dynaCERT Reports Another Success
dynaCERT continues to make progress in expanding its market presence in Vietnam. The cleantech company is significantly expanding the number of applications for its HydraGEN™ technology, which reduces fuel consumption and emissions in existing diesel engines. Pilot projects are currently underway or getting started in several key industries. Among other things, HydraGEN™ units are being installed in long-haul trucks for a fleet operator in the waste and recycling sector in the Hanoi region, with installation to be completed in August. In addition, a leading Vietnamese oil and gas company is beginning pilot installations in fire trucks, forklifts, and mobile cranes. With this, dynaCERT is expanding the scope of its technology to additional industrial applications.
The company is also reporting progress in the logistics and port sectors. Several HydraGEN™ systems have already been installed in trucks and container handling machines at one of the world’s largest logistics companies. In addition, dynaCERT has further developed its telematics solution, enabling the HydraLytica platform to collect detailed engine data. This is expected to enable more precise analysis of fuel consumption and emissions across larger fleets in the future. This is important for dynaCERT because reliable operational data from real-world applications can serve as the basis for further commercial decisions by potential customers. Vietnam is increasingly becoming an important reference market for dynaCERT’s international expansion.
At the same time, according to the company, interest from other Asian markets is growing. Discussions are already underway in Cambodia, Indonesia, and Japan. Significant developments are also expected in Vietnam in the third quarter of 2026. This could mean that a re-rating of the company is imminent. GBC Research recommends the shares as a “Buy” and expects them to rally to EUR 0.48. One share is currently trading at around EUR 0.064.
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SFC Energy: Buy Recommendation Following Strong Results
Patience with dynaCERT could pay off for investors. SFC Energy is a case in point. The share traded sideways for several years. By the end of 2025, it had even hit a multi-year low below EUR 12 after the company had to revise its forecast downward for the year. Since then, the fuel cell specialist’s stock has staged a strong comeback and is now trading above EUR 20 again. Analysts at Warburg Research even see SFC Energy reaching EUR 29. Following the release of the half-year results, they confirmed their “Buy” recommendation.
SFC Energy posted significant gains in the first half of 2026, both in revenue and, above all, in profitability. Consolidated revenue rose by 11.9% to EUR 82.35 million. The Clean Energy segment performed particularly well, with revenue increasing by 22.7% to EUR 63.52 million. Among other factors, this growth was driven by the partial delivery of a major order worth approximately EUR 42.7 million for mobile fuel cell systems for military and civilian applications in Ukraine.
Earnings showed even more dynamic growth. Adjusted EBITDA increased by 116.4% to EUR 18.45 million. This allowed the company to nearly double its margin. Bottom line, SFC posted consolidated net income of EUR 7.28 million, compared to just EUR 0.26 million in the same period last year. And this positive trend is expected to continue, as order intake jumped from EUR 43.67 million to EUR 108.65 million. As of the end of June, SFC Energy had orders totaling EUR 104.85 million on its books.
Based on the strong first half of the year and high order visibility, SFC Energy has revised its 2026 forecast upward. The Executive Board now expects revenue of EUR 166 to 175 million, up from the previous range of EUR 163 to 175 million. Adjusted EBITDA is expected to range between EUR 31.5 and 34 million, up from the previous range of EUR 29 to 34 million. In addition to its defence and security business, SFC aims to broaden its growth through its stake in Oneberry Technologies, its partnership with General Dynamics European Land Systems, and the acquisition of Siqens’ methanol reformer technology.
Nel ASA: Low Growth, High Loss, Low Price Target
While dynaCERT’s sales successes in Asia and SFC Energy’s operational growth point to rising share prices, Nel ASA currently lacks catalysts to drive its share price. The stock of the former hydrogen high-flyer is trading just above NOK 2. At the end of May, it was nearly NOK 4, and in 2023, it was over NOK 10. And at least JPMorgan sees little reason to buy the share. Following the quarterly results, they lowered their price target for Nel shares from NOK 2.90 to NOK 1.80, while maintaining a “Neutral” rating.
Nel ASA once again reported disappointing earnings figures in the second quarter of 2026. Revenue from customer contracts fell by 12% year-over-year to NOK 153 million. At the same time, the EBITDA loss rose from NOK 86 million to NOK 155 million. Although the settlement in the Iwatani legal dispute weighed on earnings by NOK 70 million, the operating performance remains weak even on an adjusted basis. The bottom line was a net loss of NOK 189 million. The only positive note is the order intake, which rose sharply to NOK 230 million. However, the order backlog of NOK 1.21 billion remained slightly below the prior-year level. In addition, cash on hand fell from NOK 1.93 billion to NOK 1.33 billion within one year.
The outlook remains subdued. Nel continues to focus on cost reductions, improved capacity utilization, and technological advancements; however, there are no concrete signs that the company is approaching the break-even point.
While Nel’s current liquidity buys the company time, there is likely still a long way to go before a sustainable turnaround in operations is achieved. Positive signals are mounting at dynaCERT. If the company reports major orders in the coming weeks, it could trigger a re-rating of the stock. In any case, analysts see substantial upside potential. The rally at SFC Energy could continue. The order volume should provide predictability.
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