ITM Power, dynaCERT, Nel ASA – Maximum Rebound Potential

ITM Power – New Market

The alternative energy sector is currently undergoing a phase of reorientation. In light of global geopolitical tensions and wildly fluctuating fossil fuel prices, pressure is mounting worldwide to make energy supplies more crisis-resistant. Additionally, the rapid rise in electricity demand driven by new technologies is fueling the hunger for clean energy. In this volatile yet promising environment, green hydrogen is once again coming into sharp focus. Electrolyser manufacturers that demonstrate cost discipline are benefiting significantly during this phase from extensive government subsidies to rapidly and efficiently expand local production capacities.

The British company ITM Power recently achieved a groundbreaking strategic success through a far-reaching partnership with the German defense conglomerate Rheinmetall. At the center of this is the so-called "Giga-PtX Project," which aims to establish a European network for the decentralized production of synthetic fuels. In the future, these fuels are intended primarily to supply NATO forces, thereby making military supply chains less dependent on conventional oil imports. ITM Power is contributing its high-performance PEM electrolysers for hydrogen production, while Rheinmetall is responsible for system integration and logistical connectivity. For the British company, these planned 50-megawatt plants open up a completely new and lucrative market in the defense sector.

These developments sparked great euphoria in the financial markets. Initially, the British government jumped on board with a £40 million investment package. ITM shares staged a rapid rally and more than doubled in value compared to the start of the month. Despite the strong fundamental momentum, technical analysis calls for caution. The shares are currently considered extremely overbought, making a price correction very likely in the near future. Market observers, therefore, advise interested investors against panic buying. It is recommended to wait out an expected pullback and only then gradually build up positions, as ITM Power continues to burn through capital operationally despite well-filled order books.

dynaCERT – Further Potential

The energy company dynaCERT has also managed to break significantly away from its yearly lows in recent weeks, with its share price doubling to CAD 0.16 since early February. However, there is more to this movement than just general market sentiment. dynaCERT addresses one of the industry's most pressing problems: surging fuel costs. With its patented HydraGEN™ technology, hydrogen is generated directly in the vehicle and fed into the combustion process. The results include more efficient ignition, lower fuel consumption, and measurable savings of up to 19.2% on diesel.

The economic leverage is enormous. According to the company, the technology pays for itself in about seven months for fleet operators with an annual mileage of approximately 200,000 km. Additionally, operating costs decrease due to a reduction in DEF consumption of up to 51% and longer maintenance intervals. This transforms a technical innovation into a clearly calculable business model—a decisive competitive advantage, especially in times of high energy prices.

At the same time, dynaCERT provides a solution to rising regulatory requirements. The technology cuts nitrogen oxide emissions by up to 88% and reduces particulate matter by over 50%. Through its proprietary HydraLytica™ platform, these savings can be converted into CO2 credits, creating additional revenue streams. The growth story is supported by a newly appointed leadership team led by CEO Kevin Unrath and solid financing. With a global presence in over 55 countries and applications ranging from transportation to heavy industry, the foundation for scaling is now in place.

Nel ASA – Disappointing Figures

Hydrogen company Nel ASA looks back on a challenging first quarter of 2026, which was marked by a significant slowdown in business momentum. While revenue fell year-over-year to NOK 148 million, the group did manage to slightly stabilize its operating losses and net income. Nevertheless, the financial situation remains strained, with a net loss of NOK 144 million. Observers viewed the decline in new business as particularly alarming. Order intake plummeted by 73%, which consequently also noticeably reduced the order backlog. Despite a still-solid order backlog of around NOK 1.1 billion, these figures highlight the current reluctance to invest within the sector.

A new project success in the United States provided some positive sentiment in the latest reporting. Here, Nel ASA was able to conclude a contract for the supply of a PEM electrolyser with a financial volume of approximately USD 7 million. This deal underscores the continued relevance of the North American market for the Norwegian company. This news was accompanied by activity within the company's management. Board Chairman Arvid Moss took advantage of the current share price to make a personal investment, purchasing 100,000 shares. Such purchases by insiders are often interpreted as a strategic vote of confidence in the company's long-term vision. Nevertheless, sentiment on the stock market remains subdued. The release of the quarterly figures triggered a sharp sell-off, during which the stock temporarily lost over 10% of its value and slipped to a level around EUR 0.20. Analysts, such as those at the investment bank RBC, remain cautious and maintain a "Sector Perform" rating. With a price target of NOK 3, experts signal that fundamental progress is lacking to justify a sustained rally. Critics also point to the discrepancy between the company's still-high market capitalization and its weak operating profitability.

ITM Power is tapping into a new billion-dollar market with the Rheinmetall deal, but it remains vulnerable to setbacks in the short term. dynaCERT impresses with immediately measurable savings and a scalable business model in a high-price environment, while Nel ASA reported weak quarterly results.