October 8th, 2021 | 12:19 CEST
Nel ASA, dynaCERT, Plug Power - Hydrogen is part of the energy turnaround
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"[...] Why should a modular electrolyzer cost more than a motorcycle? [...]" Sebastian-Justus Schmidt, CEO and Founder, Enapter AG
Nel ASA - Downward trend continues
Nel ASA has benefited more than almost any other company from the hype surrounding hydrogen. The share flew high and was thus also able to fall low. The share price soon reached the starting point of the hydrogen rally. The Company has been recognized for years for its water electrolyzers and hydrogen refueling systems. But even at Nel ASA, the main problem is the excessively high hydrogen price per kilogram.
Since September 24, the Company has received three orders, some of them larger. The first was an order for an alkaline water electrolyzer with a capacity of 5 MW for the world's first 100% hydrogen heating network on the east coast of Scotland. The plant will produce up to 2,093kg of green hydrogen per day. Four days later, the Company secured an order for a hydrogen refueling station in France. It is the first project in that country. On September 30, another hydrogen filling station followed in Sweden.
But all the news fizzled out, and the share price marked a new low for the year at 11.89 Norwegian kroner (NOK) on October 6. At the same time, this also broke another support level. The following support is waiting at NOK 11.20. Currently, the Company still has an impressive market capitalization of NOK 18.1 billion. As an investor, one should only enter after a break of the trend line.
dynaCERT - Waiting for news
dynaCERT has chosen its own approach to contribute to the achievement of climate targets. Large diesel vehicles are expected to produce fewer emissions by using HydraGEN technology. The technology generates hydrogen and oxygen through electrolysis and uses these additives to optimize combustion. The result is fewer pollutants, lower fuel consumption and longer engine life.
The news situation has been thin of late. The Annual General Meeting was held on September 30, and shareholders unanimously approved all resolution items. In interviews a while ago, the CEO had admitted that the Corona pandemic had hit the Company hard. But perhaps it was also due to the election campaign in Canada. In Canada's National Observer on October 6, he called out to the government that now that the election campaign is over, it must also address the sustainability issues as promised. dynaCERT would also benefit from this.
Until then, it is a matter of waiting for news. One possibility that could boost the share would be the receipt of CO2 certificates if HydraGEN is installed. Management has been working on this during the Corona period. This approach would be a great selling point since these allowances will continue to rise in price over the coming years. The stock is currently falling without much news, trading at 0.21 Canadian dollars (CAD). The next support is waiting at CAD 0.17, marking a multi-year low.
Plug Power - Lots of good news
Unlike many other hydrogen suppliers, the Plug Power share has not seen any new lows since May 11. However, the Company has also been very busy. In mid-September, it announced its expansion into Germany, more specifically North Rhine-Westphalia. The Company expects to be able to form partnerships in Europe more quickly and gain better customer access. The site will cover a total of 70,000 square meters and will serve as the Company's European headquarters and innovation center.
On September 20, the Company announced the construction of a state-of-the-art production facility in Fresno County. It is expected to be the largest green hydrogen production facility on the West Coast of the United States. It is to produce 30t of green hydrogen per day. A 300-megawatt solar farm will supply the power. In addition, a wastewater treatment plant is to be built to supply the city of Mendota with recycled water. The Company wants to produce 500t of green hydrogen by 2025 and thus significantly reduce the price of hydrogen.
On October 6, it was announced that Plug Power has entered into a joint venture with SK Group, the third-largest conglomerate in South Korea. The stated goal is to create a hydrogen ecosystem. Plug Power is contributing the hydrogen technology, and SK Group is providing the energy infrastructure and its network. The Gigafactory is expected to be completed by 2024. As a result, Plug Power's influence in Asia is also growing.
All three companies are committed to sustainability. Nel ASA has been in the market for a long time, but things are relatively slow at the moment. dynaCERT has a finished product but has been thwarted by Corona. Here one has to wait for news. Plug Power seems to be the furthest along at the moment and is expanding in all directions. As soon as the price of hydrogen falls, it will make its contribution to the energy transition.
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