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The Market Online
12-05-2025
- Business
- The Market Online
From the valley of tears to hypergrowth? Nel ASA, dynaCERT, and Plug Power in the crosshairs
Does the future of the energy sector lie in hydrogen? After a decade of hype and disillusionment, 2025 is shaping up to be a turning point. Hydrogen is set to flow through Germany's new core grid for the first time, while global megaprojects drive the decarbonization of everything from steelworks to aircraft. The market could grow by 12% annually until 2030, fueled by billions in government funding, industry alliances, and innovative storage solutions. But can hydrogen make the leap from the lab to mass application? In this key phase, three players are stepping into the spotlight: Nel ASA, dynaCERT (TSX:DYA), and Plug Power. Nel ASA – Setbacks and hopes for the future Nel ASA, a Norwegian pioneer in hydrogen technology, presented disappointing figures for the first quarter of 2025. Net revenue fell by 44% to NOK 155 million, well below analysts' expectations of NOK 245 million. Even more serious is the operating loss. EBITDA was negative at NOK 115 million, following a positive figure of NOK 32 million in the previous year. The net loss rose to NOK 179 million. This was due to production interruptions in the alkaline division and a decline in project completions. Despite these figures, management emphasizes the Company's solid liquidity of NOK 2.1 billion. Nel ASA's difficulties are also reflected in its order book, which fell by 31% year-on-year to NOK 1,460 million. A major blow was the cancellation of a large 40 MW order by Statkraft, which reduced the order book by an additional NOK 120 million. Analysts such as Erwan Kerouredan of RBC see less geopolitical risk and more of a problem in the tense European market environment. Competition from better-capitalized players such as thyssenkrupp nucera is intensifying the pressure. The only ray of hope is the partnership with Samsung, which is seen as a vote of confidence. CEO Håkon Volldal remains optimistic and points to long-term opportunities from the global hydrogen boom. In addition, cost reductions, for example through production breaks in Herøya, should stabilize margins. The PEM division showed potential with 64% growth. However, the short-term hurdles are high. The alkaline division slumped by 69%, and recovery depends on regulatory conditions. For investors, Nel remains a risky player in a volatile future market. The share price currently stands at NOK 2.304. dynaCERT – Cleantech innovation on the rise Legal requirements for emissions are becoming stricter worldwide, leading to a growing demand for practical retrofit systems, particularly in the transport sector. This is exactly where the Canadian company dynaCERT (TSX:DYA) comes in with its HydraGEN™ technology. The patented process improves the combustion efficiency of diesel engines by controlling the fuel-air mixture and adding hydrogen as needed. Practical tests show that this significantly reduces both diesel consumption and emissions. A decisive step was taken in 2024 with the recognition of the CO2 savings methodology by Verra, paving the way for the generation of emission certificates. This combination of hardware and data-driven HydraLytica™ software not only offers environmental benefits but also creates a scalable bridging technology for industries with high diesel demand. In fiscal year 2024, dynaCERT tripled its revenue to CAD 1.6 million, a clear sign of growing market acceptance. Although scaling in new regions such as Europe was initially cautious, strategic patience is paying off. Existing regulatory approvals and the establishment of local teams are paving the way for sustainable growth. Project-based sales, typical for the industrial sector, are developing dynamically, supported by follow-up orders from key sectors such as mining and energy. At the same time, successful financing rounds underscore investors' confidence in the commercialization roadmap. Starting in 2026, the monetization of CO2 certificates could significantly improve margins. In parallel, dynaCERT is expanding the application range of HydraGEN™ technology from heavy-duty vehicles to stationary diesel generators. Industries such as logistics and energy production offer potential, especially against the backdrop of rising CO2 prices in the EU. Collaborations with the European workshop network Alltrucks and a presence at leading trade fairs strengthen the Company's market reach. dynaCERT addresses a growing need for pragmatic climate protection solutions without a radical technology change. The share is currently trading at CAD 0.155. dynaCERT will present at the 15th International Investment Forum – Register today Plug Power – Strengthens financing and partnerships Plug Power has agreed a secured credit facility of USD 525 million with Yorkville Advisors to stabilize its liquidity. An initial tranche of USD 210 million has already been disbursed, of which USD 82.5 million will be used to repay a convertible loan. This move reduces potential dilution for shareholders and eliminates associated share issuances. CEO Andy Marsh emphasizes that the funds will drive the scaling of the green hydrogen