Underrated – Are Hydrogen Stocks Poised to Take Off? Why dynaCERT, Nel, and Plug Power Are Worth a Look Right Now

dynaCERT – Change at the Top

According to the latest company announcements, a change in the leadership of the Canadian cleantech company is on the horizon. After more than 10 years at the helm, CEO Jim Payne is set to pass the baton to Chief Operating Officer Kevin Unrath. Payne will serve as Chairman of the Board in the future and represents continuity.

As the company emphasized, this is not a fresh start, but rather an acceleration. The goal is to drive commercialization forward with greater urgency. A solid foundation for this was already laid in the past and was further strengthened last year. Unrath has overseen key processes in the past and guided the alignment of dynaCERT's platform and technology with customer requirements. The Vietnamese and Mexican markets will play a special role in future revenue generation.

The Canadians are focusing on their proprietary HydraGEN™ technology. This technology uses electrolysis to generate small amounts of hydrogen and oxygen, which are then mixed into the air intake of engines. As a result, fuel consumption and emissions decrease significantly. As a bridging technology, this approach is already being used in several fleets of diesel commercial vehicles in the transportation, mining, and oil and gas industries.

Looking ahead, the business model is set to be expanded to include a second pillar: converting emission savings into CO2 credits. Key prerequisites have already been established. Using the company's proprietary data platform, HydraLytica, fuel consumption and emissions data can be collected and processed for verification purposes.

To finance further growth, a CAD 2 million convertible bond with a two-year term and a 5% interest rate was issued a few months ago. The stock is currently trading between CAD 0.10 and CAD 0.11. The research firm GBC rates the stock a "Buy" and sets a price target of CAD 0.75, meaning the stock has the potential to increase sevenfold!

https://youtu.be/I3KgtdFueEg?si=imLPcvHDDGlJT2I4

Nel – Necessary Transformation is Moving Forward

As recently reported, the Norwegian company closed the past fiscal year with a 31% decline in revenue to NOK 963 million. Operationally, the company slipped deeper into the red with an EBITDA of –NOK 275 million. Encouraging trends were seen in order intake, which rose by 15% to NOK 1.1 billion. The order backlog stood at NOK 1.3 billion at the end of 2025. Cash reserves amounted to NOK 1.6 billion, or the equivalent of EUR 145 million.

The stock has held its ground since the start of the year, falling by only 5%. This means the Norwegian company is currently valued at around EUR 350 million on the stock market. However, analysts believe the stock has run its course, and the road to profitability is still too long.

Crucial for further commercialization, the company announced a few months ago that, following a seven-year development program, the focus is shifting to the start of clean hydrogen production using the next-generation prototype of alkaline pressure electrolysis. Plans call for the construction of up to 1 GW of production capacity for this technology platform at the Herøya plant in Norway.

Plug Power – Q4 Sends a Positive Signal, but Is That Enough?

As recently as May of last year, the US company's stock stood at USD 0.70 and rose to around USD 4.50 by October. Currently, the shares are trading at around USD 2.30, giving the company a market capitalization of around USD 3.2 billion. On average, analysts forecast revenue of around USD 800 million for the current fiscal year and USD 950 million for the next fiscal year. Ultimately, however, the company will be in the red over the next few years. The average analyst price target is USD 2.74, though several analysts have set price targets well below the USD 2 mark.

In recent months, investors have rewarded operational progress and the effectiveness of the restructuring program. As part of "Project Quantum Leap," investments are being carefully reviewed and prioritized, processes optimized, and costs reduced through measures such as the consolidation of locations. Overall, revenue increased by 13% to USD 710 million in 2025. A glimmer of hope was the positive gross margin achieved in the final quarter. A first, even if it amounted to only 2.4%. The challenge now is to sustain this trend. The loss of confidence stemming from the past, given numerous missed forecasts and management changes, will not disappear overnight.

Nel and Plug Power report operational progress and order intake. However, both companies will continue to operate at a loss in the coming years. Nel has a high cash balance, covering around 40% of its market capitalization. Plug Power achieved a positive gross margin for the first time in the final quarter of 2025. So, in small steps, things are moving in the right direction. dynaCERT's promising bridge technology is meeting growing demand, which is expected to continue rising significantly globally. The accelerated commercialization and the change in leadership will certainly provide new momentum. Analysts believe the stock could see a sevenfold increase.