Plug Power Comeback? Nordex Wins Applause, While A.H.T. Syngas Looks Deeply Undervalued

A.H.T. Syngas: Share Appears Undervalued

While tensions between the US and Iran are escalating again and oil prices are skyrocketing, an attractive buying opportunity is emerging at A.H.T. Syngas Technology. The cleantech company is making operational progress. A.H.T. develops and operates decentralized biomass power plants based on its patented Twin-Fire gasification technology. Most recently, progress in its Polish operations was reported. At the same time, its long-standing Polish project and development partner, Innotec Energy, has further deepened the collaboration by acquiring A.H.T. shares.

Poland is considered a particularly attractive strategic target market for A.H.T. The country continues to rely heavily on fossil fuels, is consequently under pressure to transition, and possesses extensive biomass and waste resources. A.H.T.'s technology is well-suited to this context. Instead of using food crops or energy crops, biomass residues, sewage sludge, or other organic waste materials are converted into clean synthesis gas. This gas can be flexibly used for electricity and heat generation, as an industrial energy source, or—in the future—for the production of hydrogen, methanol, or sustainable fuels.

In Poland, Innotec Energy acts as the general contractor, plays a key role in project acquisition, and holds the rights to implement 17 projects. A.H.T. provides the technology, engineering, and planning. This clear division of labour can accelerate scaling, as A.H.T. does not have to build up every market entirely on its own but can work with an experienced local partner.

Of particular interest is the combination of established plant sales and the planned expansion of recurring revenue models. To date, A.H.T. has generated the majority of its revenue through plant sales. In the future, the company intends to move more toward the contracting or independent power producer (IPP) model. Under this model, A.H.T. operates the plant itself or jointly with partners, supplying the customer with energy in the form of synthesis gas, heat, or electricity.

A.H.T. is still a small specialty stock with a market capitalization of less than EUR 10 million. This also seems far too cheap to the analysts at GBC Research. The experts expect strong growth from A.H.T. Revenue is projected to climb from EUR 10 million in the current year to over EUR 20 million by 2028.

As a result, they believe the stock could reach a price of EUR 8.50. A.H.T. is currently trading at around EUR 2.48.

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Nordex: Order Intake Celebrated

Expectations for Nordex's order intake were high. And yesterday, the wind turbine specialist delivered. In the second quarter of 2026, Nordex achieved an order intake of 3,054 MW in its project business, surpassing the prior-year figure by 32.2%. For the first half of the year as a whole, order intake totaled 4,923 MW, representing a 9.6% increase compared to the same period last year. The pricing environment also remained stable. The average selling price remained unchanged at EUR 0.97 million per MW in the second quarter; for the first half of the year, it rose from EUR 0.92 to 0.95 million per MW.

Between April and June, customers ordered 496 wind turbines for projects in ten countries. The most important markets were Germany, the US, and Turkey. The highlight was the development in the US. Although the Trump administration seems to be fighting every new wind turbine, Nordex secured orders there in the second quarter totaling around 800 MW. CEO José Luis Blanco sees this as a sign of customer confidence and an indication of the Group's strong position in the US market.

The stock reacted yesterday with a share price jump of over 5% to more than EUR 42. Initial analyst comments were also positive. Jefferies reaffirmed its "Buy" rating with a price target of EUR 58. Order intake exceeded analysts' expectations. Analysts at Berenberg also expressed a positive view. They recommend buying the stock and see its fair value at EUR 57.

Plug Power: Will a New Order Halt the Sell-Off?

Plug Power is showing signs of life. Things had recently gone quiet around the former investor favourite. Since early June, the stock has slipped from USD 4 to around USD 2.50. Can this order halt the sell-off?

Plug Power has received a 50-MW electrolyzer order for Orica's Hunter Valley Hydrogen Hub in Australia. The project has reached the final investment decision stage and is now moving into the implementation phase. Plug's GenEco-PEM electrolysers will be used to produce renewable hydrogen for the production of lower-emission ammonia and ammonium nitrate.

The site is located next to Orica's existing ammonia production facility near the city of Newcastle in the southeastern part of the country. At full capacity, the plant is expected to produce approximately 4,700 metric tons of renewable hydrogen per year, thereby replacing about 7.5% of Orica's natural gas consumption at the site. According to the company, the resulting CO₂ savings are equivalent to the annual emissions of approximately 26,500 vehicles in Australia.

For Plug, the order represents an important step toward expanding its presence in Australia and the Asia-Pacific region. The Hunter Valley project is considered Australia's largest renewable hydrogen project to have reached a final investment decision to date, and the first project from the government's Hydrogen Headstart Program to move into implementation. Plug also points to electrolyzer projects already installed in Australia, as well as a global installed base of more than 320 MW of GenEco systems.

The latest order from Australia is a positive sign for Plug Power, but nothing more. The stock's long-term performance will depend on whether the company can demonstrate rising revenue and lower losses. A.H.T. Syngas shares appear undervalued. With a little patience, adding it to a portfolio could pay off handsomely. Nordex continues to enjoy strong tailwinds. This applies to both its operating business and its stock.