The profit formula: How to profit from the hydrogen boom with Plug Power, dynaCERT, and Daimler Truck

Plug Power – Between operational upswing and financial challenges

The last few weeks have brought significant operational progress for Plug Power. A highlight in October was the signing of a supply agreement with Allied Biofuels FE LLC for up to 2 gigawatts (GW) of electrolysers, one of the largest agreements of 2025. Together with a 3 GW project in Australia, the booked capacity with Allied partners now totals 5 GW. In addition, delivery of the first 10-megawatt units to the Galp Sines refinery in Portugal, Plug Power's largest international electrolyser project to date, has begun. These activities underscore the growing global demand for the Company's GenEco systems.

Despite these positive market developments, Plug Power continues to face financial challenges. In October, a warrant conversion provided approximately USD 370 million in fresh capital, which is crucial given ongoing losses. However, another announcement on October 1 has caused uncertainty. The US Department of Energy canceled projects worth nearly USD 8 billion nationwide, with Plug Power appearing several times on the lists of canceled projects. The full impact of these funding cuts is still unclear.

For investors, the mix of operational successes and financial risks presents a mixed picture. Record production at the Georgia plant, new large orders for electrolysers, and expansion in Europe show that the business model can work. At the same time, ongoing losses and political uncertainty surrounding DOE funding continue to require patience. Although the latest capital measures support the balance sheet, the path to profitability remains challenging. Until the situation surrounding government subsidies is fully clarified, a wait-and-see attitude is appropriate. The stock is currently trading at USD 2.69.

dynaCERT – Cleantech with global drive

The global logistics industry is under immense pressure to reduce its emissions. This is precisely where dynaCERT comes in with its HydraGEN™ technology, which makes existing diesel engines more efficient and cleaner. The recent success in the French port of Rochefort, where all cranes were equipped with the HydraGEN™ system, serves as a springboard for an international offensive. The Company will be present at major logistics trade shows in Miami and Istanbul in the coming weeks. These trade shows are considered key industry meeting places and focus on sustainable supply chains and the decarbonization of transportation, which is dynaCERT's core theme.

What makes this strategy so promising? It is absolutely practical. HydraGEN™ can be integrated into ports, logistics centers, and existing fleets without having to replace the old engines. This is exactly what appeals to operators seeking solutions that can be implemented immediately without any fuss. The choice of exhibition locations also speaks volumes: Miami is considered the gateway to America, and Istanbul the hinge between Europe and Asia. This clearly shows the direction the journey is taking. Just recently, this global orientation received a boost with an order for 100 HydraGEN™ units for the Mexican market. This is not only a real success, but also demonstrates that the rollout is progressing.

dynaCERT addresses a huge global market with pragmatic technology that does not require the complete replacement of vehicles. The strategic focus on logistics, ports, and large mining vehicles, supported by concrete reference projects and international trade fair presence, creates visibility. Recent financing and personnel measures also demonstrate that management is setting the course for scaling. For investors who believe in the trend toward immediate emissions reduction in the transportation sector, dynaCERT offers direct access. The stock is currently trading at CAD 0.135.

Daimler Truck – A dual-track approach to the future

In electrifying its trucks, Daimler Truck deliberately pursues a dual strategy. Instead of betting everything on one solution, the Company is relying in parallel on two technologies: battery-electric drives and hydrogen fuel cells. Which solution proves superior ultimately depends on the region and the specific application. This approach ensures the Company is prepared for all scenarios. In the short to medium term, the focus is clearly on the market launch of battery-electric trucks such as the eActros 600 for regional long-haul transport. At the same time, the Company continues to regard hydrogen as a key element for the decarbonization of heavy long-distance trucks, even though the series launch of the GenH2 truck is now delayed to the early 2030s.

On October 22, Daimler Truck, Hamburger Hafen und Logistik (HHLA), and Kawasaki Heavy Industries announced a partnership to explore the establishment of a supply chain for green liquid hydrogen via the Port of Hamburg. This initiative underscores the long-term importance of hydrogen for Daimler Truck. In the short term, however, the Company is also tapping into other profitable niches. As announced at the end of October, Franziska Cusumano, head of the special trucks division, plans to push ahead with the military business. She confirmed the goal of doubling revenue in this area, which currently accounts for about one percent of total revenue. This diversification shows how the Company is exploiting different market potentials.

Current analyst opinions paint a differentiated but overall moderately optimistic picture. The average price target is around EUR 41.50. Of six experts, four rate the stock as a "Buy" in October. However, the range of estimates is wide. While Bernstein Research sees a price target of only EUR 30.00, Jefferies & Co. and JPMorgan Chase & Co. are significantly higher at EUR 50.00. This spread reflects the uncertainties in the market environment, but also recognition of the Company's strategic positioning. This signals to investors that expectations are fundamentally positive, but not uniform. The share price is currently EUR 34.71.

The hydrogen industry promises enormous opportunities for pioneers, but the strategies of individual companies differ fundamentally. Plug Power is making progress with new orders for electrolysers, but still needs to address its financial challenges. The approach taken by dynaCERT is quite different. Its HydraGEN™ technology provides a smart retrofit solution, enabling existing truck fleets, ships, and mining equipment to reduce their CO2 emissions immediately and through minimal effort. Daimler Truck occupies an exciting middle ground. The Company is fully committed to battery-electric drives in the short term, but has its sights firmly set on hydrogen fuel cells as a long-term goal for heavy-duty transport.