Close menu

January 4th, 2023 | 18:21 CET

Nel ASA, dynaCERT, Plug Power - The future of sustainable energy is now!

  • Hydrogen
  • greenhydrogen
  • Energy
Photo credits:

The hydrogen market is an integral part of the energy transition, as hydrogen is a clean alternative to fossil fuels. A wide range of applications are possible with hydrogen. Now that Germany is giving up Russian gas, independence from other gas suppliers is also the goal. Saxony-Anhalt's Chairman of the Conference of Energy Ministers, Armin Willingmann, is therefore calling for the industrial production of green hydrogen. With the expansion of renewable energies, the storage of surplus electricity as green hydrogen is a sensible solution. We, therefore, take a look at three companies that have developed their products around hydrogen.

time to read: 4 minutes | Author: Armin Schulz
ISIN: NEL ASA NK-_20 | NO0010081235 , DYNACERT INC. | CA26780A1084 , PLUG POWER INC. DL-_01 | US72919P2020

Table of contents:

    Dirk Graszt, CEO, Clean Logistics SE
    "[...] We can convert buses and trucks to be completely climate neutral. In doing so, we take a modular and incremental approach. That means we can work with all current vehicle types and respond to new technology and innovation [...]" Dirk Graszt, CEO, Clean Logistics SE

    Full interview


    Nel ASA - Record order intake

    One of the most prominent European players, Nel ASA, could benefit from an intensification of the expansion of hydrogen production. The EU has launched a EUR 5.4 billion fund to support hydrogen projects, and as long as energy prices remain high, the situation for the hydrogen market will hardly deteriorate. On the other hand, the former CEO of Nel ASA sold about 75% of his shares last year. That does not exactly show confidence in the Company he led. However, he remains connected to the Company as a member of the supervisory board.

    In Q3 2022, Nel ASA's revenue and EBITDA declined due to increased costs and a decline in the refueling segment. Higher start-up costs, more staff and logistics issues were expected to impact margins. The Company's order intake reached a new record of NOK 775 million. On December 20, a subsidiary announced an agreement with an unnamed US energy company to reserve capacity for 16 hydrogen refuelling stations in the United States. The agreement is valued at approximately USD 7 million, and the final order, estimated at around USD 17 million, is expected to be signed in the first half of 2023.

    Also in the US, the Company has partnered with General Motors (GM) to further develop and industrialize Nel's PEM electrolyzer platform. This collaboration aims to combine GM's fuel cell expertise with Nel's electrolyzer experience to create more economical sources of green hydrogen. Nel will pay GM for its development work and intellectual property transfer and will pay a royalty upon successful commercialization. The stock is currently priced at NOK 14.28 and has traded between NOK 13.21 and NOK 14.57 since December 20.

    dynaCERT - Sales pick up significantly

    dynaCERT is a Canadian cleantech company focused on providing carbon emission reduction solutions for the international diesel engine market. Large diesel engines, such as those used in trucks, cause the majority of emissions in transportation. In order to produce fewer emissions, solutions are needed, which are available with dynaCERT's HydraGEN technology. This technology uses electrolysis to generate hydrogen/oxygen gases from distilled water to optimize combustion in the engine. With the Company's HydraLytica vehicle telematics device and software, users can access fuel economy and carbon emissions reduction reports.

    HydraGEN technology in use Source: dynaCERT

    Together with VERRA, dynaCERT is working on obtaining CO2 certificates for emission savings in the future. The process is in its final stages. Once CO2 certificates can be issued, fleet operators should be lining up. Following a near standstill in sales during the Corona period, sales figures are now growing. On December 19, the Company reported 137 confirmed orders for its 4 models, with 112 still to be delivered in 2022. In the third quarter, there were only 9 HydraGEN units sold. Now the pilot projects are paying off, due to which follow-up orders could be generated. In the meantime, vehicles from the mining sector, power generators and road trains equipped with diesel engines are also being fitted with the HydraGEN system.

    CEO Jim Payne commented, "Our products are designed to improve fuel economy and engine performance while significantly reducing CO2 and greenhouse gas emissions. With these results, our patented HydraGEN and HydraLytica product lines demonstrate how our products can help companies meet their ESG goals while benefiting from our current application process for registration of future globally recognized emissions credits." More on the Company can be found at, or watch Jim Payne's presentation from the International Investment Forum on YouTube. The stock is currently trading for CAD 0.18. As a sign of strength, there has been no major selling during the tax-loss season.

