Close menu

January 4th, 2022 | 11:30 CET

Nel, Plug Power, First Hydrogen, FuelCell Energy - Hydrogen versus Tesla!

  • Hydrogen
Photo credits:

The year 2021 must be defined as the real dawn of electric mobility. Worldwide, there has been a dramatic increase in the number of electric vehicles sold. According to Statista, the shares of the total German passenger car population in 2021 rose to no less than 1.22% of registered vehicles. 3 years earlier, it was only 0.25%. There has been real movement in the new registration figures, with the share of hybrid and purely electric vehicles now at 6.9% and 6.7%, respectively. Therefore, the number of e-vehicles will gradually increase, as every 16th newly registered vehicle no longer has an internal combustion engine. However, after the 2021 climate conference in Glasgow, there was another political commitment to a progressive technology: hydrogen propulsion!

time to read: 4 minutes | Author: André Will-Laudien
ISIN: NEL ASA NK-_20 | NO0010081235 , PLUG POWER INC. DL-_01 | US72919P2020 , First Hydrogen Corp. | CA32057N1042 , FUELCELL ENERGY DL-_0001 | US35952H6018

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 - A successful start to the year!

    In 2021, hydrogen shares were only temporarily high on the investors' list. After a dream rally in the first quarter with increases of several 100%, the prices of some stocks fell back by more than 70% from the top. Nel ASA is a standard, strong-selling stock from Norway. Scandinavia, in particular, has set its sights on a complete conversion of its energy supply to regenerative and alternative energies in the coming decades.

    Why was 2021 so volatile in the end? In part, the high prices at the beginning of the year tempted investors to take profits, but on the other hand, the published figures were often far below investors' expectations. The result: a sell-off! At first, the stock market had to cope with enormous hype, but later the euphoria gave way to sheer disillusionment.

    However, the start of the new stock market year 2022 is promising for the shares. On the German stock exchanges, the Nel ASA share gained up to 8.4% yesterday. However, the Company will not reveal the truth about its business development in 2021 until February 17, 2022. That leaves a lot of room for speculation, which will be used positively at the beginning of the year.

    First Hydrogen - Now also active in H2 filling stations

    Hydrogen technology is still far behind e-mobility in terms of subsidies, but since the climate conference in Glasgow, many governments are launching a multi-pronged approach in favor of decarbonization. In the passenger car sector, both the automotive industry and policymakers have relied almost exclusively on battery technology. In contrast, for commercial vehicles and ships, which are responsible for around 40% of global transport emissions, H2 fuel cell technology offers clear advantages over electric propulsion.

    First Hydrogen aims to become the leading designer and manufacturer of zero-emission, long-range hydrogen-powered vehicles in the UK, EU and North America. Time is of the essence: Stricter emission targets issued by the EU will apply from 2025, which conventional internal combustion engines are currently unable to meet. However, electromobility is unsuitable for freight transport because its range is still far too short, and charging times are long. Hydrogen, on the other hand, is considered a versatile energy carrier and can offer a real alternative for the logistics sector. The fuel cell can play out many economic advantages here.

    First Hydrogen is an innovative sector representative, entering product development with strong partners such as Ballard Power and AVL Powertrain. With its recently developed "Utility Van," First Hydrogen could really shake up the OEM market. That is because the Canadian Company, headquartered in Vancouver, can play a decisive advantage: In the investment phase, the new fuel cell systems do not compete for investment budgets that have already been allocated; instead, the Company starts from a greenfield site and incorporates all the latest findings, with virtually no limits on creativity.

    The first commercial result is to be an H2-powered Sprinter, i.e. a small van with a payload of usually up to 3 tons. These short-haul vehicles are primarily used between cities and within towns for delivery purposes. First Hydrogen is also working with FEV Consulting GmbH of Aachen, Germany, to develop a prototype liquid hydrogen fueling station that will provide customers with first-class service within hydrogen mobility throughout the service life of First Hydrogen vehicles.

    First Hydrogen made a real splash on the stock market at the end of the year. With about 53 million shares, the stock's capitalization increased by about 30% to a temporary CAD 125 million. Then slight profit-taking set in, and the current price fluctuates strongly between EUR 1.4 and EUR 1.7. The high trading volume, therefore, leaves room for any speculative positioning.

    Plug Power versus FuelCell Energy - Who will start better in 2022?

