Nearly 2,000% returns! Siemens Energy, Nel ASA, and First Hydrogen shares! Hydrogen or SMR nuclear power!

First Hydrogen: SMR research picks up speed

The development of small modular reactors (SMRs) is of strategic importance to the US government. In the future, they are expected to meet the enormous energy demands of artificial intelligence and quantum computing. The latest example of the US going full throttle on this issue is the funding of two projects totaling up to USD 800 million. The state-owned energy supplier, Tennessee Valley Authority, and the private company Holtec are each to receive up to half of this sum. Both companies plan to develop and build decentralized SMRs by the beginning of the next decade.

Will First Hydrogen also benefit from subsidies in the future? The Canadian technology company announced in June of this year that it would enter the SMR sector. It has brought a strong partner on board for research. Together with the University of Alberta, it plans to conduct research into designs and reactor fuels for small modular reactors (SMRs). It recently announced that, in an initial phase, it will select substitute mixtures that mimic the thermophysical behavior of uranium-containing fuel salts and a mixture of basic molten salt. The goal is to eliminate the use of uranium.

Not only will suitable molten salt mixtures be analyzed, but the availability and regulatory requirements for their large-scale practical application will also be examined. Molten salt fuels are gaining importance in the delivery of safe, efficient, and flexible nuclear energy. Unlike conventional solid fuel rods, molten salt fuel can circulate through a reactor core. This enables safer operation and more efficient heat transfer.

Dr. Manzoor, head of research at the University of Alberta, said: "We are excited to officially launch this molten salt fuel project with First Hydrogen. We intend to engage high-level scientists and implement low-risk approaches in our laboratory-scale experiments, while supporting First Hydrogen's future goals for molten salt fuels in SMRs."

Nel ASA: New hope after -90%?

Despite much praise as the energy of the future, the hydrogen market has still not taken off. Now, the industry is getting a new boost from the EU's Hydrogen Mechanism. This new matchmaking platform is designed to bring together supply and demand and provide information on available financing instruments. The aim is to increase market transparency, organize regular "matching rounds," facilitate access to funding and financing opportunities, and provide guidance on infrastructure planning. In November 2025, the Commission launched the first call for expressions of interest.

This could provide tailwind for equipment suppliers such as Nel ASA – and, incidentally, First Hydrogen, which also has a hydrogen business segment. In particular, the increasing financial viability of new electrolysis projects could boost demand for PEM and alkaline electrolysers.

The Norwegians could certainly use some dynamic demand. Growth and order intake have left much to be desired in the current year. The share price has lost around 16% of its value in the current year and around 90% over the past five years.

Siemens Energy: On the way to a 2,000% return

The incredible resurrection of Siemens Energy is also closely linked to the AI energy boom in the US. In the fall of 2023, business was so bad that parent company Siemens refused to provide guarantees, and the federal government had to step in as a savior. At that time, the stock was trading below EUR 8 at times. Today, it is trading above EUR 117. The federal government was paid back, and the order books for the coming years are full. Even Gamesa, once a problem child, has now recovered.

Analysts are overwhelmingly bullish. Bank of America, for example, sees the fair value of Siemens Energy shares at EUR 170 and recommends buying. Analysts see the German company as the clear winner of the boom in AI data centers. And the DAX-listed company is also involved in areas such as energy security and electrification. On Thursday, JPMorgan raised its price target for the stock from EUR 100 to EUR 160, and the rating was raised from "Neutral" to "Overweight." Analysts are enthusiastic about Siemens Energy's growth prospects for the coming years. They say the Company is a real free cash flow machine.

It will be exciting to see where the energy for AI and other technologies will come from in the coming years. It is undisputed that only a mix of different sources will be able to meet demand to any extent. Siemens Energy appears to be involved in almost all trends in industry. First Hydrogen can benefit from SMR and hydrogen. Nel ASA has only disappointed this year.