US hydrogen industry under pressure: Plug Power struggles - Things are looking much better for First Hydrogen and thyssenkrupp nucera

Plug Power – Hydrogen pioneer in a field of tension

Plug Power is coming under considerable pressure under the new Trump administration. Key pillars of support for the US hydrogen economy are being called into question: The planned reduction of the 45V tax credit from up to USD 3/kg of hydrogen by 2033 to a construction deadline by the end of 2025 jeopardizes the economic viability of many projects. Particularly critical is the review by the DOE of a government loan of USD 1.66 billion that has already been approved. A revocation would severely hamper expansion plans and force more expensive private financing. New tariffs on Chinese components are adding to the uncertainty for the supply chain. These political decisions threaten key pillars of the business model.

Despite the political headwinds, Plug Power is making operational progress. In June 2025, the Company secured a new credit facility of USD 525 million from Yorkville Advisors. An initial tranche of USD 210 million was used to redeem existing convertible bonds, significantly reducing potential share dilution. At the same time, CFO Paul Middleton caused a stir. In May/June, he purchased a total of one million shares worth approximately USD 922,000. This investment highlights management's confidence in the long-term strategy.

Operations are showing positive development. Revenue in the first quarter rose to USD 133.7 million. The gross margin improved significantly from -132% to -55%, driven by supply chain optimization and cost reductions. Operating cash burn decreased to USD 152.1 million. The electrolyzer business, in particular, grew by 575% year-on-year, supported by major orders such as the 3 GW contract with Allied Green Ammonia and a new 2 GW project in Uzbekistan. In-house production in the US reached a capacity of around 40 tons of hydrogen per day with the plant in Georgia. Nevertheless, profitability remains a challenge. The share price is currently USD 1.14.

First Hydrogen – From fuel cell delivery trucks to the green hydrogen revolution with nuclear power

First Hydrogen, known for its hydrogen-powered fuel cell delivery vehicles, is systematically expanding its presence in Europe. With a new office in Germany since 2024, the Company is deliberately targeting a market with a strong political will to move away from fossil fuels. Its core business remains emission-free logistics. Practical tests in the UK with partners such as SSE and Wales & West Utilities demonstrated the superior range and everyday suitability of the vehicles compared to battery solutions and attracted interest from logistics giants. Europe is currently the preferred market for hydrogen projects.

March 2025 marked a strategic pivot point with the establishment of the subsidiary First Nuclear. The newly founded company aims to develop small modular reactors (SMRs) specifically for the production of green hydrogen. Thanks to their compact design, good scalability, and independence from weather conditions, these reactors are ideal for locations with unstable or even non-existent power supplies. They generate stable, CO2-free electricity for electrolysis and thus represent a potential game changer. The SMR market is estimated to be worth almost USD 300 billion by 2043. The EU taxonomy, which classifies nuclear energy as sustainable, paves the way for investment.

An important step followed in early June 2025 - A strategic partnership with Professor Muhammad Taha Manzoor from the University of Alberta. Together, the SMR technology will be further developed, with a particular focus on molten salts as a coolant and fuel. The background to this is the exploding energy demand of AI data centers, which, according to studies, consume up to ten times more electricity than conventional centers. This cooperation underscores First Hydrogen's approach of leveraging innovative core technology to meet the growing global demand for stable, clean energy sources such as green hydrogen. The immense capital requirements for data centers by 2030 highlight the urgency of such solutions. The stock, which more than doubled at the end of May, is currently consolidating and is available for CAD 0.80.

You can find an interesting analysis of this stock at researchanalyst.com.

thyssenkrupp nucera – Strategically on track in the hydrogen market

thyssenkrupp nucera is consistently advancing its position in the future market of green hydrogen technology. Recent strategic steps underscore the electrolyzer specialist's ambitions for growth. The focus is on strengthening the technology portfolio and tapping into new project pipelines. The Company operates in a dynamic environment that remains promising in the long term, even if there are regulatory hurdles in the short term. For investors, this signals a clear focus on sustainable energy solutions with substance.

The recent acquisition of key technology assets from Danish manufacturer Green Hydrogen Systems fits seamlessly into this strategy. For a moderate amount in the low double-digit million range, nucera secured valuable intellectual property and a functioning test plant for high-pressure electrolysis. This access to modular solutions could accelerate the Company's alkaline systems (AWE) development, even if the exact integration is still under discussion. At the same time, a significant order from Saudi Arabia is strengthening the operating business. Around EUR 15 million will be invested in the expansion of a chlor-alkali plant with nucera's energy-efficient membrane technology.

The German market is benefiting significantly from billions in government funding programs as part of the National Hydrogen Strategy. While nucera is not a direct recipient, infrastructure expansion and growing demand for electrolysers are creating a favorable environment. Although regulatory uncertainties and high start-up costs are currently slowing down the pace, the long-term outlook for leading technology providers such as nucera remains intact. Major projects such as a 600-megawatt FEED study currently commissioned in Europe demonstrate the enormous potential. This is also highlighted by the 31% increase in revenue in the last quarter. This positive development is fueled by both business areas: the traditional chlor-alkali sector with strong order intake and the future-oriented green hydrogen sector, where large-scale projects are being implemented. The share is currently available for EUR 9.55.

While Europe is turbocharging hydrogen with massive investments, the US market is stumbling due to political U-turns, as is particularly evident at Plug Power. The pioneer is struggling with subsidy cuts, loan risks, and tariff uncertainties, which, despite operational progress, are seriously jeopardizing its expansion plans. First Hydrogen, on the other hand, is banking on Europe's green momentum. With fuel cell delivery trucks and a strategic focus on nuclear-based hydrogen via SMR technology, it is specifically addressing the growing demand for stable, CO2-free energy. thyssenkrupp nucera, meanwhile, is consolidating its leading position. Acquisitions, major orders, and a booming project pipeline demonstrate how the electrolysis specialist is overcoming regulatory hurdles with a technology offensive and European funding programs. Overall, the trio reflects the global turmoil in the sector. Setbacks in the US contrast with Europe's new momentum – but the megatrend of decarbonization remains unbroken.