Hydrogen was long hailed as the next big thing for the stock market. But now, disillusionment is setting in. The latest example: energy company RWE has withdrawn from a USD 10 billion green hydrogen project in Namibia. RWE cited sluggish demand in Europe as the reason for its decision. This development illustrates that while the hydrogen era is on the horizon, practical hurdles remain. For investors, the focus is shifting to transitional technologies that are already helping to reduce emissions. In this article, we examine three very different companies, BMW, BASF and dynaCERT, and explore how they are positioned between vision and reality.
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BMW has not yet written off hydrogen
German automaker BMW, which also owns the Mini and Rolls-Royce brands, is strategically focusing entirely on electric mobility – in the second quarter of 2025, the Company delivered 111,000 fully electric vehicles – a record figure. At the same time, however, the Munich-based company also emphasizes its desire to be open to all technologies. In a press release, CEO Oliver Zipse emphasizes that hydrogen is “a versatile energy carrier with a key role in the energy transition” and the missing piece of the puzzle for emission-free mobility, as no single technology alone will suffice. Accordingly, BMW launched a pilot fleet of the iX5 Hydrogen in 2023 to test fuel cell technology in everyday use. The approximately 100 hydrogen SUVs were used for demonstration purposes worldwide. However, the test run was apparently successful, and BMW can imagine series production starting in 2028. The announcement underscores BMW’s long-term strategy: to build up expertise in alternative drive systems in parallel with the expansion of electric mobility in order to be fully prepared for the future.
BASF: Setting a good example with a giant electrolyser
The world’s largest chemical company, BASF, is also focusing on hydrogen. Previously heavily dependent on imported fossil fuels, rising energy prices and more ambitious emission targets, including CO₂ certificate trading, are causing margins to collapse. As a result, BASF has embarked on a transformation process and commissioned a 54-megawatt electrolyser at its Ludwigshafen site last March. The plant is directly integrated into the BASF Verbund network and is expected to save up to 72,000 tons of CO₂ emissions annually. The hydrogen produced in Ludwigshafen replaces hydrogen that was previously obtained from natural gas and is used in ammonia and methanol production. BASF intends to make surplus hydrogen from its electrolyser available for mobility purposes in the Rhine-Neckar region, thereby promoting the hydrogen economy on a broad scale. The expertise gained in the course of these activities will also benefit BASF’s partners, whom the chemical company intends to support in meeting the challenges of the future.
dynaCERT: Easy conversion of diesel engines – what is behind it
The Canadian company dynaCERT (TSX:DYA), founded in 2004, also offers a hydrogen solution that is compatible across many applications. The HydraGEN™ retrofit kits are add-on electrolysis systems that generate hydrogen and oxygen from distilled water and feed them on demand into the intake tract of diesel engines. This reduces both fuel consumption and emissions. Target customers include operators of all types of diesel-powered vehicles and machinery – from truck fleets to construction equipment, mining machines, trains, ships, and stationary generators. The highlight: telematics software is used to document CO₂ savings during operation, potentially even enabling the generation of CO₂ certificates.
Over the past few months, dynaCERT has repositioned itself and is now working closely with industry under new management. Given that heavy commercial vehicles and industrial drives will continue to use combustion engines for years to come, HydraGEN™ is a solution that helps immediately reduce the carbon footprint until alternative drives are available on a large scale. dynaCERT also offers companies the opportunity to use existing machines for longer and postpone major investments – an especially compelling argument given the currently tense situation in industry.
A few weeks ago, dynaCERT announced a sales success – a partner ordered 100 HydraGEN™ units for stock. Should additional ones follow this order, the Company could ramp up production and manufacture its technology on a large scale. Despite initial positive developments, dynaCERT’s share price has not yet responded to the latest success stories – over a six-month period, the share price has lost just under 20%. For investors, dynaCERT is a speculative bet on an operational turnaround. If follow-up orders are successful, which is not unrealistic, especially for heavy machinery, the Company, currently valued at only EUR 40 million, could also take off again on the stock market. Unlike BMW and BASF, whose shares are relatively stable, dynaCERT could see rapid movement if its efforts succeed. Conversely, however, the stock is also significantly more speculative – but it is by no means out of the question that hydrogen could cause a stir on the stock market again.
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