network and support profitability targets. At the same time, net cash outflow in the first quarter fell to USD 142 million, a 47% decrease compared to the previous year. With USD 296 million in cash at the end of March plus the credit facility, the Company considers itself well-positioned for medium-term expansion. A key factor is the commissioning of the 15-ton-per-day hydrogen liquefaction plant in Louisiana, operated by the Hidrogenii joint venture with Olin. The plant increases Plug Power's total capacity to 40 tons per day and supplies major customers such as Amazon and Walmart. At the same time, the Company is pushing ahead with efficiency programs. Structural adjustments and optimized supply chains are expected to save over USD 200 million annually from 2025 onwards. These measures, combined with rising revenue expectations of USD 130–134 million for the first quarter, highlight the focus on higher-margin growth. In addition to operational progress, Plug Power has announced a cooperation with BASF. The chemical company will supply catalysts (Pd15 DeOxo) and oxygen and water removal solutions for hydrogen liquefaction plants. The focus is on plants with a daily capacity of 30, 60, and 90 tons. This is a clear signal of the Company's scaling ambitions. Integrating these technologies could help Plug further reduce production costs and position itself as a technology leader. The stock is currently trading at USD 0.86 and must break through the USD 1 mark in order to remain on the NASDAQ in the long term. The hydrogen industry is caught between the drive for innovation and the pressure to scale up. Nel ASA is struggling with operational setbacks and declining revenues, but is focusing on long-term opportunities through partnerships such as Samsung. dynaCERT is scoring points as a cleantech bridge builder. A tripling of revenue and certification for CO2 credits underscore the market acceptance of its HydraGEN™ technology for diesel engines. Plug Power is stabilizing its finances with a USD 525 million credit line and is pushing ahead with the scaling of large-scale projects through cooperations such as BASF. While Nel and Plug are struggling with financial difficulties, dynaCERT demonstrates how pragmatic solutions can accelerate decarbonization. The race toward mass adoption is on. Conflict of interest Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as 'Relevant Persons') currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a 'Transaction'). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company. In this respect, there is a concrete conflict of interest in the reporting on the companies. In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual this reason, there is also a concrete conflict of interest. The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies. Risk notice Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such. The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user. The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use. This is third-party provided content issued on behalf of dynaCERT Inc, please see full disclaimer here.
Yahoo
27-03-2025
- Business
- Yahoo
Nel ASA: Receives purchase order from Collins Aerospace for U.S. Navy stacks
OSLO, Norway, March 27, 2025 /PRNewswire/ -- Nel Hydrogen US, a subsidiary of Nel ASA (Nel, OSE:NEL), has received a purchase order for PEM electrolyser stacks for about USD 6 million from Collins Aerospace to be used by the U.S. Navy to produce oxygen for critical life support onboard submarines. "We are very proud of the long-standing partnership with Collins Aerospace and our exclusive supply agreement to produce equipment that is crucial for prolonged underwater submarine operations," says Nel's Chief Commercial Officer, Todd Cartwright. "This new order underscores the strength of our manufacturing capabilities and quality standards, along with the trusted performance of our PEM electrolyser technology," he says. The stacks will be delivered over several years, with initial deliveries in late 2025. This order is the most recent in a series of deliveries to the client, where Nel has a long track record of developing and delivering equipment for this application. The purchase order is for an undisclosed number of stacks that will be produced at Nel's manufacturing facility in Wallingford, Connecticut. For additional information, please contact:Kjell Christian Bjørnsen, CFO, +47 917 02 097Wilhelm Flinder, Head of IR, Communications and Marketing, +47 936 11 350 About Nel ASA | has a history tracing back to 1927 and is today a leading pure play hydrogen technology company with a global presence. The company specializes in electrolyser technology for production of renewable hydrogen, and hydrogen fueling equipment for road-going vehicles. Nel's product offerings are key enablers for a green hydrogen economy, making it possible to decarbonize various industries such as transportation, refining, steel, and ammonia. This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act. This information was issued as inside information pursuant to the EU Market Abuse Regulation, and was published by Wilhelm Finder, Head of Investor Relations, at NEL ASA on the date and time provided. This information was brought to you by Cision View original content:
