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July 14th, 2021 | 11:39 CEST

Enapter, NEL, Plug Power, FuelCell - Hydrogen under cross-examination!

  • Hydrogen
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The sharp rise in prices for heating energy and fuels keeps Germany's inflation rate at a high level. With an increase of 2.3% compared to the same month last year, inflation slowed slightly in June, but it had risen in each of the previous five months, reaching 2.5% in May, the highest level in almost 10 years. The efficient production of hydrogen and its industrial utilization would make our energy supply affordable and environmentally sustainable in the long term. Unfortunately, current technologies are still costly and not suitable for mass production. However, hydrogen remains a hot topic on the stock market. We take a look at the main actors in the H2 thriller.

time to read: 4 minutes | Author: André Will-Laudien
ISIN: ENAPTER AG INH O.N. | DE000A255G02 , NEL ASA NK-_20 | NO0010081235 , PLUG POWER INC. DL-_01 | US72919P2020 , FUELCELL ENERGY DL-_0001 | US35952H6018

Table of contents:

    Dirk Graszt, CEO, Clean Logistics SE
    "[...] We can convert buses and trucks to be completely climate neutral. In doing so, we take a modular and incremental approach. That means we can work with all current vehicle types and respond to new technology and innovation [...]" Dirk Graszt, CEO, Clean Logistics SE

    Full interview


    Nel ASA - Turned just before the breakout

    Nel ASA is and remains one of the darlings in the hydrogen segment. So far, the stock market has been ready to celebrate any small progress or order accordingly. However, it is known that the Company's sales are not quite enough to cover the enormous development costs. Therefore, the pressure on earnings remains high and is weighing on the share price performance on the stock exchange. It has been pointing downwards again for two weeks now after no chart breakout at the EUR 2 line.

    Now the public is again looking at the operating side: After the Vattenfall joint venture in the steel sector had opened up some prospects for Nel ASA, and a fresh wind is blowing at the Hyon joint venture, all that is missing now are orders. And Jon Andre Løkke, as the newly elected president of the "Hydrogen Europe" initiative, is beating the drum for the products of the Norwegians.

    The billion-dollar programs launched worldwide, such as Energy Earth Shot or the H2 Global Initiative, provide the space for positive development. Still, in addition to public funding, private investors are also needed. Switzerland will establish a green hydrogen filling station network by 2023, so the Norwegians are already set.

    So as long as the boom phase continues, Nel will remain on investors' lists because of its brand recognition. However, make sure to put a stop at EUR 1.70 to still lock in profits in case of a further slowdown in the H2 segment.

    Enapter AG - Reaching the goal faster with new funding

    Enapter AG from Saerbeck in North Rhine-Westphalia is one of the few conspicuous stocks in the H2 segment in Germany. Nevertheless, the topic is considered by politicians to be one of the crucial technologies of the future. The Company raised EUR 17.8 million via a capital increase a few months ago and is now receiving EUR 5.6 million in funding for its new megawatt electrolyzers from the German Federal Ministry of Research.

    Together with Münster University of Applied Sciences, the start-up thus intends to drive forward the development of the new "AEM Multicore" electrolyzers. These series-connected core modules are expected to produce about 450 kilograms of green hydrogen per day. The new product aims to further exploit the potential of anion exchange membrane (AEM) technology and create a cost-effective alternative compared to conventional megawatt-class electrolyzers. Enapter is largely responsible for the development work, while Münster UAS supports the products with laboratory tests.

    Enapter stands for CO2 reduction and climate neutrality, and the growing global demand for energy is playing into the German Company's hands. The overvalued peer group has already corrected strongly, but investors still have great interest in Enapter. Our vote: Continue to build up stocks!

    FuelCell - The share price remains in the cellar

    A short recovery from EUR 6.5 to EUR 10.2 was granted to investors after the title rushed a full 70% down from the high at EUR 23. Now it is heading south again, although FuelCell can report some operational progress.

    FuelCell Energy's 1.4 MW SureSource 1500™ biofuel cell project is now operational in California, USA. The site offers the only fuel cell platform approved by the California Air Resources Board (CARB) for on-site biofuel use. Commenting on the news, FuelCell Energy President and CEO Jason Few said, "We are delivering on our promise to the San Bernardino Municipal Water District, providing 1.4 MW of clean electricity and contributing to cleaner air quality in the region by capturing and using methane gas that would otherwise be flared." With the commercial operation of the California plants, FuelCell Energy expands its power plant portfolio by 1.4 MW to a total of 34 MW.

