Nel: PEM Electrolysers Are Growing, as Are Group Losses
Nel presented its third-quarter figures on October 15. Revenue from customer contracts fell to NOK 112 million, from NOK 303 million in the previous year. This was mainly due to the alkaline division, whose revenue slumped 91% to NOK 23 million. The picture is different for PEM electrolysers. There, revenue rose 65% to NOK 89 million, and order intake by 473% to NOK 245 million. Group EBITDA stood at minus NOK 93 million, compared with minus NOK 37 million year on year. In the PEM division, it improved by NOK 10 million to minus NOK 24 million.
Meanwhile, the order books are filling up. On October 13, the Oslo-based company announced a purchase order worth around USD 12 million for MC Series electrolysers from a US technology group. Delivery is scheduled for 2027. On September 29, Collins Aerospace ordered stacks for oxygen systems in submarines worth around USD 12 million, followed on September 30 by further orders worth around USD 7 million, with delivery in 2027 and 2028, respectively. The total for Collins is around USD 20 million. Nel has also signed a letter of intent with Rheinmetall on synthetic fuels. It is not yet binding.
The supply chain is also growing alongside it. On September 10, the group concluded a framework agreement with Hydrasun, which is establishing assembly and integration of the containerised systems for Europe in Aberdeen, Scotland. Group CEO Håkon Volldal, who presented the quarterly figures for the last time after announcing his resignation in June, expects PEM growth to continue in the fourth quarter. The order backlog stood at NOK 1,314 million at the end of September. Anyone wanting hydrogen for trucks needs electrolysers. In principle, this works in Nel’s favour, but losses must fall.
dynaCERT: Hydrogen Generated On Board, Rather Than From the Filling Station
Those looking to make diesel engines cleaner do not necessarily need to buy new trucks. This is where dynaCERT comes in, a company with more than 20 years of history. It retrofits existing combustion engines with its HydraGEN™ technology, which generates hydrogen and oxygen on demand and feeds both into the air intake system. It requires no refuelling network or onboard hydrogen tank. According to the company, this allows the fuel to burn more completely, helping to reduce both fuel consumption and emissions. The fuel remains diesel; it is simply supplemented. HydraGEN™ is designed to boost diesel engines.
What does this mean for the operator? According to dynaCERT, savings of up to 10% are possible, depending on the unit, engine size and application. It requires neither a new engine nor a new vehicle, just the retrofit system and its installation. The investment is therefore significantly lower than for a new engine, let alone a new truck. For standard applications such as Class 8 trucks, installation is straightforward. Payback periods of 1.5 to 2 years are possible, depending on the usage profile. dynaCERT sees itself as a provider of the overall system, which includes not only electrolysis but also thermodynamics in the engine and the specific application.
On October 6, the company announced that an existing customer in France had placed a repeat order through distribution partner IPMD in September. CEO Kevin Unrath called this an encouraging sign of sustained customer interest. At the industry gathering 24 Heures Camions in Le Mans, a Dakar Rally racing truck equipped with HydraGEN™ attracted considerable interest. Things are also going well in Asia. In Vietnam, the first series order from a logistics company came in June following a successful pilot project, and according to CEO Kevin Unrath, there have since been additional follow-up orders there. Installation and servicing are handled by a local partner. If follow-up orders can be increased, the business could gain further momentum.
Daimler Truck: Sales Grow as Hydrogen Enters Limited-Series Production
Daimler Truck is growing strongly. In the third quarter, unit sales in North America rose 51% to 45,629 vehicles, and at Mercedes-Benz Trucks sales rose 13% to 40,362 units. Buses declined by 16% to 5,394. Since the start of the year, the group has reached 246,816 units, up 8% from the previous year. Due to the integration of Mitsubishi Fuso into ARCHION on April 1, 2026, the figures include only continuing operations. The full third-quarter figures will follow on November 6. Unit sales are therefore doing well, with only battery-powered vehicles showing weakness.
Hydrogen is moving from testing into practice. From the end of 2026, the first vehicle from the small production run of the Mercedes-Benz NextGenH2 Truck will enter customer service, with the run planned to comprise 100 trucks. One vehicle will initially operate at Dachser in Karlsruhe, with two more to follow by mid-2027. Almost half of the small production run has been allocated. On September 3, Daimler Truck announced an alliance with the Volvo Group, Toyota, Bosch, Air Liquide, TotalEnergies, TEAL Mobility and MB Energy, and on September 15 the partners presented their plans. Hydrogen is intended to complement battery propulsion.
The political situation remains challenging. At the IAA on September 14, seven heads of European truck and bus manufacturers, including Karin Rådström of Daimler Truck, called for a three-year postponement of the 2030 climate targets. According to the group’s calculations, around 35% of new trucks in Europe would have to be battery-electric or hydrogen-powered by then to meet the EU target. In 2025, heavy battery-electric trucks accounted for only 2% of the market. If Mercedes-Benz Trucks misses the targets, its own calculations say each percentage point will cost around EUR 120 million in fines. The small production run of hydrogen trucks is not yet a major breakthrough, but it is a start.
Conclusion
The decarbonisation of heavy-duty transport is progressing at different speeds. Nel ASA is expanding hydrogen production with electrolysers and securing orders, particularly for PEM technology. For this to turn into profit, losses must shrink. dynaCERT is already introducing hydrogen into existing diesel engines with a retrofit solution, thereby reducing fuel consumption and emissions. Progress in Asia and a repeat order from an existing customer in France are positive signals. Daimler Truck is increasing sales volumes, will begin customer deployment of a small series of 100 hydrogen trucks from the end of 2026 and is calling for more time to meet climate targets. All three companies are delivering, each in its own field.
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