Nel ASA: The CEO Steps Down
Norwegian electrolyzer specialist Nel ASA has unexpectedly run into turbulence. CEO Håkon Volldal announced in mid-June that he would step down at the end of the year to join the packaging group Elopak. Investors reacted to the news with significant share price declines. In Oslo, the stock fell by 2%; in Germany, it dropped at times by nearly 9%. Analysts responded by lowering their price targets, with Berenberg and Citigroup cutting their valuations. The average rating currently stands at “Sell.” Although Chairman of the Board Arvid Moss emphasized that the strategic direction remains unchanged, the timing of the departure—in the midst of the company’s transformation—is causing unease.
As recently as May, Nel had celebrated the commercial launch of its new alkaline pressure electrolysis platform after eight years of development. The technology promises full costs of less than USD 1,450 per kilowatt and is expected to make green hydrogen production significantly more economical. The EU Innovation Fund is funding the industrialization effort with up to EUR 135 million; the first tranche of EUR 11 million is scheduled for disbursement this quarter. However, the operating figures cloud the picture. Order intake plummeted by 73% in the first quarter to just NOK 85 million, while revenue fell by 5%. Two PEM orders placed after the end of the quarter, each worth USD 7 million, offer some hope.
Despite the operational weaknesses, Nel has a solid liquidity base of NOK 1.4 billion, which the company says should last until the end of 2026. The group has structurally improved its cost base. Personnel costs fell by 21%, and the workforce was reduced by 26%. However, management is currently reviewing potential impairment charges for idled production lines in Herøya. Following NOK 799 million in write-downs already recorded in fiscal year 2025, there could be an additional burden. The half-year results on July 15 will show whether the product launch is attracting initial orders and whether the order trend can be reversed. Until then, Nel remains a stock with high potential but significant risk. The share is currently trading at around NOK 2.38 (~EUR 0.216).
dynaCERT – The Diesel Bridge Builder
The Canadian cleantech company dynaCERT is leading the way when it comes to retrofitting old diesel engines. After years of development, the focus is now shifting to operational implementation. The recent leadership change signals a clear realignment. Kevin Unrath, previously COO, took over the CEO position on April 1 from Jim Payne, who is moving to the chair of the supervisory board. Unrath, whose long-term success is tied to a stock package of 500,000 restricted share units, is tasked with accelerating global marketing efforts. The message is clear. The development phase is complete; what matters now is the consistent marketing of the patented HydraGEN™ technology in core markets ranging from heavy-duty transportation and mining to stationary power generation.
Expansion in Vietnam is gaining momentum. With the support of the Canadian trade mission, dynaCERT has entered into strategic partnerships with the Ho Chi Minh City University of Technology (HCMUT) and a leading oil and gas company called Petrosouth Corp. The first pilot installations are already underway at logistics centers in Ho Chi Minh City, Hanoi, and Hai Phong. The country, with over 3.5 million diesel commercial vehicles, offers a huge market for retrofit solutions. Technical validation by the German testing agency TÜ Nord confirms fuel savings of more than 5% and a significant reduction in pollutant emissions. This is a strong selling point for fleet operators facing growing margin pressure.
A CAD 2 million convertible bond secures financing for the next phase of growth. According to management, production capacity is not a limiting factor; it can be ramped up quickly as demand rises. The HydraLytica™ digital platform not only enables real-time monitoring of savings but, with its VERRA certification, also lays the foundation for access to lucrative carbon credit markets. Given rising diesel prices and geopolitical uncertainties, dynaCERT’s pragmatic approach of making existing engines more efficient rather than replacing them could strike exactly the right chord. The share is currently trading at around CAD 0.13.
Daimler Truck: Order Boom, but Profits Are Declining
Daimler Truck’s hydrogen strategy is taking shape. The Mercedes-Benz NextGenH2 Truck, powered by liquid hydrogen, is set to launch. Starting in late 2026, 100 vehicles are scheduled to be tested in real-world conditions by selected customers. The range is expected to exceed 1,000 km, making the model attractive for long-haul transport. Series production is scheduled to begin in the early 2030s. At the same time, the Group is advancing its partnership with Toyota in the cellcentric fuel cell joint venture. The integration of the Mitsubishi Fuso division into the newly founded ARCHION Corporation also generated an expected cash inflow of EUR 1.5 to 2.0 billion.
While hydrogen trucks are still a long way off, battery-electric models are already delivering tangible results. In the UK, new registrations of electric heavy-duty trucks rose by 171% in 2025, and the new eArocs for the construction industry have been available for order since April. The recent delivery of 13 eActros trucks to the Austrian logistics company Brantner shows that demand in the commercial sector is picking up. Nevertheless, the first-quarter figures are sobering. Revenue fell to EUR 9.1 billion, and adjusted EBIT halved to EUR 498 million. By contrast, the order books are filling up rapidly. Order intake rose by 50% to 114,043 units, and the book-to-bill ratio reached a record high of 166%.
Perhaps the most significant strategic move took place in mid-June at Eurosatory in Paris. Under the new umbrella brand “Daimler Truck Defence,” the Group is consolidating its military activities and aiming for revenue of EUR 1 billion by 2028. Through the strategic partnership with Canadian tank manufacturer Roshel, the Zetros, Unimog, Arocs, and FGA military platforms will be combined with modern protection technology. The Wörth am Rhein site is expected to benefit particularly from this initiative. Over 100 new jobs are planned there. Already secured orders, including a framework agreement with France for 7,000 Zetros trucks and a Canadian contract for at least 1,500 logistics trucks, underscore these ambitions. The confirmation of the annual forecast, with a return on sales of 6–8%, gives management momentum for the transformation. Currently, one share costs EUR 42.16.
The green logistics transition is not a homogeneous investment but comprises three distinct profiles. Nel ASA remains the risky bet on the hydrogen infrastructure of tomorrow. dynaCERT, on the other hand, with its pragmatic diesel bridge technology, delivers an immediately effective solution for today’s market and thus targets fleets worth billions. Daimler Truck, on the other hand, is the established giant financing its transformation through a boom in orders and a promising defensive offensive.
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