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13. August 2021 | 12:36 CET

NEL, dynaCERT, FuelCell Energy, Plug Power - Is hydrogen about to explode next?

  • Hydrogen
Photo credits:

Not only is the EU tightening its climate targets, but around the globe, more and more countries are decarbonizing their economies. The subject of hydrogen is providing the rainmaking impetus for discussion. Since the closing of ranks on e-mobility, however, it is no longer the focus of attention. However, according to the World Energy Council (WEC) analysis, at least 20 countries that account for almost half of global economic output have adopted a national hydrogen strategy or are at least close to doing so. Leading the way are Japan, France, South Korea, the Netherlands, Australia, Norway, Spain and Portugal. But Russia, China, Morocco and the USA are also working on their strategies. Australia and China are leading the way, while Europe and the Middle East are already doing a lot. We take a look at the premier league of H2 values.

time to read: 4 minutes by André Will-Laudien
ISIN: NEL ASA NK-_20 | NO0010081235 , DYNACERT INC. | CA26780A1084 , FUELCELL ENERGY DL-_0001 | US35952H6018 , PLUG POWER INC. DL-_01 | US72919P2020

Jim Payne, CEO, dynaCERT Inc.
"[...] We are committed to stay as the number one Canadian and global leader in the Hydrogen-On-Demand diesel technology [...]" Jim Payne, CEO, dynaCERT Inc.

Full interview



André Will-Laudien

Born in Munich, he first studied economics and graduated in business administration at the Ludwig-Maximilians-University in 1995. As he was involved with the stock market at a very early stage, he now has more than 30 years of experience in the capital markets.

About the author

Nel ASA - Trembling before the figures

The chattering of teeth can be heard for miles around. Now that Nel ASA has disappointed twice with its figures, investors are cautious about today's announcement. The NEL share has managed to hold its ground in recent days but has lost a full 40% of its value in the last 2 months. Year-to-date, there is already a gap of 18%, so the best entries in the Nel share are already well back into 2020.

Nevertheless - Nel ASA is one of the market leaders in H2 filling station technology and is considered very well connected and positioned in the hydrogen sector. Through several capital increases, the high share price values could also be used to fill the cash box properly. Thus, today's figures could disappoint again, but the risk-averse investor should take hold if the share price does not fall below its support of EUR 1.20.

dynaCERT - Little news, but signs of stabilization

The dynaCERT share has been going down for several months now. Yet, the Canadian H2 device manufacturer can actually develop solutions that provide direct approaches to the climate discussion. dynaCERT is a specialist in on-site CO2 reduction. Logisticians and fleet operators can save up to a fifth of energy by installing an H2 combustion optimizer. Especially for trucks and buses that are in continuous use, dynaCERT is a fast and affordable solution.

The HydraGEN system, which can be switched on, has already been used in several small Canadian towns such as Woodstock City and is also marketed by the European logistics specialist Mosolf. Direct hydrogen supply optimizes combustion by up to 19% for a manageable price of around CAD 6,000 per system. It is a perfectly justifiable investment considering acquisition costs of over CAD 200-250 thousand for a new tractor unit. With HydraLytica, dynaCERT already has the appropriate telematics software on board to officially measure the CO2 savings and document them for the responsible environmental authority. As a result, the fleet operator receives credits in CO2 certificates, a nice reward for green business.

The DYA share has not been able to escape the weakness of the entire sector and most recently landed at prices around CAD 0.28. The current market capitalization of around EUR 76 million reflects development costs and cash on hand. Therefore, we do not expect a further decline in the share price at the current level. Conversely, the price could jump sharply if the right news comes along. In any case, founder and CEO Jim Payne is buying diligently.

FuelCell Energy - Little fodder for euphoric prices

FuelCell currently reports very little, and the last quarterly figures did not really inspire. The past quarter closed with total sales of USD 14.0 million, compared to USD 18.9 million in the previous year. A decline of 26% does not exactly speak of growth. The stock is thus becoming a broad topic of discussion.

FuelCell has had a long history of negative cash flows and dilutive capital raises. Now it is focusing on commercializing new technologies such as hydrogen generation and carbon capture. Most recently, the Company raised USD 128.8 million in additional cash in December. There should be a few million left in the coffers here. Now, it needs suitable projects.

