dynaCERT: Commercialization in Focus
The EU requires a 45% reduction in CO₂ emissions from heavy-duty vehicles by 2030, 65% by 2035, and as much as 90% by 2040! However, the gap between the target and reality is alarming. According to data from ACEA, the European Automobile Manufacturers’ Association, only 2% of newly registered heavy trucks weighing over 16 metric tons were zero-emission in 2025. A relaxation of regulations approved in March 2026 does not alter the long-term targets. The industry therefore needs both bridging technologies for its existing fleet and zero-emission powertrains for the future.
This is exactly where dynaCERT comes in with its innovative solutions. The proprietary HydraGEN system uses electrolysis to generate small amounts of hydrogen and oxygen from distilled water on board and feeds the gas mixture into the diesel engine’s air intake. According to the company, this enables fuel savings of up to 8% and CO₂ reductions of up to 9.6%. The retrofit solution thus delivers measurable efficiency gains and addresses a massive installed base.
Southeast Asia is the focus of the commercialization strategy. Following a pilot phase, the Canadian company received its first production order in the summer from a Vietnamese transportation and logistics company. At the same time, installations were underway on trucks and container-handling equipment belonging to a global port and logistics group. Further pilot projects followed in August, including one involving a waste management and recycling fleet near the capital Hanoi and another at an oil and gas company.
This progress in commercial implementation is largely attributable to the leadership change that took place in the spring. Longtime CEO and founder Jim Payne handed over the top operational role to former COO Kevin Unrath in March, and he remains chairman. The recently announced increased presence starting this fall at transportation, port, and energy conferences in Hanover, Le Mans, Houston, Cartagena, and Singapore could give commercialization another significant boost in the coming year.
Looking ahead, the CO₂ credit business could also develop into another strong revenue stream. The methodology developed by dynaCERT and recognized by Verra enables tracking of efficiency measures in vehicle fleets and mobile machinery using continuous telematics data.
To support further growth, the company recently issued a convertible bond worth CAD 5 million. The stock is currently trading at around CAD 0.10, while its market capitalization stands at a moderate CAD 53 million. Progress in commercialization could provide positive catalysts for the shares.
Plug Power: The Turnaround Is Taking Shape
The company combines fuel cell systems, electrolysers, in-house hydrogen production, refueling infrastructure, and services under one roof. Control over large parts of the value chain is a double-edged sword. While it offers significant long-term economies of scale, it also results in high short-term costs and considerable operational complexity.
In the second quarter, the company generated revenue of approximately USD 178 million. The gross margin improved significantly, coming in at nearly zero after -31% in the same quarter of the previous year and -13% in Q1. Operating costs were reduced by 58% compared to the previous year.
In its core business of hydrogen-powered industrial trucks, Plug Power delivered 1,666 GenDrive fuel cell systems. These modules replace traditional batteries in forklifts and other warehouse vehicles. At the same time, service revenue rose by 82% to approximately USD 30 million. This demonstrates that the growing installed base is generating increasing amounts of recurring revenue from maintenance, repairs, and technical support.
The bottom line is that the company remains in the red. As of the end of the first half of the year, freely available cash and cash equivalents stood at approximately USD 162 million. Nevertheless, the first signs of success were evident under CEO José Luis Crespo, who has been in office since spring and has shifted priorities toward cost control and operational discipline. The company confirmed its guidance, which calls for revenue growth of 15 to 16% and positive adjusted EBITDA in Q4.
The stock is currently trading at USD 2.18, giving the hydrogen specialist a market capitalization of USD 3.2 billion. The average analyst price target is USD 3.55, signaling 56% upside potential.
Daimler Truck: Mixed Picture
Strategically, Daimler Truck is pursuing a dual-track approach. Battery-electric trucks are intended to cover the majority of zero-emission applications, while hydrogen is intended as a supplement for very long distances, heavy payloads, refrigerated transport, and flexible routes. By the end of 2026, a small series of 100 Mercedes-Benz NextGenH2 trucks is scheduled to enter customer testing. The liquid hydrogen truck is expected to demonstrate a range of more than 1,000 km.
In the second quarter of 2026, the Group failed to truly impress investors. Earnings per share fell by nearly half to EUR 0.15. Tariffs in the key North American market weighed on profitability. Order intake rose by 27% compared to a weak quarter in the previous year. Revenue in the industrial business climbed by 6%, though margins contracted.
The stock has gained 26% since the start of the year, reaching a current share price of around EUR 47, giving the company a market capitalization of just under EUR 36 billion. The key metrics reflect attractive levels. The 2026 P/E ratio stands at 12.6, and the P/E ratio for the following year is a moderate 10. The dividend yield of over 4% is attractive. Following its strong performance this year, analysts believe the stock has only limited upside potential, with an average price target of EUR 50.80.
dynaCERT’s solutions address a real problem. The global diesel fleet will remain in operation for many years to come, while emissions targets and rising fuel costs increase pressure. The commercialization of this bridge technology is gaining momentum. This should also have a gradual positive impact on the share price. With Daimler Truck, investors are banking on a profitable cyclical core business, free cash flow, and share buybacks. Plug Power is the operational turnaround bet. The second quarter shows that costs and gross margin are moving in the right direction.
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