Hydrogen madness 2.0: Plug Power soars – Could Nel ASA and First Hydrogen follow? Robotics joins the race!

First Hydrogen: The ingenious symbiosis of green energy and artificial intelligence

While the big players in industry often struggle to make their old business models profitable, First Hydrogen is embarking on a path that is as innovative as it is promising. On February 23, 2026, the Vancouver-based company released news that has the potential to shake up the entire field. Through a binding letter of intent with Exodus Actuation Solutions Inc., also known as RoboticsCo, First Hydrogen is securing access to technology that goes far beyond mere vehicle construction. It is all about actuators and robotics. These components are basically the muscles of every machine. They convert electrical energy into precise, controlled movements. We are talking about technology that combines human dexterity with machine precision. First Hydrogen has secured a 60% stake in a portfolio that already includes 25 granted patents and 11 pending patents.

The vision behind it is as simple as it is ingenious. CEO Balraj Mann is positioning his company at the intersection of two megatrends of the coming decades: clean energy and autonomous robotics systems. Morgan Stanley estimates the market for humanoids to reach an incredible USD 5 trillion by 2050. First Hydrogen does not want just to sit back and watch, but rather provide the technological foundation. These actuators are crucial for the next generation of electric vehicles. They control braking, steering, and even the locking of charging ports with a precision that makes mechanical systems look outdated. But it goes even further.
In the world of renewable energy, these robots will soon take over the maintenance of wind turbines and solar parks in hazardous environments. This will drastically reduce costs and make green energy even more competitive.

But amid all the excitement about robotics, it is important to remember that First Hydrogen already has tangible successes on the road. The hydrogen-powered light commercial vehicles have already completed over 6,000 km in real-world testing in the United Kingdom. With a range of more than 630 km per tank, they are a real challenge to the competition.

The company has created a solid foundation to finance this expansion. Just recently, financing of CAD 1.56 million was secured. In addition, a private placement of up to CAD 3 million is in the pipeline. The money will flow directly into the further development of technologies and working capital. First Hydrogen is thus no longer just a promising prospect, but a company that supplies hardware and, at the same time, opens the door to a completely new billion-dollar market. It is this combination of down-to-earth vehicle technology and visionary robotics that makes the value so interesting.

Plug Power: The breakthrough that shook the markets

For a long time, Plug Power was considered the problem child of industry, but the figures for the fourth quarter of 2025 have turned the tide. Revenue in the last quarter of the year climbed to USD 225.2 million. Not only is this a significant increase over the previous year, but it also exceeded analysts' expectations of USD 217 million. But the real sensation was the gross margin. For the first time in a long time, Plug Power was able to report a positive figure of 2.4%. Management kept its promise and thus proved that the company is indeed capable of generating operating cash flow. The reaction on the NASDAQ was correspondingly strong.

The stock shot up by over 23% at times and ended trading at USD 2.23. Despite this euphoria, the road to full recovery remains long. The net loss per share in the fourth quarter was USD 0.63, which was significantly worse than the forecast of minus USD 0.10. Overall, the group posted a loss of around USD 1.69 billion in 2025. Although this is less than the USD 2.1 billion in the previous year, it is still a huge burden. Nevertheless, investors are hopeful, mainly due to the new leadership. Jose Luis Crespo has been the new CEO since March 2, 2026. He is now tasked with finally completing the operational turnaround and massively expanding international business, especially in Europe. His roadmap is clearly defined. He aims to achieve positive EBITDA by the end of 2026 and make the entire group profitable by 2028. The "Project Quantum Leap" restructuring program appears to be bearing fruit, and the market is rewarding this progress with a massive vote of confidence.

Nel ASA: Will Scandinavia follow suit?

When a giant like Plug Power surges ahead so dynamically, the question of who will follow suit inevitably arises. In Europe, all eyes are on Nel ASA. The Norwegians have always been considered the serious face of the hydrogen industry. While Plug Power has often been associated with big promises and even bigger losses, Nel ASA has a more stable operating history.

But in the current market environment, stability is sometimes less valuable than momentum. The big question now is whether Nel ASA can benefit from the new enthusiasm for hydrogen stocks. Historically, these stocks often move in unison. When confidence in the technology returns, thanks to positive news from Plug Power, funds usually flow into the other heavyweights in the sector with a time lag.

Nel ASA scores particularly well thanks to its leading position in electrolysers. The company has invested heavily in scaling up its production in recent years. If the industry now begins to implement its decarbonization plans worldwide, there will be little way around Norwegian plants. Nel ASA's share price has often suffered in the past from general skepticism about the sector. However, if Plug Power's breakout proves to be lasting, it could be the catalyst that Nel shareholders have been waiting for. It is a classic scenario for a sector catch-up. Investors who missed the first jump in Plug Power are now desperately looking for alternatives that have not yet performed as strongly. This is where Nel ASA comes in, which, as a high-quality stock, is a logical choice for broader exposure to the hydrogen market.

Conclusion: A new era for the hydrogen world

In summary, a massive revaluation of the entire sector is imminent. Plug Power has laid the foundation for a new upward trend with its impressive price jump of over 20% and its first positive gross margin in a long time. The message is clear: companies are learning to work more efficiently. Nel ASA stands ready as a European rock in the surf to be swept away by this new wave of euphoria. Scaling up production is the decisive factor here for the coming years.

First Hydrogen, on the other hand, may remain the most exciting story for those who think outside the box. The Canadians are no longer just a pure hydrogen stock. By integrating robotics and actuator technology, they are securing a place in a future market worth trillions. The combination of proven fuel cell transporters and the vision of an automated world of clean energy is unique. The company offers a very solid and positive outlook. First Hydrogen is rethinking the entire energy ecosystem. If you are looking for a value that combines substance with a genuine technological edge, First Hydrogen is currently hard to beat. The hydrogen sector is back, and it is more vibrant than ever.