    FuelCell's chosen path is the right one. It is just a pity that the share price remains in the cellar. The "time of the buying frenzies" is probably over, so the only thing that remains is the share's utopian valuation.

    Plug Power - Rising competition for the top dog

    Now there is also pressure on the Plug Power share. Many investors fear competition in the transportation business from a new partnership between two well-known players, namely Chart Industries and Hyzon Motors. These companies are cooperating from now on and have a sensational announcement in their luggage. According to reports, they want to develop a truck with liquid H2 fuel cell propulsion with a range of 1,000 miles.

    Of course, Plug Power can also come up with good news. Renault and the fuel cell specialist have formed the announced joint venture called Hyvia and have given details of their H2 plans for light-duty vehicles. The Hyvia ecosystem includes green hydrogen production, storage and distribution.

    Both of these topics are very interesting, as the transportation industry offers a lot of room for green improvements. Whether it will help Plug Power's stock is questionable from a chart perspective because the EUR 29 mark should have fallen here; currently, only the EUR 24 line offers significant support. If this breaks, the target of EUR 17 is in the room - minus 30% of today's price.

    Currently, the wind is blowing cold in the face of the major hydrogen stocks. All the companies under review face the same issue: how to reconcile operational growth and the high valuation. Difficult, but Enapter is financing one of the most significant industrial projects in Germany.

    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.

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    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 André Will-Laudien on November 29th, 2023 | 09:50 CET

    DAX on record course, hydrogen sell-off! Plug Power, First Hydrogen, Nel ASA and Daimler Truck on the test bench

    • Hydrogen
    • greenhydrogen
    • renewableenergies

    The DAX is soaring because most investors expect interest rates to fall. Based on the assumption of slower growth, investors are again focusing on cyclically sensitive stocks at the turn of the year. According to the expectation curves for ECB and FED interest rates, the first downward adjustments are already expected in Q2. The key factors here are the slight fall in inflation and the central banks' desire to cushion the potential downturn. Despite all the euphoria, the desire to buy is currently bypassing the hydrogen sector. Representatives of the sector are the stock market losers of 2023. Is there still a possibility of a quick rebound in 2024? We do the math.


    Commented by Fabian Lorenz on November 24th, 2023 | 13:00 CET

    100% upside potential with hydrogen! Siemens Energy, thyssenkrupp and dynaCERT instead of Nel?

    • Hydrogen
    • greenhydrogen
    • Technology

    Is there about to be a changing of the guard in the hydrogen sector? There are significant doubts that the previous investor favorites, Nel and Plug Power, will get their losses under control. Who could be the new favorites? Siemens Energy and BASF are working on a production plant for CO2-free hydrogen. The partners are now receiving funding from the federal government and the state of Rhineland-Palatinate. dynaCERT is having its technology tested under the toughest conditions. The hydrogen and emissions reduction specialist is equipping a team for the Dakar Classic Rally. Could 2024 bring revenue growth? thyssenkrupp nucera shows that you can also earn money with hydrogen. Analysts see almost 100% share price potential.


    Commented by André Will-Laudien on November 23rd, 2023 | 07:30 CET

    Getting in now? Hydrogen - The analysis: Nel and Plug Power sold off, rebound at dynaCERT!

    • Hydrogen
    • GreenTech
    • greenhydrogen
    • renewableenergies

    It was like a crash. The hype sector hydrogen experienced one of the most significant sell-offs in recent stock market history with a complete reversal to the downside. Parallel to otherwise bullish markets, losses of 70 to 90% were not uncommon. The rationale behind this is understandable and frustrating at the same time: green-oriented governments around the world are trying to accelerate the climate transition but often have the wrong targets in mind due to their lack of expertise. Hydrogen is just a selectively applicable technology and not a solution for global energy supply. Studies show that only the complete, green production of H2 makes any economic sense. Investors have long since seen through the game, and politicians may have to fail before the necessary insight comes. Nevertheless, there are some opportunities for sensible hydrogen applications. We delve into the topic and put current models to the test.