Canadian producer Hydrogenics (Nasdqaq: HYGS) and British manufacturer ITM Power (London: ITM) aren’t entirely comparable, but they use similar technologies. There are some commonalities in the form of power-to-gas projects, hydrogen stations and powerful electrolyzers to generate the gas. Their market caps aren’t as far apart as I would expect based on the number and contract value of bookings. Both stocks have experienced severe price drops.
At first glance, the figures from some of the North American fuel cell companies by the end of March 2015 have proved to be disappointing. The reason that Ballard Power, Hydrogenics and Plug Power have come up with figures which failed to correspond to expectations are the high quarterly variations in relation to the accounting of orders which are complete as well as ones which are still being processed and settled. On the second glance