Nel: Full order books and stalled project implementation in electrolysis
The Norwegian manufacturer Nel exemplifies the pronounced stagnation in industrial hydrogen projects. In the third quarter, the company reported a 339% increase in order intake to NOK 253 million. At the same time, however, actual revenue from customer contracts slumped by 63% to NOK 112 million, according to the latest quarterly report. The alkaline electrolysis business, which traditionally serves as the backbone for large-scale industrial projects, fell by 91%. As market observers emphasise, high borrowing costs and the lack of long-term offtake agreements are preventing project developers worldwide from making final investment decisions. The only bright spot in the financial statements remains the more compact PEM technology, whose revenue rose by 65% to NOK 89 million, according to Nel.
Daimler Truck: Battery-electric sales under pressure
The transition on the road is also stalling, as Daimler Truck’s delivery figures demonstrate. The commercial vehicle manufacturer increased its total unit sales by 26% to 91,260 in the third quarter. However, Daimler Truck’s battery-electric models found few buyers: according to company data, only 1,207 units were sold, representing a decline of 28%. An electric truck such as the eActros 600 costs around two to two-and-a-half times as much to purchase as a conventional diesel equivalent. Insufficient charging infrastructure along motorways and reduced payload capacity make an immediate switch economically unattractive for logistics operators at current costs. Many freight companies are therefore sticking with their Euro 6 diesel fleets for the time being.
dynaCERT: Pragmatic bridging technology for everyday diesel use
In this infrastructure vacuum, dynaCERT is positioning itself with a compelling on-board solution. The Canadian company’s HydraGEN™ system produces hydrogen and oxygen from distilled water through electrolysis directly on the truck. These gases are fed into the diesel engine’s air intake system on demand to optimise thermodynamic combustion efficiency. According to the company, this reduces fuel consumption and soot emissions, while the diesel particulate filter requires less frequent regeneration. These cumulative operating-cost benefits offset high fuel prices. The hardware purchase therefore pays for itself relatively quickly, depending on the specific scenario. Initial commercial progress is already evident: following a series order in Vietnam in June, the company announced a follow-up order from an existing customer in the French market in early October as part of its collaboration with distribution partner IPMD.
dynaCERT: Telematics and carbon credits as a potential second business pillar
An additional growth driver for dynaCERT could lie in telematics. Using the proprietary HydraLytica™ software, the system captures engine performance data directly from the engine control unit, without manual intervention. Certification organisation Verra’s VMR0004 methodology, revised in 2024 and co-developed by dynaCERT, allows such vehicle-specific monitoring via telematics. On this basis, verified emissions savings could be converted into carbon credits in future. Both dynaCERT and its customers could then benefit from potential proceeds from such credits. In addition, the company acquired a 15% stake in AEM electrolyser specialist Cipher Neutron in 2024.
Conclusion: Operational scaling as the next crucial hurdle
Although HydraGEN™ retrofits can pay for themselves relatively quickly for fleet operators, the cleantech company faces the challenge of moving from pilot projects to global mass production. The CAD 5 million in convertible debenture financing secured in June provides management with some financial flexibility for the time being. Given the complexities of scaling operations and its dependence on capital markets, dynaCERT shares remain a speculative investment but offer promising opportunities for a fundamental revaluation if it successfully establishes a global distribution network.
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”) may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a “Transaction”). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.
For this reason, there is 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 news.financial. 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.
Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.