Energy transition winners: Nordex and Siemens Energy already highly valued, "latecomer" A.H.T. Syngas Technology still offers potential

A.H.T. Syngas Technology: Transformation artist for a fossil-free industry

When people talk about the energy transition, many first think of huge wind turbines or endless solar fields. But the real revolution often takes place on a small scale, where waste is turned into valuable energy. This is precisely where A.H.T. Syngas Technology comes into play. The company is no longer just a plant manufacturer. It is a pioneer for a world that no longer knows waste, but only unused raw materials. The start of 2026 could hardly have been more impressive for the specialists from Eindhoven and Bonn.

With the complete placement of their 2026/2029 convertible bond, they have secured a financial cushion of EUR 2.0 million. The capital is the fuel for bold expansion and the consistent implementation of strategic goals. Investors are increasingly recognizing the potential that lies dormant here.

At the heart of this success is what is known as dual-fire technology. These gas generators are true omnivores – in a positive sense. Whether wood chips, sewage sludge, or agricultural residues such as rice husks and nut shells, A.H.T. turns them into high-quality synthesis gas. At a time when natural gas is becoming increasingly expensive and politically unstable, A.H.T. offers the perfect alternative. Experts predict that the market for synthetic gas will grow to a staggering USD 33.4 billion by 2035, almost double the current level. A.H.T. Syngas Technology is right at the source of this growth.

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A.H.T. is no longer content with just selling plants; it is gradually developing into an integrated energy supplier. Through so-called "contracting," it may operate its plants itself or in joint ventures in the future. For the company and its shareholders, this means regular, predictable income. CEO Gero Ferges sums it up: "The business model is far from exhausted." Analysts at GBC AG share this assessment and have set a target price of EUR 8.50 for the share. With the stock currently trading at around EUR 4.55, this implies notable upside potential. In any case, this seems to be a very exciting story that is not yet over.

Nordex and the big bull market

While A.H.T. Syngas Technology is revolutionizing decentralized energy supply, we are currently witnessing a veritable explosion in the share price of Hamburg-based wind power veteran Nordex. The stock market is celebrating a bull market the likes of which we have rarely seen in recent years. The company's turnaround has been a success, and how...

With a net profit of EUR 274 million for 2025, Nordex has smashed all expectations. By way of comparison, the figure for the previous year was just EUR 9 million. These figures are proof that Nordex has done its homework. The Delta4000 platform has become a global bestseller. With a market share of almost 50% in Europe, Nordex dominates the market outside China.

The order books are full to bursting with a volume of EUR 16.1 billion. This gives the Hamburg-based company a level of planning security that other companies can only dream of.

Of course, such a rapid rise to prices well above EUR 40 also attracts skeptics, critics, and warning voices. The first warning signs of overheating are also visible in the chart. Some short sellers have even slightly increased their positions. But those betting against the trend need patience and, above all, strong nerves. Operating profit has multiplied, and the EBITDA margin is climbing steadily.

Investors are particularly pleased with the announcement that money will be distributed again from 2027 onwards, whether through dividends or share buybacks. Nordex plans to return at least EUR 50 million to its shareholders annually. That is a clear message – also to short sellers.

Analysts at Goldman Sachs and Jefferies have already raised their price targets significantly. Some even see the share price reaching EUR 50. Nordex supplies the hardware for the world's large wind farms. However, they would also be a perfect partner for A.H.T.'s decentralized solutions, as together they could bridge the gap between industrial production and local utilization.

Siemens Energy: AI fuels energy demand, but has the share price risen too high?

No energy transition can succeed without a stable backbone. This is where Siemens Energy comes in. Through its subsidiary Gamesa, the company combines the worlds of wind power with highly efficient gas turbine technology and vital grid technology. When Nordex captures the wind, and A.H.T. turns waste into energy, Siemens Energy ensures that this energy gets to where it is needed. Global energy demand is growing relentlessly. Data centers for artificial intelligence and the electrification of transport are taking their toll. Siemens Energy is benefiting massively from the expansion of power grids. All over the world, power lines need to be modernized and expanded to integrate fluctuating renewables. It is a mammoth task that only corporations with this enormous technological depth can accomplish.

The connection between these three values is obvious. We need big players like Siemens Energy for the infrastructure and Nordex for massive wind power generation. But we also need the "pioneering spirit" of smaller companies like A.H.T. Syngas Technology to close the gaps in the system. A.H.T. demonstrates how CO2 can not only be saved but also actively removed from the cycle.

However, a look at the Siemens Energy chart clearly reveals a near-parabolic "flagpole" formation. It should not be forgotten that not long ago, the company was considered a restructuring case, with the share price trading below EUR 10. Today, the stock is quoted at over EUR 162. As the saying goes, trees do not grow to the sky. A correction in the share price is not unlikely. In such a scenario, capital could rotate into stocks that have not yet priced in their growth potential and therefore still offer a more attractive risk-reward profile.

In summary, each of these companies plays an indispensable role in the global energy mix. Nordex has staged a notable turnaround, demonstrating that wind power can be a highly profitable business. The stock is currently the darling of momentum traders. Siemens Energy remains the giant that provides the technological basis for overall grid stability. A.H.T. Syngas Technology represents the smaller, more specialized player, focused on decentralized waste-to-energy solutions. The successful placement of the convertible bond and the strategic expansion toward an energy operator could lay the foundation for a completely new valuation of the stock. Analysts agree. If the world wants to achieve its long-term climate objectives, there is no way around technologies such as those offered by A.H.T. Syngas. It will be exciting to see whether and how quickly the market will price in this potential.