Oil shortages as a turning point for uranium and hydrogen with Siemens Energy, Standard Uranium, Plug Power, and Nel ASA

Siemens Energy – Back on a High Despite All the Skeptics

Whenever the energy markets go haywire, Siemens Energy's stock price also swings wildly in one direction or another. Last week, buyers prevailed, and the stock emerged from its recent consolidation at prices above EUR 171 to reach a new all-time high. This time, however, it wasn't uncertainty in the energy sector, but a significant contract with tech giant Amazon. A key growth driver for the Munich-based company is digital transformation, which increasingly relies on cloud technologies and computing power. The deepened collaboration with Amazon Web Services (AWS) plays a key role here, as critical IT infrastructures are increasingly being migrated to the cloud.

Siemens Energy is positioning itself right at the center of this development. This migration enables more efficient management of global supply chains while simultaneously scaling digital services for the predictive maintenance of energy plants. This not only leads to lower IT costs but also accelerates the market readiness of innovative solutions. At the same time, the company is benefiting from rising global electricity demand, driven primarily by decarbonization and the boom in energy-intensive data centers. The Grid Technologies segment, in particular, is experiencing exceptionally strong order momentum. There is also strong demand in the field of modern gas turbines, especially for hydrogen-compatible solutions, which are considered a bridge technology in the energy transition. This combination of grid and generation technology is driving historically high order volumes. Following the technical breakout, the rally is likely to continue apace. However, skepticism regarding the highly valued stock remains high.

Standard Uranium – Project generator model provides strategic leverage

On the path of the global energy transition, we come across the Canadian company Standard Uranium. The current news landscape highlights several greenfield projects that are now being dynamically and simultaneously transitioned into concrete drilling programs. Particular focus is on the first drilling campaign at the Rocas project in the southeastern Athabasca Basin, which began in March and will run over a five-week period. The program comprises approximately 1,200 to 1,500 m of diamond drilling across six to eight drill holes and targets shallow, structurally controlled uranium mineralization at depths of less than 200 m. It is noteworthy that the 7.5-kilometer-long electromagnetic structural corridor under investigation has never been systematically drilled before, thus pursuing a classic greenfield exploration approach. The target definition is based on a combination of historical surface samples, VTEM geophysical data, and recently compiled gravimetric models, which is expected to significantly increase the probability of success compared to earlier exploration phases.

The Rocas program is fully funded by Collective Metals under an earn-in agreement, whereby the partner provides up to CAD 4.5 million in exploration funding over three years and, in return, can acquire an interest of up to 75%. In parallel, the company is strengthening its position through a new exploration agreement with Kineepik Métis Local Inc. (KML), which specifically provides for local employment, environmental monitoring, and involvement of the Métis community in the project area south of Pinehouse in Saskatchewan. This partnership is strategically significant, as the Rocas Project lies within KML's traditional territory and supports long-term operational stability in the exploration area. Management is committed to fostering strong cooperation with local residents to enable rapid project development.

In the overall operational picture, the Corvo project remains another near-term catalyst, with a 2026 winter campaign targeting up to 3,000 m of drilling on high-grade target zones such as the Manhattan structure, which hosts up to 8.1% U₃O₈ at surface. At the same time, the Davidson River project, as the flagship of the portfolio with over 30,000 hectares of land and more than 70 km of identified structural trends, underscores the long-term upside potential, even though it is still in an early targeting and preparation phase. In total, the company controls approximately 241,000 acres in the Athabasca Basin, one of the world's most significant uranium regions, where over 400 million pounds of uranium have already been discovered.

The combination of strong management, multiple concurrent drilling programs, exploration phases fully funded by partners, and a market capitalization of only around CAD 14 million enables investors to get in at a very early stage. Share dilution has been very low so far, and strong trading volume allows for any level of positioning. For Standard Uranium and the uranium-nuclear sector, the Middle East conflict is the best catalyst in decades!

IIF host Lyndsay Malchuk in conversation with CEO Jon Bey about the progress of the drilling program in the Athabasca Basin.

Nel ASA – Will it make a similar leap as Plug Power?

In the hydrogen sector, Nel ASA is frequently mentioned alongside Plug Power. While the stocks operate in the same sector, Plug Power is fundamentally 10 times larger. That is, an estimated revenue of around USD 800 million contrasts with the Norwegian company's revenue of approximately NOK 850 million. Nel has recently experienced extreme delays in the area of public contracts. Plug Power, on the other hand, was able to report a positive gross margin for the first time in the last quarter after years of massive losses and also secured a significant contract in Canada. The focus of attention is on a new contract to supply a 275-MW electrolyser for an industrial project in Quebec. The plant is set to supply energy to the mining industry starting in 2029. Operationally, the group's realignment appears to be bearing its first fruits, as cash burn was also reduced by more than a quarter compared to the previous year. Since March, Jose Luis Crespo has been at the helm as the new CEO, having presented a concrete roadmap to profitability by 2028. To secure financing until then, the company plans to sell assets, which are expected to generate over USD 275 million in the first half of 2026.

The positive sentiment in the sector could also trigger an initial technical rally for Nel ASA. Both companies are set to report their first-quarter results in early May. For a sustainable recovery, Plug Power in particular must prove that the positive margins were not a one-off effect and that the announced sales of business units proceed as planned. After a 50% surge in Plug shares, traders can try their luck with Nel, although the fundamental news here is by no means convincing. Interestingly, the mining sector is now also considering hydrogen.

The capital markets are currently presenting a different scenario every day. Sometimes hope flares up that the conflict in the Middle East might soon be over. On the other hand, doubts about fossil fuels are acting as a catalyst for the alternative energy sector. Nuclear energy, in particular, appears to be back in favor, which is fueling Standard Uranium's plans. Siemens Energy has performed somewhat strongly, and the hydrogen stocks Plug Power and Nel ASA are fighting hard for greater public relevance.