We have had the stock on our radar for a long time; unfortunately, the price has fallen from low to low since February. In chart terms, we are now entering critical support zones below EUR 6. Because below EUR 5 there is the threat of a further crash, above EUR 7.50, the first hope could germinate again.

Plug Power - The US Senate comes to the rescue

Plug Power has held up quite well within the sector. Earlier this week, it broke ground on a green hydrogen production plant in Camden Country. The plant is expected to be completed by the end of the year and produce 15 tons of liquid green hydrogen per day. The hydrogen produced will be made entirely from renewable energy.

The new site joins previously announced green hydrogen plants in South Central Pennsylvania and the Western New York Science, Technology and Advanced Manufacturing Park (STAMP). According to US Department of Energy plans, combined projects are expected to produce more than 500 tons of green hydrogen per day by 2025.

Plug Power is naturally counting on government help with its investment policy. The fuel cell manufacturer could receive support from the US Senate. After all, bridges and roads in the US are decaying, the water supply is outdated, and the power supply is prone to faults. These problems are to be remedied with more than a trillion dollars, and the focus is also on green technologies.

For PLUG shares, it is time for operational progress to stabilize the share price. From a chart perspective, the share price has fallen below the USD 27 mark, which could mean trouble ahead. After all, the Company is still capitalized at USD 16.7 billion, which provides a price-to-sales ratio of 33. Even if Plug Power is growing at 50% p.a. - it is (still) not cheap!

The hydrogen industry is very fragmented in its structure and has been riding a wave of euphoria for a long time. Companies that provide a product solution are analytically at an advantage because they are already generating tangible revenues. However, if you only hang on to government funding, the private sector relevance is missing in the medium term. dynaCERT produces H2 system solutions, is currently cheap, and the management is already buying at low prices.


André Will-Laudien

Born in Munich, he first studied economics and graduated in business administration at the Ludwig-Maximilians-University in 1995. As he was involved with the stock market at a very early stage, he now has more than 30 years of experience in the capital markets.

About the author

Conflict of interest & risk note

In accordance with §34b WpHG we would like to point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH may hold long or short positions in the aforementioned companies and that there may therefore be a conflict of interest. Apaton Finance GmbH may have a paid contractual relationship with the company, which is reported on in the context of the Apaton Finance GmbH Internet offer as well as in the social media, on partner sites or in e-mail messages. Further details can be found in our Conflict of Interest & Risk Disclosure.

Related comments:

17. September 2021 | 13:43 CET | by Nico Popp

NEL, dynaCERT, Volkswagen: Where hydrogen has not yet been written off

  • Hydrogen

Will hydrogen become a climate saver in homes? Or will it revolutionize the propulsion technology of ships and trucks? Even if hydrogen has lost some of its fantasy in recent months, the energy carrier is still on the agenda of many inventors and engineers. We introduce three companies that are - sometimes more and sometimes less - involved with hydrogen.


15. September 2021 | 14:23 CET | by André Will-Laudien

Nel ASA, Enapter, Plug Power, FuelCell Energy - It is time to go all out!

  • Hydrogen

Hydrogen is not only a climate-friendly means of propulsion for automobiles and heavy-duty transport. Large industries such as chemicals and steel can use hydrogen technology to reduce their consumption of natural gas. There are costs involved when converting to hydrogen, most of which are only feasible with political support. The German government's national hydrogen strategy fits in well here. But medium-sized industries, especially energy-intensive sectors, could also become much more environmentally friendly with hydrogen-based technologies. Which stocks are well-positioned here?


10. September 2021 | 13:35 CET | by Carsten Mainitz

Enapter, NEL, Ballard Power - Hydrogen: This will happen!

  • Hydrogen

If you follow the political discussion in Germany regarding climate and green energy, the debate is almost exclusively about solar and wind power. Electric mobility is the order of the day. But soberly considered, there will and must be a coexistence of several approaches. Hydrogen solutions have received far too little attention. But this technology is urgently needed for the energy transition. The industry is still relatively young, but there is a very good chance that a huge market will emerge in which several companies will be able to operate successfully and profitably. Are these the winners?