    Plug Power - Partnership with Nikola

    The stock of Plug Power, the largest US hydrogen supplier with an almost complete value chain, took quite a beating in December. At the peak, the minus was over 28%. At the same time, Plug Power announced a collaboration with Nikola. Plug Power will supply a hydrogen liquefaction system with a capacity of 30 tons per day (TPD), expandable up to 150 TPD. In addition, Nikola will receive green hydrogen starting January 1, 2023, with volumes increasing to 125 TPD by the end of 2026.

    The contract calls for 80% of the volume to be delivered under a take-or-pay agreement. Nikola plans to produce up to 300 tons of hydrogen per day by 2026 and build up to 60 hydrogen refueling stations. In return, Plug Power will purchase 75 Nikola Tre FCEVs over the next three years, with the first vehicles to be delivered in 2023. The trucks are expected to provide Plug Power's customers with hydrogen while reducing Scope 1 emissions by up to 50%. At first glance, this is a win-win situation for both parties.

    Investors saw it differently and sent the stock on a downward slide. On December 28, the low for the year was marked at USD 11.49. Currently, one share costs USD 12.65. If the sales are based on the realization of losses in order to save taxes, there should be a rebound to at least USD 13.95. Starting January 4, the Company will present at the Goldman Energy Conf in Miami. Around February 7, Q4 numbers should be available. Here the Company has to deliver to win back disappointed investors.

    Even though there is a lot of funding available for renewable energy, the development of hydrogen technology will take some time. Currently, neither Nel ASA nor Plug Power are making money. The same is true for dynaCERT, but their system is immediately economically viable. If the CO2 certificates come, the HydraGEN system could become a money-printing machine.

    Conflict of interest

    Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.

    In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.

    For this reason, there is a concrete conflict of interest.

    The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.

    Risk notice

    Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such.

    The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user.

    The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use.

    Der Autor

    Armin Schulz

    Born in Mönchengladbach, he studied business administration in the Netherlands. In the course of his studies he came into contact with the stock exchange for the first time. He has more than 25 years of experience in stock market business.

    About the author

    Related comments:

    Commented by Armin Schulz on June 17th, 2024 | 06:30 CEST

    BioNTech, dynaCERT, Plug Power - A single piece of news can change everything

    • Hydrogen
    • greenhydrogen
    • Biotechnology

    Share prices are characterized by their high volatility and can undergo significant changes in a short space of time. Often, just one piece of company news can completely change investor confidence. Shares that were previously under selling pressure and were avoided can suddenly become very popular and experience considerable price increases. Examples include Lufthansa, whose share price rose significantly with the end of the COVID-19 pandemic. Market sentiment can turn quickly when negative factors disappear. A single piece of positive company news can prompt investors to become more involved again, significantly increasing demand and, consequently, the share price. We have identified three potential turnaround candidates.


    Commented by Fabian Lorenz on June 12th, 2024 | 07:00 CEST

    Shock at Plug Power! Thyssenkrupp Nucera and Altech Advanced Materials with up to 100% upside potential!

    • Batteries
    • Hydrogen
    • Innovations

    Alarm at Plug Power. After the price jump in May, the share has gone into reverse again and lost 10% of its value in just a few days. Financing worth billions for the struggling hydrogen pioneer is uncertain, bringing the Company's potential insolvency back into the focus of investors. German hydrogen hopeful Thyssenkrupp Nucera received positive analyst comments. Could the share perhaps even double in value? And what is Altech Advanced Materials doing? The shares of the German battery hopeful have bottomed out and may offer an entry opportunity. The market potential for Altech is huge.


    Commented by André Will-Laudien on June 11th, 2024 | 06:45 CEST

    After the European elections: Is it all happening now? Nel ASA, Kraken Energy, Siemens Energy, ThyssenKrupp and Nucera in focus

    • Mining
    • Uranium
    • renewableenergies
    • Energy

    Europe has voted, and the Green parties have suffered historic losses! Now, the energy debate is coming to the fore again. While Germany is focusing entirely on green energy in the future, other countries have long since turned the challenges of the time into action. Nuclear energy remains a "zero-zero solution", making France, the Czech Republic and Poland the biggest climate protection exporters in the EU. This is because many new state-of-the-art reactors are being built here. The electricity market is huge, as Germany alone will have to shut down its gas and coal-fired power plants over the next few years due to the CO2 reduction commitments from the Paris Agreement. This threatens to create a supply gap that can only be filled with alternative energies, nuclear power, or hydrogen. What should investors focus on now?