Nel ASA Soars! RENK and First Hydrogen Bet on Robots!

First Hydrogen: Share Gains Momentum with "Drones-as-a-Service"

The shares of First Hydrogen are currently making a comeback. Over the past four weeks, the stock has risen by around 40%. Nevertheless, the technology company's stock is valued at less than EUR 15 million. The current price stands at EUR 0.30. To reach its 52-week high of EUR 0.84, the share would need to more than double.

There are certainly reasons for prices to continue rising. This is because the company is now active in three exciting, future-oriented fields. Most recently, it announced its entry into the development of robots for military and civilian purposes. To this end, First Hydrogen has acquired the exclusive rights to a patented, unmanned, AI-based ground vehicle. The autonomous platform is designed for use in logistics, security, and industry. **The technological unique selling point lies in a hybrid powertrain combining solar, battery, and hydrogen, which, in combination with an eight-legged wheel system, enables high mobility in difficult terrain. Thanks to its modular design, the robot can be reconfigured for various tasks, such as material transport or emergency operations. Commercialization is planned as Drones-as-a-Service ("DaaS"). First Hydrogen intends to offer the products, including pilots, on a subscription basis.

This is not the first time First Hydrogen has linked its existing hydrogen strategy with another industry. The technology company is already conducting research on compact nuclear reactors (Small Modular Reactors, or SMRs). These decentralized energy sources are intended to supply the electricity needed for emission-free hydrogen production in the future. This approach is currently a major focus, particularly in the US, as the AI industry's high energy demands are difficult to meet.

RENK: Where Is the Momentum?

Like First Hydrogen, RENK is also betting on robots. Most recently, the defence contractor, known for its transmissions, reported a contract in the field of autonomous defence systems. The Augsburg-based company announced that it had been commissioned to deliver a comprehensive propulsion package for an unmanned surface vessel (USV) belonging to a NATO member state. The system, which is scheduled for delivery as early as August 2026, includes electric motors, couplings, and gearboxes and marks an important step in the group's strategic focus on unmanned maritime platforms.

The project's focus is on a modular, rapidly deployable design that can be adapted to various maritime operational scenarios. According to RENK, the integrated components not only enable flexible installation across different ship classes but also optimize operating costs over the entire lifecycle. With this contract, the company underscores its ambition to go beyond traditional propulsion technology and act as a system provider for state-of-the-art, unmanned technologies on land and at sea.

The announcement had no positive effect on the share price. The stock is currently trading just under EUR 58, the same level as at the beginning of the year. It remains a long way from its all-time high of EUR 92 reached in October 2025.

Even several positive analyst comments in recent days have been unable to counter the generally negative sentiment. Jefferies is particularly bullish at the moment. The analysts estimate the fair value of RENK shares at EUR 78. Management reportedly made a positive impression during the last meeting regarding order intake and operational performance.

Nel ASA: Unstoppable

Nel ASA's stock continues its impressive rally. Just yesterday, the stock of the former hydrogen favourite surged by over 15% and was trading at EUR 0.28 in the afternoon. This brings its gains to 36% over the past five trading days and nearly 50% over the past two weeks.

The reasons can really only be a short squeeze and the hope that Nel, or the hydrogen industry as a whole, could benefit from the current energy crisis. Operationally, there is little to report. Following yet another disappointing set of quarterly results, a small order was received.

Nel has received an order in the US for PEM electrolysers valued at approximately USD 7 million. The customer is the US utility company Douglas County Public Utility District (DCPUD). The systems will be manufactured at Nel's US plant in Connecticut. Delivery is scheduled for the first half of 2027, after which the system will go into operation. This is the first project of its kind in which a public utility company owns and operates the facility for producing green hydrogen.

The primary purpose of the electrolysers is grid stabilization. Instead of constantly starting and stopping the generators at the associated hydroelectric power plant, the facility uses excess electricity to produce hydrogen. This significantly reduces mechanical wear and tear and maintenance costs for the turbines. The renewable hydrogen produced in this way is then to be used as high-quality fuel in the region.

Additionally, it was reported last week that an insider purchased Nel shares. Specifically, Chairman Arvid Moss bought 100,000 Nel shares. He previously owned none. However, this alone is unlikely to be the reason for the sharp rise in the share price.

From an operational perspective, the rally at Nel ASA appears exaggerated. The latest quarterly report was rather alarming. It could be a short squeeze. First Hydrogen is making a comeback. The move into the robotics sector looks promising. In contrast, RENK continues to lack momentum. The market clearly wants to see major orders.