Hydrogen transition: How dynaCERT, Plug Power, and Ballard Power Systems are decarbonizing the transportation sector

dynaCERT focuses on transition technology

The Canadian company dynaCERT targets the extended service life of diesel trucks and mining equipment, often exceeding ten years, by making them more climate-neutral. Its in-house HydraGEN™ technology is a retrofit solution for existing combustion engines and uses an electrolysis system to generate hydrogen and oxygen from distilled water as needed. Independent analyses by the PIT Group in Montreal and Continental EMITEC in Germany verify that using this system reduces fuel consumption by 6 to 19% and nitrogen oxides by up to 88%. The dynaCERT process feeds the generated gases into the engine's air intake tract, where they act as a catalyst to increase the combustion speed of the diesel and lower the combustion temperature. Fleet operators can thus operate their vehicles in a more environmentally friendly manner without compromising payload or range.

Telematics and scaling of carbon markets

A key component of dynaCERT's business model is the connection of the hardware to the cloud-based HydraLytica telematics platform. This system records vehicle performance data in real time and calculates the emissions saved. Following successful certification by the Verra organization in 2025, dynaCERT and its customers will be able to monetize these savings as carbon credits. Analysts at GBC Research forecast that this recurring software and service business will increase the company's revenue to CAD 21.0 million in 2026, coupled with the achievement of profitability. With a commercial presence in over 50 countries, sales are currently focused on high-value markets such as mining in Australia and Brazil and port logistics in Europe.

While dynaCERT increases the efficiency of existing combustion engines, Plug Power is working on the infrastructure for the hydrogen transition. The business model spans the entire hydrogen value chain, from electrolysis to liquefaction and storage to the final refueling infrastructure. The company started 2026 with a focus on financial consolidation and initiated the so-called Project Quantum Leap to reduce operating costs. By the end of 2025, Plug Power had already reduced its operating cash burn by over 50% sequentially and, at the same time, delivered a 100 MW system for the Galp site in Portugal. More than 230 MW of GenEco electrolyser programs are currently being implemented worldwide. In the third quarter of 2025, the group generated revenue of USD 177.06 million and, with over 285 fueling stations installed, is positioning itself as a global player in the development of the necessary infrastructure.

Financing and leadership change at Plug Power

To ensure liquidity in this capital-intensive segment, Plug Power is focusing on new partnerships outside the traditional transportation sector. A strategic agreement to monetize electricity rights with a major US data center developer aims to release over USD 275 million in liquidity in the first quarter of 2026. The use of hydrogen fuel cells as a power source for the construction of data centers in the field of artificial intelligence opens up new sources of revenue for the company. The implementation of the USD 8 billion sales pipeline will fall under the responsibility of Jose Luis Crespo, who will take over as CEO from Andy Marsh in March 2026. This personnel realignment underscores the company's commitment to efficiently converting operational orders into profitable growth.

Ballard Power Systems is another well-known hydrogen stock. As a technology supplier, the company focuses on the development and production of PEM fuel cell stacks for heavy-duty equipment manufacturers. The company draws on comprehensive operational data, as vehicles with Ballard powertrains will have covered over 250 million km in real-world road use by early 2026. Under the leadership of CEO Marty Neese, who took office in 2025, the group is undergoing a phase of optimizing existing production sites in Canada, Denmark, and China, while plans for a gigafactory in Texas are on hold for the time being. Through this strategic focus, management is aiming to reduce annual operating costs by at least 30% in 2026. At the same time, Ballard launched the ninth generation of its modules under the name FCmove SC series. These systems offer 30% more power with 25% higher power density and reduce components by 40%, which should lower manufacturing costs and reduce the risk of errors for vehicle manufacturers.

Commercial momentum on rail and sea

The business models of dynaCERT, Plug Power, and Ballard Power Systems form a comprehensive value chain around the decarbonization of transportation. In their study on long-distance transport, analysts at McKinsey note that hydrogen filling station operators can break even at a utilization rate of 55%, which corresponds to approximately seven long-distance trucks. This industrial momentum is being supported by subsidy programs such as the 45V tax credit from the US Inflation Reduction Act, which subsidizes domestic hydrogen production with up to USD 3 per kilogram. In Europe, the European Hydrogen Backbone initiative is accelerating the expansion of a pipeline network that is expected to cover a length of over 58,000 km by 2040. Companies in the fields of retrofitting technology, infrastructure, and drive engineering are finally finding the structural conditions they need to grow competitively in this environment. While Plug Power and Ballard Power are heavyweights in industry, dynaCERT, which has made progress in the port business in recent quarters, remains the more speculative play given its market capitalization of approximately CAD 50 million. Opportunity-oriented investors may take advantage of this.