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12. August 2021 | 10:31 CET

Enapter, Nel, SFC Energy - A new chapter in the hydrogen revolution

  • Hydrogen
Photo credits:

The energy revolution needs hydrogen solutions. The road from innovations and first prototypes to mass production and relevant market shares is long. However, the stock market is already rewarding the potential of one or two companies. The companies that can successfully offer solutions will later operate in a market worth billions. Which horse should investors back in this growth industry?

time to read: 3 minutes by Carsten Mainitz
ISIN: ENAPTER AG INH O.N. | DE000A255G02 , NEL ASA NK-_20 | NO0010081235 , SFC ENERGY AG | DE0007568578

Jim Payne, CEO, dynaCERT Inc.
"[...] We are committed to stay as the number one Canadian and global leader in the Hydrogen-On-Demand diesel technology [...]" Jim Payne, CEO, dynaCERT Inc.

Full interview



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.

About the author

ENAPTER AG - Numerous advances

Hydrogen is an essential element for the energy transition and the storage of electricity. The country needs innovative companies, and Enapter belongs in this group. This summer, the World Economic Forum recognized Enapter as a "Technology Pioneer 2021" for its revolutionary AEM electrolysis technology. The World Economic recognizes companies that make a significant contribution to the economy and society through innovative technology.

Enapter AG is currently preparing to start construction of its first mass-production plant in Saerbeck, Germany. The Company plans to enter the megawatt class by developing a new large-scale electrolyzer based on anion exchange membrane (AEM) technology. The new electrolyzer, called AEM-Multicore, is to be built on Enapter's campus currently under construction in the climate community of Saerbeck in Münsterland, Germany. It will use AEM stacking to produce up to 450 kg of H2 per day, the energy equivalent of approximately 9.5 barrels of crude oil. Thanks to AEM technology, the electrolyzer is expected to be significantly cheaper and easier to maintain than the conventional alkaline or PEM technology currently available on the market. The market launch of the AEM Multicore is scheduled for 2022. The ambitious goal is to build a production capacity of 280MW per year.

Business volumes are still low, as was evident from the recently published half-year figures. The Company will also be in the red for some time to come. However, this is a normal process when building up a company. The political will to support innovation is strong. Most recently, a subsidiary of the Group received funding of around EUR 5.6 million from the German Federal Ministry of Education and Research. This funding will be used to drive forward the development, design and construction of the first megawatt-class AEM electrolyzer. A good half of the funds will flow until the end of 2023, the rest in the two following years.

In addition, another subsidiary, Enapter Immobilien GmbH, recently received a grant notification for a non-repayable amount of EUR 7.16 million from KFW for the implementation of the Enapter Hydrogen Campus. Plans include the construction of logistics and production halls as well as office, research and development buildings. The groundbreaking ceremony is scheduled for mid-September this year.

NEL ASA - Reference project

Another company in the hydrogen market is Nel. The Norwegian Company recently joined the PosHYdon project by consortium agreement. The parties involved are validating the integration of offshore wind, natural gas and hydrogen off the Dutch coast near The Hague as part of the project. Nel will supply a MW-scale PEM electrolyzer for the project. Neptune Energy will operate a platform that includes a hydrogen production plant, including a PEM electrolyzer from Nel. This will then be the first fully electrified platform in the Dutch North Sea.

Nel sees hydrogen from offshore wind energy as an important future market with tremendous growth potential over the next 5 to 10 years. The share's chart performance, however, speaks a different language. The share price has fallen by more than half since the beginning of the year. The Company is currently valued at NOK 16 and USD 2.5 billion. For 2022, analysts, on average, forecast sales of USD 122 million and a loss of USD 40 million. On average, the experts calculate an upside potential for the stock of 68%.

SFC ENERGY AG - 50% share price potential according to analysts

SFC Energy AG is a leading supplier of hydrogen and methanol fuel cells for stationary and mobile hybrid power supply solutions and operates in the Clean Energy and Clean Power Management business segments. The Bavarians are expected to report a loss in the current fiscal year and be in the black in 2022. The Company recently unveiled the EFOY Hydrogen Fuel Cell 2.5, the latest generation of its modular hydrogen fuel cell solution, which serves as an emission-free replacement for diesel generators. The analysts at First Berlin recommend the share as a buy with a target price of EUR 44. That corresponds to a potential of a good 50%. Currently, the Company is valued at EUR 410 million.

The hydrogen sector is increasingly developing. The companies presented are active in different areas and are not yet profitable due to high investments. However, this will change soon. They all have a realistic chance to operate very successfully in the market and get a good piece of the pie. With its innovative approach, Enapter AG is one of the most exciting companies in the hydrogen market.


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.

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.

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17. September 2021 | 13:43 CET | by Nico Popp

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  • Hydrogen

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  • Hydrogen

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10. September 2021 | 13:35 CET | by Carsten Mainitz

Enapter, NEL, Ballard Power - Hydrogen: This will happen!

  • Hydrogen

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?