Nel ASA: The Norwegian Pioneer Cannot Get Back on Its Feet
Things are currently in disarray at the Norwegian hydrogen specialist. The unexpected departure of the CEO, who is turning his back on the sector entirely after just four years, has caught the already nervous stock market off guard. This leadership crisis hits the Scandinavian company in the midst of a critical restructuring phase, while it is still grappling with a deep red EBITDA loss of NOK 155 million. But those written off often live on! A phenomenal ray of hope in the company’s operations is the latest order intake, which skyrocketed by a staggering 224% to NOK 230 million in the second quarter. In addition, the company sits on a comfortable cash position of over NOK 1.33 billion, is virtually debt-free, and thus has sufficient financial breathing room to weather the current dry spell. The spectacular doubling of the share price in the spring has, for now, turned out to be a flash in the pan, and the stock has landed right back where the rally began in April—at around EUR 0.19. Whether a sustainable turnaround will succeed now hinges on two fronts: a charismatic successor is needed immediately at the helm, and the new, highly efficient generation of electrolysers must rapidly secure major commercial orders. Very speculative, but technically likely to go lower!
Nordex: Strong Numbers Fuel Valuation Speculation
The Hamburg-based wind power specialist Nordex is faring better. It is currently giving its MDAX competitors a real lesson in profitability. With double-digit revenue growth of 16.3% to an impressive EUR 2.2 billion in Q2, the growth curve is pointing steeply upward. However, the real showstopper for the North German company came in its operating results: EBITDA spectacularly doubled to EUR 223.8 million, catapulting the much-noticed margin to a strong, double-digit level of 10.3%. Bottom line: net consolidated profit literally exploded year-over-year, jumping from a meagre EUR 31 million to a whopping EUR 111.5 million. Driven by global momentum in the project business, order intake soared by 32% to a substantial volume of 3.1 GW. Thanks to free cash flow of just under EUR 165 million, the wind power company’s balance sheet stands on rock-solid foundations, reinforcing confidence that it will achieve its ambitious full-year targets. For investors, the message is clear: the era of chasing subsidies alone is over—this is the beginning of an era of genuine, operating cash flows. Following a healthy market correction, the share currently offers an entry point about 30% below its all-time high. On the LSEG Refinitiv platform, analysts are backing up these bright prospects with an ambitious price target of up to EUR 47.70 over the next 12 months.
NU E Power: Freshly Funded
Canadian companies, too, have the energy transition down pat. NU E Power (NUE) positions itself not as a traditional power generator, but as a developer of energy parks to be built where data centers, industry, and other large consumers will urgently need additional capacity in the future. The business model is thus reminiscent of that of a real estate developer: land is secured, then upgraded through zoning, permits, grid connections, and power purchase agreements, and finally sold as an energy-return project or implemented in partnership with a financially strong partner. NUE deliberately pursues a technology-neutral approach and, depending on the region and regulatory environment, can integrate solar, wind, hydropower, gas, battery storage, fuel cells, or—in the future—even small modular reactors. Monetization will be based on three pillars: the sale of turnkey or largely approved projects, joint ventures with capital partners, and long-term equity stakes or recurring revenues from projects. The third approach, in particular, could prove strategically interesting for investors, as the company aims to secure a stake in the long-term project economics and thus build up recurring cash flow in addition to potential sale proceeds. Operationally, the 8.75-MW solar plant in Lethbridge, which has been in operation since December 2024, is already a productive asset that, with NUE’s 25% stake, is now generating cash flow. The real leverage, however, lies in the larger development projects. The three new sites, Lethbridge Two, Lethbridge Three and Hanna, have a combined capacity of 503 MW, with NUE holding a net stake of 251.75 MW. NU E Power has invested approximately USD 2.6 million in their development; if successfully monetized, they have the potential to generate a significant inflow of value.
Due to high demand, the most recent financing round was quickly increased to CAD 3.86 million and closed on August 12. Even more recent is the planned acquisition of approximately 29.44 acres in the Regina area for CAD 2.7 million; the transaction is initially secured by a non-binding letter of intent and is contingent upon, among other things, due diligence, financing, rezoning, and subdivision. The location is particularly exciting because NUE has held development rights there since August 2025 and is specifically developing the region for large-scale energy and data center applications. At the same time, the company is working on establishing new projects in Malaysia, with the aim of gradually transforming itself from a Canadian developer into an internationally diversified energy infrastructure model.
For the stock, the decisive factor is therefore less today’s revenue base than the company’s ability to turn development rights into binding purchase agreements and, subsequently, into monetizable energy parks. Recent progress in financing and site development lays the groundwork for this. If NU E Power succeeds in monetizing its first major projects as planned and generating long-term equity returns, this previously small developer, with a valuation of around CAD 10 million, including the new shares, could become a scalable infrastructure player that benefits disproportionately from the structural energy shortage of the AI era.
JinkoSolar: This Could Be the Turnaround
The photovoltaic industry has clearly shifted into high gear on the global stage and has established itself in much of the world as the undisputedly cheapest method for mass electricity generation. No wonder, then, that the International Energy Agency (IEA) anticipates a veritable boom and unbroken, dynamic expansion trends in global solar capacity in the coming years. For industry pioneer JinkoSolar, the signs now point to a strong recovery after a long dry spell, as the company appears to have weathered the operational storm. Although module shipments took a slight seasonal breather in the first quarter, leveling off at around 20 gigawatts, the gross margin made a spectacular comeback. It jumped from nearly zero to an impressive 8.3% compared to the previous quarter. Excitement is building now, as the solar giant is set to let the cat out of the bag on August 26 and present its highly anticipated second-quarter financial results. Given the promising chart, investors are poised for fresh momentum, wondering whether the ambitious annual forecast of 75 to 85 gigawatts in total volume will be met as planned. In light of these initial technical signs of stabilization, optimistic analysts on the LSEG Refinitiv platform suspect a massive mispricing on the stock market and attribute enormous upside potential of up to 80% to the shares. Exciting!
The global energy sector is inexorably transforming from a subsidy-driven promise for the future into a highly profitable, software-driven growth market. The intelligent convergence of rapidly rising electricity demand and digital grid infrastructure is creating a high-calibre ecosystem that profitably spans the entire value chain from generation to distribution. Following healthy market corrections, favourable entry opportunities are once again available for forward-looking investors.
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