In the summer, analysts at Pareto Securities initiated share coverage with a price target of EUR 34. That represents an upside potential of almost 40%. The analysts thus take into account the innovative technology and its potential. The Company's innovative strength was recognized by the World Economic Forum this summer with the title "Technology Pioneer 2021" for the development of the revolutionary AEM electrolysis technology.
NEL ASA - New low for the year in sight?
The share of the Norwegian hydrogen specialist has been a tragedy this year. A hoped-for chart breakout could not be achieved, and the shares may soon mark a new low for the year. The Company has been active on the market for a long time but is in the red. According to analysts' estimates, next year's sales should be USD 122 million and the loss should drop to USD 40 million. This contrasts with an attractive company valuation of a reasonable USD 2 billion.
NEL is currently implementing several pilot projects in various fields with well-known partners. NEL specializes in hydrogen technologies that enable the production, storage and distribution of hydrogen. The Norwegians, who ventured onto the market back in 2014, are focusing on the installation of electrolyzers. This device allows water to be split into hydrogen and oxygen using an electric current.
BALLARD POWER SYSTEMS INC - Welcome
The Canadian hydrogen pioneer again strengthens its market presence in Germany. After Solaris and Siemens Mobility, the Canadians recently announced a strategic partnership with Augsburg-based Quantron. The partnership aims to create a platform for fuel cell electric trucks. The latest Ballard fuel cell modules for heavy-duty trucks will be integrated into the electric powertrain of some Quantron models. These include a 7.5t delivery vehicle, a 44t truck and a municipal refuse collection vehicle. The market launch in Germany is planned for the second half of 2022.
In the medium term, hydrogen technology will play a significant role. Those who believe in the future of the industry have attractive options with the shares presented. Ballard Power is undisputedly the top dog in the trio. NEL must grow rapidly and become profitable. Sentiment for the stock remains negative. Enapter is an exciting investment story. The innovative technology has a strong chance of success.
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