Enphase, dynaCERT, Fluence Energy – Now it is getting interesting

Fluence Energy – Clear signals

Fluence Energy could be on the verge of a turnaround after a challenging year. A new report by Jefferies upgrades the energy storage specialist's stock from "Underperform" to "Hold," buoyed by initial signs of recovery in the US market, better margins, and strong growth in demand from data centers. Fluence was founded in 2017 as a joint venture between Siemens and AES. The Munich-based company holds around 38% of the shares directly and through pension funds. Qatar also holds a stake of around 10%.

Although Fluence had to cope with a decline in sales of around USD 300 million in the past fiscal year, gross margins were significantly more robust than expected, and adjusted EBITDA was also positive. The Company expects a gross margin of 12% for 2026, which would exceed previous market expectations.

The booming data center sector could become a key growth driver. Battery storage systems are increasingly indispensable for grid stability, backup functions, and the massive expansion of digital infrastructure. According to Jefferies, Fluence is one of the few suppliers that can deliver systems that comply with US regulations and FEOC requirements, which gives it a clear advantage over many Chinese competitors. The analyst firm sees "real opportunities" for recovery and sets a price target of USD 16.

dynaCERT – Focus on expansion

The year 2026 could be a turning point for dynaCERT shares. The Canadian cleantech company is at a crucial point in the commercialization of its HydraGEN technology, and initial large orders indicate that demand is gaining momentum.

dynaCERT follows a clear strategy: retrofitting existing diesel engines to make them cleaner and more efficient at low cost. The HydraGEN system uses electrolysis to generate small amounts of hydrogen and oxygen, which are mixed into the engine's air intake. The result is more complete combustion, up to 8% lower diesel consumption, and significantly reduced CO₂, NOx, and particulate emissions. Retrofitting takes only a few hours and is suitable for trucks, generators, and ships.

A major milestone was achieved at the French port of Rochefort-Tonnay-Charente, where HydraGEN demonstrated tangible fuel savings and emission reductions - leading to plans to equip the entire crane fleet.

At the same time, dynaCERT is continuing its international expansion. Mexico, one of the world's largest truck markets, is developing particularly dynamically. Here, Texas-based distributor Hydrofuel Technologies ordered 100 units for delivery within a year. Additional projects are underway in Australia, Canada, and across the North American freight and mining sectors. The technology meets strict environmental standards and is certified by Verra, a strong signal of credibility for fleet operators.

With Bernd Krüper as president and John Amodeo as the new CFO, dynaCERT now has a management team that is systematically driving global expansion and strengthening industry partnerships. Recent capital measures support the next phase of growth, while the stock still trades at a steep discount despite a solid technology base and global demand. The share currently trades at CAD 0.09. In its latest research, investment firm GBC set a price target of CAD 0.75 for the next 12 months.

Enphase – Solid figures, favorable valuation

Enphase Energy is one of the few solar equipment suppliers that has remained profitable despite challenging market conditions. While high interest rates and US President Donald Trump's energy policy shift toward fossil fuels and nuclear power are weighing on the industry, solar energy remains one of the most affordable ways to generate electricity. The rapidly increasing energy demand from AI data centers is likely to reinforce this trend. Shares in module manufacturers such as First Solar and JinkoSolar have already risen, while US companies are lagging behind this positive share price development.

Unlike many of its competitors, the Company has been delivering stable profitability for years. Although revenues recently declined from USD 2.33 billion to USD 1.51 billion, and profits also shrank from USD 439 million to USD 196 million, Enphase remains in the black while competitors such as SMA Solar and SolarEdge are deep in the red. Despite continued price and margin pressure, profitable results are expected again for the coming year. In addition, the Company has a comfortable net asset value of USD 244 million, while other providers have had to tap into liquidity or take on debt.

This defensive strength has hardly been recognized on the stock market so far. After a price loss of over 90%, the formerly high valuation has reversed. The P/E ratio for 2026 is 9.7, around 80% below the five-year average, while the P/CF is 8.2, a full 83% below. Even compared to the rest of the industry, the stock is trading at a discount of around 60%. Thanks to strong cash flows and a solid balance sheet, Enphase Energy has an EV/EBITDA of just 7.1. The market pays twice as much on average for competitors.

While AI companies are facing a correction due to their high valuations, renewable energy companies offer long-term entry opportunities. dynaCERT is planning further expansion, and Fluence Energy reported strong figures. Enphase Energy is significantly undervalued in a peer group comparison.