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August 12th, 2021 | 10:31 CEST

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

  • Hydrogen
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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 | Author: Carsten Mainitz
ISIN: ENAPTER AG INH O.N. | DE000A255G02 , NEL ASA NK-_20 | NO0010081235 , SFC ENERGY AG | DE0007568578

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    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

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    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.

    Conflict of interest

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    Der Autor

    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

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