ITM Power and Nel ASA in Correction Mode – Is dynaCERT Poised for a Breakout?

dynaCERT: On a Growth Trajectory with German Management

dynaCERT shares have performed positively in the current year. Under its new German management, the cleantech company has undergone a significant transformation over the past two years. Now, revenue and earnings are set to increase. The stock has gained around 20% in 2026. CEO Kevin Unrath and President Bernd Krüper gave the impression at the IIF digital investor conference that the stock still has plenty of upside potential.

The company develops technologies to improve the efficiency of internal combustion engines. Its core product is the patented HydraGEN™ technology, which uses electrolysis to generate hydrogen and oxygen on demand and feeds them directly into an engine's air intake system. This is intended to optimize combustion, which, according to the company, enables fuel savings of up to 10% and significant reductions in CO₂, NOx, and particulate emissions.

According to management, a key advantage of the solution lies in the ease of retrofitting existing vehicles and machinery. The systems can be installed within a few hours and require neither hydrogen storage nor an external hydrogen infrastructure. With various product variants, dynaCERT addresses a broad range of applications—from transport vehicles and construction and mining machinery to port cranes and stationary power generators. The offering is complemented by the HydraLytica software platform, which collects operational data, monitors fuel consumption, and serves as the basis for calculating potential CO₂ savings.

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In addition, management reported progress on international expansion. For example, a framework agreement covering a triple-digit number of units was concluded in Mexico, while additional projects in Vietnam and other regions are being advanced. At the same time, dynaCERT has restructured its leadership team, appointing Kevin Unrath as CEO and John Amodeo as CFO, and expanding its Board of Directors to include experts in carbon credits and capital markets. With recurring revenue from its HydraLytica software and potential proceeds from certified CO₂ credits, the company views itself as transitioning from a technology developer to an internationally active provider focused on serial production and growth.

Now the company needs to secure major orders. If it succeeds, dynaCERT's share price could move significantly closer to GBC Research's price target. The analysts see the stock rising to EUR 0.48, compared with a current share price of around EUR 0.072.

ITM Power: Sharp Correction After 200% Rally

While investors in dynaCERT can speculate on a breakthrough, ITM Power has already achieved it. The shares of the British hydrogen company have been one of the positive surprises of recent months. In early April, it was still trading at around EUR 0.70. This was followed within two months by a price explosion up to EUR 2.50. More and more investors have now realized that government subsidies and the upward revision of the revenue forecast to GBP 40-43 million do not justify this price. Accordingly, the share has recently corrected sharply and is currently trading at EUR 1.59. Yet even at this level, the company is valued at around GBP 934 million.

The latest announcement does nothing to change this ambitious valuation. ITM Power has agreed to a partnership with Protium Green Solutions. Together, they plan to develop, finance, and operate industrial facilities for the production of green hydrogen in the UK. The collaboration will initially focus on the Cromarty Hydrogen Project in Scotland, which Protium recently acquired and which has already received funding from the British government. In addition, the companies are exploring various models for future projects, including the involvement of ITM's subsidiary, Hydropulse and Protium's potential acquisition of ITM Power's electrolyzers.

The Cromarty project is expected to produce up to seven tons of green hydrogen daily with an electrolysis capacity of 15 MW. The hydrogen is intended primarily to supply industrial heat and energy applications in the region and to contribute to the decarbonization of businesses not connected to the national gas grid. Protium will handle project development, power procurement, permitting, and hydrogen distribution. The final investment decision (FID) for the project is currently targeted for December 2026. Additionally, around 30 skilled jobs and apprenticeships are expected to be created in the region during the first phase of the project.

Nel: Legal Dispute Settled

Nel's share price has followed a similar trajectory to that of ITM Power, almost doubling in April and May. Over the past 10 days, however, it plummeted from EUR 0.37 to EUR 0.27. Yesterday alone, the stock of the former hydrogen high-flyer lost more than 5% of its value.

In the days prior, the share price had reacted slightly positively to the settlement of a legal dispute. The background involves a lawsuit dating back to 2024. At that time, Iwatani Corporation of America had filed a lawsuit against Nel and companies within the Nel Group, such as Cavendish Hydrogen, in connection with contracts for the supply of refuelling systems and services. Cavendish is no longer part of the Nel Group. The complaint cited technical and operational deficiencies. To settle the dispute, Nel agreed to pay USD 7.5 million, thereby avoiding further legal costs and litigation risks.

According to Nel, the issues were resolved to the satisfaction of all parties. Consequently, Iwatani, Nel, and Cavendish are open to future projects aimed at further developing the hydrogen refuelling station industry.

Analysts continue to view dynaCERT shares positively. The new German management appears to be successfully executing the turnaround. If major contracts are secured now, significantly higher share prices should be possible. ITM Power has shown just how quickly a share price can skyrocket. However, the euphoria was likely a bit too much. This also applies to Nel ASA. Both companies are anything but cheap.