Veolia: Expansion in Saudi Arabia
Veolia plays a central role in this market; the company is best known for waste collection and water treatment. The French Group published its half-year results, showing that turnover rose by 0.7% to EUR 22.2 billion compared with the same period last year. This positive performance is mainly due to price adjustments and a strong performance in the water sector.
Operating profit rose by 5.5% to EUR 3.6 billion. Unadjusted net profit increased by almost 4% to EUR 682 million, while adjusted net profit grew by 10.4% to EUR 837 million. The company is therefore optimistic about the rest of the year and maintains its previous expectations. Going forward, the company intends to focus more on the lucrative hazardous waste disposal sector.
Furthermore, the Group is continuing to expand its operational activities in the Middle East. In Saudi Arabia, three new agreements have been signed with local companies to support the government’s initiative to modernize the country. The focus is on environmental protection, resource conservation and the reduction of greenhouse gas emissions. A collaboration with the partner Acwa Power is planned for seawater desalination. Through more efficient energy use and optimized processes, 500,000 tonnes of carbon dioxide are to be avoided annually.
Another project with the mining company Ma’aden aims to improve the treatment and reuse of industrial wastewater. The aim here is to establish a functioning circular economy. The third agreement concerns the company Khazeen, which operates in the field of liquefied gas storage. Here, Veolia will assist with reducing emissions and treating wastewater and hazardous waste. The company has been active in Saudi Arabia for over half a century and also aims to promote the training of skilled regional workers through its new projects.
A.H.T. Syngas: Turnaround Underway
A.H.T. Syngas Technology is on the cusp of a potential turning point. The cleantech company uses thermochemical gasification to convert biomass and suitable waste materials into synthesis gas, which can be used directly to generate electricity and heat or further processed into hydrogen. In doing so, A.H.T. aims to tackle several challenges simultaneously, such as rising energy costs, decarbonization and the decentralized supply of energy to industrial companies.
The greatest immediate opportunity lies in Poland. Together with the project developer INNOTEC ENERGY, A.H.T. is working on a pipeline of 17 projects. As early as 2026, the company anticipates a feasible order volume of at least EUR 10 million from this pipeline. For a company with a market capitalization of just under EUR 6 million, the implementation of even a portion of this pipeline could significantly alter the scale of its business.
The planned restructuring of the business model holds enormous potential. To date, A.H.T. has relied predominantly on the sale of its plants. In future, selected projects are to be operated in-house in collaboration with partners, with energy sold via long-term contracting agreements. This could generate recurring revenue and higher margins instead of fluctuating one-off sales. For such projects, the company cites an investment volume of around EUR 54 million and expected margins of between 13 and 19%.
Hydrogen could become a second pillar of growth. Together with Bionon and Bioenergy Concept, A.H.T. holds a patent for hydrogen production from solid biomass. According to the company, the technical feasibility and economic viability of planned projects have been assessed by EY-Parthenon and TÜV Süd. Commercial-scale production is scheduled for 2028.
If this is successfully implemented, A.H.T. could gradually evolve from a small plant manufacturer into a decentralized energy supplier. GBC Research estimates the fair value of the share at EUR 8.50; the share is currently trading at around EUR 2.20. The key factors now will be new orders, the implementation of the Polish pipeline and the move into recurring energy revenues.
Bloom Energy: Strategic Partnership
Strategic partnerships in the energy sector, particularly those that extend beyond national borders, are becoming increasingly relevant in the current climate.
Bloom Energy has now entered into a far-reaching joint venture with the Japanese industrial Group Hitachi. The main aim of this agreement is to establish local energy supply systems on the Japanese market that are independent of the public electricity grid. A key driver behind this initiative is the rapidly rising energy demand from data centres. As these facilities are often hampered by the capacity limits of regional electricity grids, decentralized systems offer a solution.
As part of the collaboration, Bloom Energy’s fuel cell technology will be directly integrated with Hitachi’s industrial control and operational technology. This technical integration will enable customers to easily connect their systems to their existing building infrastructure. One key feature of the joint systems is their ability to function as a redundant power supply. In the event of regular grid failures, they take over the power supply, thereby ensuring the uninterrupted operation of servers and production facilities. In doing so, both partners are responding to the growing demand for a reliable energy supply in critical and power-intensive sectors.
Analysts at the Bernstein SocGen Group have confirmed their previous “Neutral” rating in their latest report and maintained the target price at USD 282. The share price has risen significantly in recent months. Many investors expect Bloom Energy to generate numerous new orders through the expansion of server farms, as large electricity consumers are increasingly switching to off-grid alternatives. The financial results published for the second quarter of 2026 support this assumption. Revenue of USD 1.07 billion and an adjusted operating profit of USD 253 million exceeded forecasts. However, caution is advised due to potential future fluctuations in demand.
Growing energy demand and the pressure to decarbonize are making decentralized solutions and the circular economy increasingly attractive. Bloom Energy, in partnership with Hitachi, could benefit from the expansion of data centres and the need for off-grid power supply. If A.H.T. Syngas succeeds in implementing its Polish project pipeline and establishing its contracting business, the company could undergo a fundamental transformation. Veolia, for its part, combines financial strength with international expansion and is tapping into additional opportunities in Saudi Arabia in the fields of water, hazardous waste and the circular economy.
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