Plug Power, Pure Hydrogen, RENK – The order books are filling up

Plug Power – Red flags

Plug Power was considered a beacon of hope for future-oriented fuel cell technology at the turn of the 2000s. The plans are still ambitious, as CEO Andy Marsh's company aims to benefit from the development of a comprehensive ecosystem for green hydrogen, ranging from production, storage, and delivery to energy generation. The ambitions have been euphoric ever since and have been regularly missed in recent years.

Even with the recently published figures for the second quarter, the hydrogen specialist once again disappointed. Although revenue increased by 21.4% to USD 174 million, and the gross margin improved from minus 92% to minus 31%, the results still fell short of expectations. The improvement was due in part to rising demand and the implementation of the strategic restructuring program "Project Quantum Leap," which includes targeted cost reductions, improved service performance, and lower hydrogen prices.

However, Plug Power once again fell short of expectations in terms of earnings per share, posting a loss of USD 0.20 per share, while analysts had expected a smaller loss of USD 0.15 per share.

After an initial setback, Plug shares rose to the 200 EMA at USD 1.72, but were then sold off again despite a strong overall market environment.

Pure Hydrogen – Two promising orders

It is one thing after another for Australian hydrogen innovator Pure Hydrogen. The Company plans to offer hydrogen from domestic production in Australia and other countries. Together with its majority stake in HDrive International, Pure Hydrogen is also expanding its range of zero-emission products and implementing several solutions that enable commercial customers to switch to zero-emission vehicles.

The cleantech company has received two significant orders for its hydrogen fuel cell vehicles, which is a clear sign of the growing interest in zero-emission heavy-duty transport in Australia.

Of particular note is the purchase agreement with Scott Lovatt Transport, an established transport company based in New South Wales. The Company has ordered two TS70-400 "Taurus" prime mover trucks with a total value of over AUD 2 million. These vehicles are part of Australia's first fully licensed hydrogen truck fleet. Delivery is scheduled for mid-2026. The deal is still subject to conditions, in particular securing financing or government subsidies, but both parties are confident that access to these funds will be granted soon. The "Taurus" truck represents a new generation in long-distance transport and is designed for real-world use in Australian heavy-duty transport.

The second order comes from Heidelberg Materials Australia, one of the country's largest building materials companies. The Company has ordered another 8×4 concrete mixer truck with a hydrogen fuel cell after ordering the first vehicle of this type in March 2025. Delivery of the second vehicle is scheduled for the first quarter of 2026. The vehicles are based on the T30-200 platform and are equipped with a 200 kW fuel cell system, a CATL traction battery, and an 8×4 axle configuration specially designed for concrete transport. Both vehicles will be used in Rockingham, Western Australia, and are expected to significantly reduce operating emissions.

With a market capitalization of AUD 41.08, the Company still has considerable upside potential, unlike companies such as Nel ASA and Plug Power, which remain overpriced.

RENK – Defense hype reignited

Is the correction that began at the beginning of the year at defense company RENK coming to an end with the announcement of its figures? From a technical perspective, the share price defended the significant EUR 60 mark and turned north. The MACD and relative strength index indicators are already back at "Buy." The next important hurdle would be the horizontal resistance in the EUR 69 range.

RENK achieved significant growth in the first half of 2025 and further strengthened its position as a supplier in the defense sector. The Vehicle Mobility Solutions segment, which supplies transmission solutions for Leopard 2 tanks, among other things, recorded a significant increase in orders of 65.9% to EUR 681 million. Revenue in this segment rose by 32% to EUR 389 million, while EBIT grew by as much as 45.3% to EUR 67 million, with an EBIT margin of 17.1%. The US subsidiary RENK America also received a significant order worth USD 99 million from a long-standing customer in the defense sector.

Driven by robust demand for defense equipment, the Augsburg-based company continued its growth course at the Group level. Order intake rose by 46.8% to EUR 921 million, and the order backlog reached a new record level of EUR 5.9 billion. Revenue grew by 21.5% year-on-year to EUR 620 million. Adjusted EBIT rose disproportionately by 29.4% to EUR 89 million, improving the Group margin from 13.5% to 14.4%.

Fuel cell specialist Plug Power remains in the red. RENK benefits from the defense spending boom. Pure Hydrogen has reported two milestones.