Sibanye-Stillwater, CHAR Technologies, Siemens Energy – Right on trend

Siemens Energy – New momentum

Siemens Energy's share price chart has been running like clockwork since the middle of last year. Since its interim low of EUR 40.45 in April 2025, the share price has risen by more than 230% and is currently trading at EUR 133.65, just below its recent all-time high. Given the overbought situation, with the RSI currently at around 70 and showing negative divergences for months, a consolidation is not unlikely and would only be healthy for further price development. The 200 EMA is currently at EUR 96.64.

Siemens Energy shares received a boost from a fundamental agreement with the European Commission. The political breakthrough for the construction of new modern gas-fired power plants in Germany is opening up new prospects for the manufacturer of gas turbines and grid technology. The first projects are set to get underway this year. The new plants are intended to ensure the security of electricity supply in the course of the gradual phase-out of coal and, at the same time, be hydrogen-compatible in the future.

A successful offshore wind auction in the UK recently provided additional momentum. The Company benefits from this both directly, through the turbines of its wind power subsidiary Siemens Gamesa, and indirectly, through the growing demand for high-performance power grids. Overall, the market environment for Siemens Energy remains favorable, supported by political tailwinds, the willingness of utilities to invest, and a clear role in the transformation of the energy system.

CHAR Technologies – Beneficiary of the AI hype

The rapidly growing demand for energy is one of the biggest, often underestimated challenges facing artificial intelligence. While AI has long been considered a key valuation driver for entire industries, from cloud services to graphics processors, the issue of reliable energy supply is increasingly coming into focus. The risk lies less in the technology itself than in the physical limits of available energy.

Against this backdrop, replacing fossil fuels with renewable alternatives is becoming increasingly important, especially if these alternatives can rely on existing infrastructure. This is precisely where CHAR Technologies is in the right place at the right time. Valued at CAD 38.10 million, the Company uses forestry residues, which are produced in large quantities in North America, and converts them into biochar and biogas. The technology is already in industrial use, with the high-temperature pyrolysis plant in Thorold, Canada, now operational and generating initial revenues from previous test runs with industrial customers. Financially strong partners are already in place for the next phase of growth, with ArcelorMittal and the Canadian BMI Group on board.

Commercialization is expected to gain further momentum from 2026 onwards. The first expansion stage of the Thorold Renewable Energy Facility aims to achieve an annual production of 5,000 tons of biochar. At the same time, CHAR is planning to expand the plant so that it can also produce renewable natural gas in the future. In addition, the results of a six-month demonstration project in Baltimore, in which sewage sludge was successfully used to generate energy, are currently being evaluated.

The joint project with the BMI Group is also progressing rapidly. With CAD 10 million in financing, a large-scale project is to be realized in Ontario with a capacity of up to 50,000 tons of biochar per year. The resulting synthesis gas can be used directly on site or, in the medium term, marketed as a substitute for natural gas. The strategic logic behind this is clear: while CHAR scales up its technology, BMI recycles waste materials and reindustrializes the site with the help of clean energy.

After climbing to a new annual high of CAD 0.35, the share is consolidating in a support zone at CAD 0.28. If further commercialization becomes apparent, this is likely to result in significantly higher prices.

Sibanye-Stillwater – Focus on super metals

Platinum group metals such as platinum, palladium, and rhodium are among the scarcest raw materials in the world. Their unique catalytic properties, strategic importance for industry, energy transition, and environmental technologies, as well as extremely limited supply, make them highly attractive from an investor's perspective. Production and availability are concentrated in a few regions, such as South Africa and Russia, and new projects often take more than a decade to reach production.

Sibanye-Stillwater offers direct leverage on these "super metals". The group has evolved from a traditional gold producer into a diversified commodities company and is now one of the world's largest primary producers of platinum, palladium, and rhodium. The portfolio is complemented by gold and other metals such as iridium, ruthenium, nickel, copper, cobalt, and chromium. It is also active in recycling, tailings processing, and battery metals.

Its strength lies in its diversification, both regionally - Sibanye has properties in South Africa, North America, Europe, and Australia - and by metal type, as well as along the entire value chain, from mining to processing to recycling. Strategic projects such as Keliber in Finland and GalliCam in France have been classified as particularly relevant under the EU Critical Raw Materials Act and underscore the Group's role in the energy transition.

Operations showed significant progress in the third quarter. Adjusted Group EBITDA rose to around ZAR 9.9 billion year-on-year, including US tax credits. The South African PGM operations and the gold division performed particularly well, while US PGM activities made a positive contribution again after a turnaround. Weaker areas, such as the Sandouville nickel refinery, were consistently transferred to "care and maintenance" status.

Siemens Energy continues its upward trend. Sibanye-Stillwater benefits from rising precious metal prices. CHAR Technologies is facing a landmark year in terms of commercialization.