dynaCERT: The bridge builder
In an interview with Lyndsay Malchuk from the International Investment Forum (IIF), dynaCERT CEO Kevin Unrath explained the economic prerequisites for a successful energy transition. Sustainable technologies could only prevail in the long term if they were also financially attractive to companies. This is precisely where dynaCERT comes in with its HydraGEN™ technology for retrofitting existing diesel engines. The systems are intended to reduce fuel consumption and emissions without companies having to replace their existing vehicles or machinery. Unrath stressed that decarbonisation could not take place in a single step. Rather, companies would have to operate their existing equipment more efficiently today until they switch to lower-emission technologies in the future. dynaCERT therefore sees itself as a bridging technology intended to deliver environmental and economic benefits today. And this bridge could be long. Unrath believes that the transition to fully decarbonised powertrains in certain industries and regions could take another 10, 20 or even 30 years.
Unrath sees market potential particularly in truck fleets, industrial machinery, port cranes and power generation equipment. Many companies have invested substantial sums in their equipment and would have to continue using it for years or decades. dynaCERT’s retrofit systems are intended to deliver improvements with comparatively little effort and pay for themselves within a short time, depending on the application. To move from successful pilot projects to larger customer orders, it was crucial to demonstrate the actual efficiency gains under real operating conditions. dynaCERT is currently working on this through pilot projects in various countries. Unrath referred, among other things, to his recent visits to Colombia and Vietnam.
Looking ahead, Unrath calls for closer cooperation between technology providers, industrial companies and fleet operators. Rather than pitting different decarbonisation solutions against one another, these would have to be combined according to the respective operating conditions.
To the interview:
SFC Energy: Better than expected
While dynaCERT is currently working towards its commercial breakthrough, SFC Energy has already achieved it. Following the surprisingly strong preliminary nine-month figures, the analysts at First Berlin have confirmed their Buy recommendation for SFC shares. The price target is EUR 31. The shares are currently trading between EUR 17 and EUR 18. At the beginning of the year, the share price was below EUR 13.
SFC Energy generated revenue of EUR 132.8 million in the first nine months, up 29% from the same period last year. Adjusted EBITDA more than tripled to EUR 33.7 million, while adjusted EBIT even rose from EUR 5 million to EUR 25.7 million. The third quarter performed particularly strongly. Quarterly revenue exceeded the EUR 50 million mark for the first time, putting it 73% above the previous year’s figure. Adjusted EBITDA reached EUR 15.3 million, compared with just EUR 2.3 million in the prior-year quarter.
The high-margin defence business was a key growth driver. In particular, the delivery of a major order from Ukraine worth EUR 43 million contributed to the jump in earnings. This was complemented by an improved gross margin in the Clean Power Management segment and lower costs to date for the ongoing ERP project. Given the strong performance, SFC Energy has again raised its earnings forecast for 2026. The company now expects adjusted EBITDA of EUR 36 million to EUR 38 million, up from EUR 31.5 million to EUR 34 million. The forecast for adjusted EBIT was raised from EUR 21.5 million to EUR 25.5 million to EUR 25.5 million to EUR 27.5 million.
First Berlin expects SFC Energy to achieve a record year in 2026 and continue its profitable growth thereafter. For the current financial year, the analysts forecast revenue of EUR 174.3 million and a net profit of EUR 15.8 million. In 2027, revenue is expected to rise to EUR 192 million and net income to EUR 17.6 million. For 2028, they already expect revenue of EUR 215.8 million and a net profit of EUR 20.7 million.
Nel ASA: New boss expected to put things right
Nel still has a long way to go before achieving sharply rising profits. A new boss is to lead the Norwegians along this path. Morten Holum will become the new CEO, replacing Håkon Volldal, who left the company at the end of October 2026. Holum is expected to take up his position by May 1, 2027, at the latest. Until then, current CFO Kjell Christian Bjørnsen will take over management of the company. Torbjørn Berg will serve as interim CFO.
The new Nel boss faces a tough task. His predecessor, Håkon Volldal, was unable to meet the high expectations placed on the Norwegian hydrogen specialist. During his tenure of just over four years, the shares lost more than 80% of their value. Although revenue initially almost doubled, the company has been shrinking again since 2025. Revenue also plunged by 63% in the third quarter of 2026. Nel continues to post losses and must cut its costs.
Whether Morten Holum can turn Nel around remains to be seen. In any case, the new CEO does not arrive to great acclaim. At his previous employer, Hexagon Purus, he initially delivered strong revenue growth, but the hydrogen specialist is now in deep crisis. In 2025, revenue slumped, losses increased, and the shares have lost substantial value in recent years. Although the entire hydrogen industry is suffering from weak demand, this is not what successful business development looks like.
Nel itself points to positive prospects. The leadership change comes as the company looks to tap into new business opportunities. Recently, the company secured major orders from Collins Aerospace and a leading US technology group. Nel also sees increasing potential in the defence sector. The recently announced collaboration with Rheinmetall also points to this. Holum is to expand existing customer relationships and accelerate the commercialisation of hydrogen technologies.
Conclusion
SFC Energy is on a roll. Operational performance is dynamic, and the share price appears to have further room to rise. Should dynaCERT secure one or two major orders from its numerous pilot projects, the shares have the potential for a re-rating. Given current energy prices, this seems plausible. At Nel, even the change at the top does not make the shares a compelling buy. The problems are too great for that.
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