Yahoo
11-03-2025
- Business
- Yahoo
Nel ASA: Signs collaboration agreement and conducts private placement with SAMSUNG E&A
OSLO, Norway, March 11, 2025 /PRNewswire/ -- Nel ASA (Nel, OSE:NEL) has signed an EPC collaboration agreement that allows SAMSUNG E&A to offer its customers complete hydrogen plants of its own design using Nel's electrolysers. In a separate transaction, SAMSUNG E&A will purchase 10% of newly issued Nel ASA shares through a direct placement, implying a post transaction ownership of 9.1%. As a result of this transaction, SAMSUNG E&A will become the largest single shareholder in Nel. Nel is a global leader within both alkaline and PEM electrolyser technology, working with clients both directly and through EPC partners. With the SAMSUNG E&A EPC collaboration agreement, Nel continues to widen its global delivery capabilities and strengthen its overall competitiveness. "Our strategy is to focus on electrolyser stack and balance of stack technology. Therefore, we need to work with EPC companies who can provide balance-of-plant solutions and increase our global market reach. It is an honor that a highly reputable and solid company like SAMSUNG E&A has decided to partner with Nel because of our technology and manufacturing leadership" says Håkon Volldal, President and CEO of Nel ASA. SAMSUNG E&A, formerly Samsung Engineering, is a Korean total solutions provider, that offers comprehensive solutions for the global energy industry. The company provides a full range of engineering services including feasibility studies, design, procurement, construction, and commissioning across multiple industries with a special focus on smart manufacturing, energy systems, and infrastructure. The company is already involved in several large-scale hydrogen projects globally. "SAMSUNG E&A will provide integrated electrolyser solutions with competitive value and bankability to green hydrogen project owners with Nel. Green hydrogen is a core technology in clean tech with carbon-neutral technologies and has a high value not only as itself but also as a basic ingredient for green ammonia, green methanol, SAF, and e-fuel," says Hong Namkoong, CEO of SAMSUNG E&A. "Nel is a market-leading electrolyser company and the only company that has competitive technology in both Alkaline and Proton Exchange Membrane electrolyser with a 100-year history. We are very glad to announce our partnership with Nel", Namkoong says. The collaboration agreement will enable SAMSUNG E&A to develop and offer its customers complete design packages for hydrogen plants based on Nel's Alkaline and PEM electrolysers. In addition, the two companies will work on a larger consolidated Balance of Stack (BoS) system for Nel's Alkaline electrolysers. In a separate transaction, Nel ASA will issue 167,132,530 shares to SAMSUNG E&A for NOK 2.1125 per share, representing the arithmetic average of the last seven-day volume weighted average prices as of March 10th 2025, for a total, all cash, consideration of about NOK 353 million. The transaction is subject to approval by the Board of Directors pursuant to an authorization to increase the share capital granted by Nel ASA's annual general meeting held on 23 April 2024. Post transaction, SAMSUNG E&A will have a 9.1% shareholding in Nel ASA. SAMSUNG E&A has agreed to a two-year lock-up and standstill arrangement subject to customary exceptions. The Nel ASA Board of Directors is supportive of SAMSUNG E&A nominating a member to Nel's Board of Directors for the upcoming 2025 Annual General Meeting. Morgan Stanley & Co. International plc acted as financial advisor to Nel ASA in connection with the private placement. "We appreciate the commitment SAMSUNG E&A demonstrates to the future success of our partnership by becoming a cornerstone investor in Nel," Volldal says. "SAMSUNG E&A is currently securing hydrogen and carbon-neutral technologies through strategic investments and partnerships to commercialize new technologies and build a technology licensing model. The company is now also exploring new market opportunities based on business development with flagship projects where we work to expand the business model from primarily EPC to more technology-based," Hong Namkoong says. For additional information, please contact:Kjell Christian Bjørnsen, CFO, +47 917 02 097Wilhelm Flinder, Head of IR, Communications & Marketing, +47 936 11 350 About Nel ASA | has a history tracing back to 1927 and is today a leading pure play hydrogen electrolyser technology company with a global presence. The company specializes in Alkaline and PEM technology for production of renewable hydrogen. Nel's product offerings are key enablers for a green hydrogen economy, making it possible to decarbonize various industries such as transportation, refining, steel, and ammonia. This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act. This information was issued as inside information pursuant to the EU Market Abuse Regulation, and was published by Wilhelm Finder, Head of Investor Relations, at NEL ASA on the date and time provided. This information was brought to you by Cision The following files are available for download: Release View original content: Sign in to access your portfolio
