In mid-November 2020, diesel and gas engine maker Cummins, which has more than 6,700 employees in Europe, announced plans to erect a production site above Germany’s defunct Ewald mine in Herten. The decision was not surprising. Hydrogenics Germany lies a mere 20 kilometers west of Herten, and Cummins acquired parent company Hydrogenics Corp. in September 2019.
As third-quarter results faded in the rear-view mirror, Bloom Energy stock rebounded with a vengeance following a temporary slump. Natural disasters, including storms and floods, prevented the completion of 41 projects, pushing revenue below the anticipated USD 225 million to USD 200 million, And yet, the company’s USD 12 million in the red means Bloom [NYSE: BE] performed much better than expected. The net loss was “only” USD 0.09 per share instead of USD 0.16 and including non-recurring revenues, that loss shrank to as little as USD 0.04 a share.
In what is known as a bought deal, an underwriter syndicate co-led by investment bank Raymond James has offered Ballard Power [Nasdaq: BLDP] fresh capital for shares. The offer was so popular, the initial USD 250 million target was quickly raised to USD 402.5 million: In late November 2020, the companies agreed on USD 350 million in stock, with an option on another USD 52.5 million, all selling at USD 19.25 per share. Ballard has since exhausted those resources, though more could be on the way soon.
Fuel cell and hydrogen stocks are riding a wave of popularity as a new megatrend sweeps the market. So far, every single one of these stocks has exceeded expectations. But how long will the love affair between investors and the industry last? Will analysts and shareholders use new methods to evaluate business models, prospects, backlogs, submarkets and revenues, and, above all, the potential for profit? And will the market separate the wheat from the chaff? I’d say yes, that will definitely happen.
These days, hydrogen has become a focal point of discussion in Germany and at the highest echelons of the European Union. Gradually, the energy carrier is getting the attention it deserves. At last, despite the roadblocks, a breakthrough is imminent.
Hyzon Motors attracted a great deal of coverage when it announced its intention to build 1,000 fuel cell buses, a move that could revolutionize the transportation industry (see H2-international, August 2020). But the start-up business is also eager to see both heavy-duty and pickup trucks run on hydrogen. To promote its fuel cell vehicles, it recently published several images depicting futuristic truck designs (see fig. 1).
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