    The two best-known American representatives of the hydrogen sector are Plug Power and FuelCell Energy. However, after the massive sell-off between February and mid-May, it has become relatively quiet around the popular H2 stocks. What happened? The operating figures simply could not keep up with the valuations achieved, and reality returned to the share price formation.

    At year-end, the Plug Power share was able to close at the zero line, which given a six-fold increase at the beginning of 2021, must be seen as a feat. Ultimately, only those investors who took a realistic view of the hype at a very early stage were able to earn money. Plug Power is currently still trading at a 2021 price-to-sales ratio of just under 28, assuming the 2021 revenue estimate of USD 496 million can be achieved. Nevertheless, 18 of 23 analysts are optimistic and expect a median price target of USD 49.8, i.e. around USD 20 premium to the currently traded price.

    FuelCell Energy stock has been a real disaster for investors. After temporarily quadrupling, the negative performance reached a full minus 43% in 2021. With a market capitalization of USD 2.1 billion, the current P/E ratio is also still a high 22. However, the first profits are not expected until 2025, whereas for Plug Power, this could already be the case in 2024.

    Both stocks will report on 2021 in February and March, respectively. For the well-known H2 stocks, the decisive factor will be how many orders one has been able to bring recently from public investment budgets in favor of climate neutrality. Only then can a serious estimate be made about the operational development. What remains undisputed is the considerable investment in research and development, which will probably not allow any net profits for shareholders for the time being. In a direct comparison, Plug Power is preferred because of its high capitalization.

    The H2 sector is making a name for itself again at the beginning of the year. Almost double-digit price jumps were achieved in the first trading hours of 2022. The standard stocks remain Nel ASA and Plug Power, but recently the second-tier stock First Hydrogen has also attracted much attention. Those who want to invest wisely and risk-adjusted in the sector are best spread across several promising stocks like a fund.

    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 in the future hold shares or other financial instruments of the mentioned companies or will bet on rising or falling on rising or falling prices and therefore a conflict of interest may arise in the future. conflict of interest may arise in the future. The Relevant Persons reserve the shares or other financial instruments of the company at any time (hereinafter referred to as the company at any time (hereinafter referred to as a "Transaction"). "Transaction"). Transactions may under certain circumstances influence the respective price of the shares or other financial instruments of the of the Company.

    Furthermore, Apaton Finance GmbH reserves the right to enter into future relationships with the company or with third parties in relation to reports on the company. with regard to reports on the company, which are published within the scope of the Apaton Finance GmbH as well as in the social media, on partner sites or in e-mails, on partner sites or in e-mails. The above references to existing conflicts of interest apply apply to all types and forms of publication used by Apaton Finance GmbH uses for publications on companies.

    Risk notice

    Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and etc. on These contents serve information for readers and does not constitute a call to action or recommendations, neither explicitly nor implicitly. implicitly, they are to be understood as an assurance of possible price be understood. The contents do not replace individual professional investment advice and do not constitute an offer to sell the share(s) offer to sell the share(s) or other financial instrument(s) in question, nor is it an nor an invitation to buy or sell such.

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

    The acquisition of financial instruments entails high risks that can lead to the total loss of the capital invested. The information published by Apaton Finance GmbH and its authors are based on careful research on careful research, nevertheless no liability for financial losses financial losses or a content guarantee for topicality, correctness, adequacy and completeness of the contents offered here. contents offered here. Please also note our Terms of use.

    Der Autor

    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

    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 Juliane Zielonka on June 6th, 2024 | 07:30 CEST

    First Hydrogen, RWE, Rheinmetall - Sustainable investments with hydrogen and armaments

    • Hydrogen
    • greenhydrogen
    • Sustainability
    • armaments
    • Defense

    According to estimates, the global hydrogen production market will reach USD 230.81 billion by 2030. Both governments and industry are, therefore, in favour of the rapid development of this technology. The Canadian company First Hydrogen has already successfully tested a hydrogen fuel cell-powered van specially developed for the logistics sector. International logistics companies and vehicle manufacturers are now signaling their interest in working together. The energy company RWE is also focusing on hydrogen. The construction of hydrogen power plants in Germany is to be driven forward with two European partners. Rheinmetall, on the other hand, is expanding into the Baltic States. A new ammunition plant is being built in Lithuania. This will result in many lucrative advantages for the German group. Which investment is most likely to yield returns?