December 30th, 2025 | 07:00 CET
HYDROGEN STOCK with 10x POTENTIAL! Nel ASA, thyssenkrupp, and dynaCERT are starting the new year in different ways
Hydrogen stocks have had a challenging year. However, analysts see the potential for 10x growth in the new year, specifically, for the cleantech company dynaCERT. Operational tailwinds are coming from market entry in Mexico and sales successes in Europe. Successes in Asia are expected to follow in 2026. The decisive factor for 2026 will be whether dynaCERT makes progress in terms of order volume, capacity utilization, and recurring revenues. With its retrofit solution, dynaCERT is setting itself apart from large plant manufacturers such as thyssenkrupp nucera and Nel ASA. Analysts praise the former for its efficient structures and full coffers. The other is aggressive despite its share price being at an all-time low.
time to read: 4 minutes
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Author:
Fabian Lorenz
ISIN:
NEL ASA NK-_20 | NO0010081235 , THYSSENKRUPP AG O.N. | DE0007500001 , DYNACERT INC. | CA26780A1084
Table of contents:
Author
Fabian Lorenz
For more than twenty years, the Cologne native has been intensively involved with the stock market, both professionally and privately. He is particularly passionate about national and international small and micro caps.
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dynaCERT share: Candidate for 10x
Analysts at GBC Research see dynaCERT's share as a candidate for a tenfold increase. In their view, the fair value of the share is EUR 0.48. The cleantech company's stock is currently trading at EUR 0.045. Like so many in the sector, dynaCERT shares have struggled in 2025. However, GBC analysts see positive developments that could pay off in 2026. These include the order from Hydrofuel Technologies for 100 HydraGEN units. This marked the Company's entry into Mexico, one of the largest markets for diesel trucks worldwide. By granting Hydrofuel distribution rights for Mexico and Texas, dynaCERT has also brought a strong distribution partner on board. In addition, there have also been distribution successes in Europe. The French port of Rochefort Tonnay Charente is using HydraGEN technology in its cranes. Several months of testing confirmed that dynaCERT's technology significantly improved the greenhouse gas balance.
Bernd Krüper, President & Director of dynaCERT, also expressed optimism in his recent presentation at the IIF investor conference. dynaCERT positions itself as a cleantech company for reducing emissions and fuel consumption in existing combustion engines, especially in the diesel sector. At the heart of the solution is a retrofittable electrolysis box that generates hydrogen and oxygen on demand from distilled water and feeds it directly into the air intake tract. Because generation only takes place when the engine is running, no hydrogen storage is necessary. The gas mixture improves combustion, reduces fuel consumption and CO₂ and pollutant emissions, and relieves the burden on exhaust aftertreatment systems. The current hardware portfolio is geared toward heavy trucks, mining equipment, the oil and gas industry, and stationary generators in continuous or peak shaving operation. However, it is also technically possible to use it in ships and diesel locomotives. In addition to the hardware, Bernd Krüper emphasized the HydraLytica software platform as a strategic element. It will enable real-time, data-based verification of consumption and emission reductions, thus creating the basis for "premium" carbon credits that operators and dynaCERT can additionally monetize.
Krüper emphasized that dynaCERT needs to significantly increase volume and revenue in order to utilize production capacity, enter series production, and reduce costs. At the same time, recurring revenues are to be built up through software subscriptions (HydraLytica) and carbon credits, which are expected to start "hopefully soon." In addition to Europe, he also sees new opportunities in Asia (especially Vietnam as a new focus market).
https://youtu.be/XNhZCEduRwE?si=ULnX-LVTnIB7Tmx9
thyssenkrupp nucera: Major order and analysts fuel Christmas rally
At dynaCERT, small amounts of hydrogen are needed to make existing engines more environmentally friendly and efficient. German hydrogen hopeful thyssenkrupp nucera, on the other hand, is focusing on large-scale electrolysis plants. Demand has been sluggish for years. The share price has lost around 21% of its value and is trading at EUR 8.70. The issue price at the IPO in summer 2023 was EUR 20.
The share price ended the year with at least a small Christmas rally. Tailwinds came from a major order and reasonably positive analyst comments. thyssenkrupp nucera received an order from the Middle East to supply a chlor-alkali plant. The order volume is said to be in the high double-digit million euro range.
RBC subsequently confirmed its "Outperform" rating for thyssenkrupp nucera shares. The price target is EUR 15. Deutsche Bank reduced its price target from EUR 12 to EUR 11, but still upgraded the share from 'Hold' to "Buy."
Nel ASA: Aggressive start to the new year
Nel ASA shares are starting 2026 at around EUR 0.19. This means that the former investor favorite is trading at virtually an all-time low. The Norwegians are starting the new year on an aggressive note. After a seven-year development program, the final investment decision has been made to build up to 1 GW of production capacity for next-generation pressurized alkaline technology at the Herøya site. According to the decision, the production of clean hydrogen using the prototype and the scaling tests at Herøya Industripark have been positive and have confirmed "market-leading" system efficiency. The new platform is expected to significantly improve the economic viability of green hydrogen by reducing costs and increasing energy efficiency. This will enable projects that were previously only viable with high subsidies. Nel expects commercial launch in the first half of 2026 and industrial-scale delivery capability from 2027.
Technically, Nel is relying on a fully modularized, skid-based design: prefabricated and factory-tested modules are delivered as standardized container skids, which is intended to simplify engineering, logistics, and installation and transform projects into more productized delivery models. In addition, the system can be operated outdoors, which can reduce the costs of infrastructure such as buildings. The project is financially supported by the EU Innovation Fund. Nel will receive up to EUR 135 million for the industrialization of the platform. At the same time, Nel announced that it would review the book values of the two currently idle 500 MW atmospheric alkaline lines in Herøya as part of the new platform.
The announcement has not yet helped the share price.
There will be winners and losers in the hydrogen sector in 2026. dynaCERT could surprise on the upside. To do so, it will need to win more customers and increase production capacity utilization. There is currently no urgent need to buy Nel shares. First, large orders are required. thyssenkrupp nucera could emerge as the winner from industry consolidation. It is efficiently positioned and has a well-filled cash register.
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