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September 14th, 2022 | 11:55 CEST

First Hydrogen, Nel, Thyssenkrupp - Watch out: Stock gains with green hydrogen!

  • greenhydrogen
  • Hydrogen
  • Investments
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In view of exploding gas prices and the great dependence on Russia's energy supplies, efforts to expand the supply of renewable energies are a top priority worldwide. Green hydrogen is seen as a clean energy source with a bright future. Massive subsidies around the globe could soon herald a boom in this sector.

time to read: 3 minutes | Author: Carsten Mainitz
ISIN: First Hydrogen Corp. | CA32057N1042 , NEL ASA NK-_20 | NO0010081235 , THYSSENKRUPP AG O.N. | DE0007500001

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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

    Full interview


    First Hydrogen - Pole position

    Hydrogen is produced when an electric current is passed through water, separating hydrogen from oxygen. If the electricity used comes from renewable energy sources, it is referred to as green hydrogen. Given the positive general conditions, First Hydrogen recently announced its intention to exploit the potential in the US market.

    To this end, the Canadians have founded the companies First Hydrogen Energy Inc. and First Hydrogen Automotive Inc. in the United States. The recent passage of the Inflation Reduction Act authorized USD 369 billion in investments for energy and climate change.

    No less significant than the development in the US is the declaration of intent by Germany and Canada to invest in hydrogen and establish a transatlantic supply corridor between the two countries. That puts First Hydrogen in pole position to benefit from this development.

    In the future, the Canadians want to cover the complete hydrogen value chain. Together with globally established partners such as Ballard Power and AVL Powertrain UK, as well as a "best-of strategy," the Company is working on developing and producing zero-emission, hydrogen-powered commercial vehicles.

    In addition, the Company is working to build a "Hydrogen-as-a-Service Model," which is a zero-emission, global ecosystem solution. Company representative Robert Campbell will present First Hydrogen live via Zoom at the 4th IIF - International Investment Forum on September 27, 2022. Attendance is free by registering via the website:

    Nel - Top but expensive

    The hydrogen specialist Nel ASA is one of the leading companies in solutions for producing, storing and distributing hydrogen from renewable energies. The Norwegians cover the entire value chain, i.e. from hydrogen production to the construction of hydrogen filling stations. From the highs in January 2021 in the range of NOK 35, the share price is now only around NOK 14, which still values the Company at the equivalent of around EUR 2.2 billion.

    The latest quarterly figures did not trigger any euphoria among market participants. Many analysts reduced their price targets for the shares. Credit Suisse formulated a target of NOK 10, while analysts at Bank of America consider NOK 11 an appropriate valuation level. The general tone is similar: although the future prospects of the industries look good, the analysts are skeptical that high volume growth will also be reflected on the profit side as strongly as the market forecasts and the Company valuation suggest.

    Recently, the Norwegians were able to land another forward-looking order. For the American ethanol producer LanzaJet, Nel will produce a container electrolyzer for the production of green aviation fuel. While this order, worth around USD 3 million, is a success story, investors should not forget that the Company is valued at 15 times 2023 sales and will be loss-making for many years to come.

    Thyssenkrupp - Equity story will change

    Sharply rising energy prices and the weakening economy have weighed on the share price in recent months. However, many analysts believe the shares are undervalued at their current level. With a target price of EUR 13.80, the experts at Jefferies believe that the stock can more than double in value within the next 12 months.

    The share price could soon gain momentum because, according to media reports, the Group is working on an IPO of its hydrogen subsidiary Nucera. An IPO is the preferred option for the Germans to exploit the potential of the business with facilities for the production of green hydrogen.

    The Company recently announced plans to build a hydrogen-based blast furnace in Duisburg, Germany, subject to government funding. The investments total more than EUR 2 billion. Group CEO Martina Merz thus emphasized "making a decisive and, above all, rapid contribution to the green transformation in steel as well."

    The energy transition is opening up huge potential. Green hydrogen could soon experience a special boom due to subsidy measures. According to analysts, Nel is overvalued. Stock market plans for the hydrogen subsidiary could revive Thyssenkrupp's stock. The favorite in the sector is clearly First Hydrogen.

    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 hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.

    In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.

    For this reason, there is a concrete conflict of interest.

    The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.

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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

    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

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    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
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    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!

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    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.