Nel: Hydrogen Infrastructure Between Scaling and Market Uncertainty
Following the spin-off of its mobility division, the Norwegian company Nel ASA is now 100% focused on developing and producing highly efficient electrolysers for industrial use. A key technological focus is currently the market launch of the next generation of its pressurized alkaline electrolysis platform. To tap into global gigawatt-scale markets, the company is collaborating closely with partners and, together with its major shareholder Samsung E&A, is presenting the 100-MW CompassH2-A+ system, which requires 50% less floor space than competing products. The system offers significant financial security for investors in hydrogen infrastructure through an integrated, single-source warranty. However, the first quarter of 2026 was not yet marked by positive momentum for Nel. The figures show subdued performance, with revenue declining to NOK 148 million and the order backlog falling by 24% to NOK 1.113 billion. In the midst of this volatile phase, management announced mid-month that CEO Håkon Volldal, who had been in office since July 2022, is stepping down, further complicating the restructuring process.
Trimble Digitizes Sustainability
While hardware manufacturers are developing solutions to reduce emissions, the US technology group Trimble is creating the digital ecosystem for the energy transition. Through its “Connect & Scale” strategic focus, the company links specific workflows with digital data streams. By integrating advanced on-board computers and software solutions such as the Transporeon transport management platform, the company offers fleet operators seamless transparency for data-driven emissions reduction. In field trials with industry partners such as IKEA Supply Chain Operations and Girteka Logistics, the use of Trimble’s software enabled more precise emissions tracking, revealing deviations of around 5% compared to standard calculation values. Compared to many hardware providers, Trimble is in a very strong position. With total revenue of USD 3.587 billion in 2025 and annualized recurring revenue of over USD 2.4 billion, the company has a highly predictable revenue structure. In the first quarter of 2026, the group increased its revenue by 11.8% year-over-year to USD 939.9 million, while GAAP net income climbed by 48.3% to USD 98.9 million. This financial strength enables the company to conduct share buybacks totaling approximately USD 317 million.
dynaCERT: A Sustainable Solution for Diesel Engines
dynaCERT is known for its patented HydraGEN technology, a compact, engine-compartment-mounted electrolysis unit that splits distilled water into pure hydrogen and oxygen as needed. The gases flow directly into the diesel engine’s air intake system, where hydrogen acts as a catalyst to optimize combustion. The HydraGEN system is a highly efficient retrofit solution that can improve fuel economy, reduce greenhouse gas emissions, and completely bypass the infrastructure bottleneck faced by pure hydrogen vehicles, as it eliminates the need to store hydrogen on board.
In addition to selling its own hardware, dynaCERT also relies on its proprietary telematics platform, HydraLytica, which collects fuel consumption and emissions data in real time. Since the methodology is Verra-certified, the verified savings can be monetized on the global market as high-value CO2 credits. With this two-pillar business model, dynaCERT has been actively pursuing new customers for several months. In Vietnam, the company recently announced its first commercial production order from a logistics company, as well as successful installations at what it describes as a leading global port operator. In Mexico and Texas, dynaCERT received a purchase order for 100 units through its partner Hydrofuel. To achieve even higher margins and avoid potential tariffs, management is also considering final assembly directly in the target regions. To ensure it has the financial flexibility to act, the company recently secured a convertible bond of up to CAD 5 million as well as additional credit lines to strengthen its liquidity.
dynaCERT: Will the regulatory tailwind boost the stock?
In September 2025, analysts at GBC Research identified speculative upside potential for dynaCERT’s stock and estimated its fair value at CAD 0.75. According to the analysts, reaching this price target depends largely on the successful scaling of series orders in Vietnam and the launch of the certificate business. Another positive factor for the business is the rapid payback period for HydraGEN units, whose installation is also receiving regulatory support in an increasing number of jurisdictions. One example is Vietnam, where stricter emissions standards and a new emissions trading system, in effect since 2025, are providing regulatory tailwinds for emissions reduction solutions.
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