Hydrogen Shake-Up: How NEL and Plug Power Are Streamlining Their Operations as dynaCERT Enters a Pivotal Phase

Nel Slows Its Expansion Plans and Cuts Costs

Norwegian hydrogen specialist Nel is feeling the headwinds in the sector particularly acutely. Customers are postponing large orders due to unclear regulatory issues in Europe and North America. In fiscal year 2025, revenue from customer contracts shrank by 31% to NOK 963.1 million. Substantial one-time write-downs on production facilities and technology segments resulted in a net loss of approximately NOK 1.27 billion for Nel in 2025. Management responded with an iron-fisted cost-cutting program. Following the spin-off of its Cavendish fueling station division, the company is now focusing on electrolyser manufacturing. With remaining liquidity of about NOK 1.62 billion at the end of 2025 and new orders totaling NOK 686 million in the fourth quarter, Nel is attempting to stabilize its business and overcome this challenging period.

Plug Power Aims to Put Poor Margins Behind It

US-based Plug Power is known for its ambition to build a fully integrated hydrogen value chain, from production to fuel cells. However, years of mispriced supply contracts resulted in substantial losses for the company and caused the gross margin to plummet to a dramatic -92% in 2024. Under new management, however, Plug Power hit the brakes hard with its restructuring program, Project Quantum Leap, and was able to increase annual revenue in 2025 by 12.9% to approximately USD 710 million. In the fourth quarter of 2025, Plug Power returned to a positive gross margin of 2.4% for the first time. Despite a net loss of USD 245.3 million in the first quarter of 2026, which was heavily influenced by accounting effects related to convertible bonds, management is targeting positive adjusted EBITDAS for the fourth quarter of 2026. A positive operating result is not expected until the end of 2027. A government loan guarantee of USD 1.66 billion is enabling construction projects for liquefaction plants. It seems the company needs this help more urgently than ever. Despite its modest successes, things are not running smoothly at Plug Power.

dynaCERT: HydraGEN™ Makes Diesel Cleaner

While traditional hydrogen companies are struggling, the Canadian company dynaCERT is taking a completely different approach. dynaCERT relies on its HydraGEN™ retrofit technology, which does not replace existing diesel engines but rather optimizes them. Through the electrolysis of distilled water, the system produces pure hydrogen and oxygen directly onboard the vehicle. The gas mixture enters the cylinders via the air intake tract. There, the hydrogen increases the flame speed and noticeably improves the combustion behaviour of conventional fuel. Field tests have already yielded convincing results in terms of efficiency and sustainability. With its technology, dynaCERT primarily targets heavy mining vehicles, logistics fleets, and stationary generators for which battery-electric powertrains are not yet an affordable option in the short term.

Through specialized distribution partners such as H2 Tek, the junior company has succeeded in bringing its technology into practical use at international commodities giants. For example, a major international mining group purchased four high-performance units from the HG6C series as early as 2022 for a 4.5-megawatt diesel generator in Voisey's Bay, Canada. In addition to selling retrofit kits, the business model relies on the monetization of verified carbon credits. Following an audit, dynaCERT received official certification for its CO₂ accounting methodology from the standardization organization Verra. Using the company's proprietary telematics software, HydraLytica™, fleet operators comprehensively track actual fuel savings and convert reduced emissions into tradable carbon credits. This creates an additional financial incentive for mining operators to use dynaCERT's HydraGEN™ technology.

dynaCERT Sees Initial Success: How Is the Stock Performing?

In addition to field trials in the mining sector, dynaCERT is expanding its global sales partnerships to generate orders. Contracts in South America and projects in Vietnam are expected to open up new sales channels for the company. For dynaCERT, it is crucial that the company can turn these contacts into strong business relationships and major contracts. Investors should therefore closely monitor the company's news releases. The current high energy prices and growing pressure for industry transformation could present a tangible opportunity for dynaCERT. Given its current market capitalization of only about CAD 60 million, the company is in an exciting phase.