Iran War: Threat for Siemens Energy, Opportunity for Pure One & Plug Power?

Pure One: Will the Natural Gas Subsidiary Drive the Stock Price?

Geopolitical tensions in the Middle East are driving up energy prices worldwide—and could thus accelerate a structural shift. Even in the US, which is generally considered energy self-sufficient, trips to the gas station are becoming increasingly expensive. This is likely to change the traditionally rather critical view of renewable energy. In sectors where natural gas is irreplaceable, companies are looking for alternative suppliers. Countries like South Korea have already announced plans to intensify their search for new sources of supply. Pure One stands to benefit from both of these developments. This makes the small-cap stock from Australia a potential high-flyer.

Pure One has repositioned itself over the past year and built a diversified cleantech portfolio. In the commercial vehicle sector, the company is developing its own platforms for battery electric vehicles (BEVs), hydrogen fuel cells (HFCs), hybrid solutions, and innovative battery-swapping concepts. This is complemented by a battery leasing and exchange system designed to enable rapid and scalable fleet electrification. The company is currently seeking partners for this initiative.

In addition, Pure One holds a majority stake in the newly listed Eastern Gas. To focus on the cleantech sector, the subsidiary was listed on the ASX on February 26, 2026, under the ticker symbol EGA. Pure One continues to hold a 69.4% stake, thereby securing significant exposure to the gas market. Eastern Gas is a gas explorer with two promising production areas in the prolific Cooper Basin on Australia's east coast. From there, the company plans to supply liquefied natural gas (LNG) globally in the future. Pure One's stake in Eastern Gas is currently valued at approximately AUD 10.6 million, representing more than one-third of its own market capitalization of approximately AUD 26.5 million.

The company started 2026 on an optimistic note. Global reach has been expanded through new partnerships in South America, the US, and Australia. By the turn of the year, Pure One already had supply agreements in place with several companies for commercial vehicles powered by hydrogen fuel cells and batteries. Incidentally, these include the German company Heidelberg Materials.

Plug Power: Will the Stock Break Out?

While Pure One aims to take off this year, Plug Power is struggling to reach the break-even point and thus to survive. In November 2025, Plug Power's stock slipped below the USD 2.50 mark. In March of this year, it was even trading at USD 1.70. A new attempt is currently underway to overcome the resistance at USD 2.50. In the current environment of surging oil and gas prices, this might even succeed. However, this does not mean the internal problems of the former hydrogen high-flyer are anywhere near resolved. Despite a heavily loss-making business model, the company still has a market capitalization of USD 3.4 billion. In addition, Plug Power received approval this year to double the number of shares. This would therefore massively dilute existing shareholders.

And how are operations progressing? Plug Power recently secured a major contract with Hy2gen to build a 275-megawatt PEM electrolyser system - one of the largest single orders the company has received to date in this segment. The plant is intended to produce low-emission ammonia, which will subsequently be converted into ammonium nitrate for use in the mining industry.

The plant is being built in the Canadian province of Québec and is expected to benefit from the hydropower available there. As part of the contract, Plug Power will be responsible in particular for technical planning, system integration, and optimizing plant performance. The company highlights the high efficiency and flexibility of its PEM technology, which is suitable for industrial applications. The contract also builds on an existing partnership between the two companies, which have already collaborated on previous hydrogen projects in Europe.

In addition to its operational development, Plug Power appears to be increasingly focusing on retail investors. CEO Jose Luis Crespo will host a public Q&A session on Reddit on April 16. During this live session, management plans to provide insights into strategy, market positioning, and operational priorities.

Siemens Energy: Impact on Demand?

Siemens Energy's stock has recently taken a brief breather. After the DAX-listed company's stock hit an all-time high of around EUR 171 in late February, it is currently trading just under EUR 150. This is, of course, no cause for panic. So far this year, the stock has gained about 22%, and over the past 52 weeks, it has risen by more than 200%. Whether and how rising gas prices will affect demand for gas-fired power plants is not yet clear. This is important for Siemens Energy, as AI companies in the US rely heavily on natural gas to supply their data centers with energy quickly and reliably. If these companies were to look for alternatives, this would have massive implications for Siemens Energy. With a current valuation of over EUR 128 billion, nothing can go wrong on the operational side.

The company is currently in its quiet period. This ends with the release of the figures for the second quarter of fiscal year 2025/2026 on May 12, 2026.

Analysts recently reaffirmed their "Buy" recommendations. Deutsche Bank estimates the fair value of this DAX high-flyer of recent years at EUR 180. Bernstein is somewhat more conservative. Analysts expect strong quarterly results and have reaffirmed their price target of EUR 150.

The majority stake in Eastern Gas could be a major catalyst for Pure One if investors shift their focus to natural gas projects outside the Middle East. The company's technology-neutral core business also presents growth potential. Plug Power, meanwhile, is known for occasional price surges, but it is far from being a bargain and is not a must-own for long-term investors. The company's newfound focus on the Reddit community, known for speculative trading, is more of a red flag. Siemens Energy, in contrast, remains a core holding in the energy sector. It is practically fully booked for the coming years, but given its high valuation, any missteps could be costly.