2025 looks slightly better than we feared

End of coverage

From 16th July 2025, we will no longer include in our coverage :CERES POWERENAPTERHYDROGENPROITM POWERNELLHYFE

Q2: EBITDA better, orders lower

Orders remain muted

HydrogenPro: LONGi Hydrogen to invest NOK70m

HydrogenPro announced yesterday that LONGi Hydrogen has obtained the necessary Overseas Direct Investment (ODI) approval in China to invest NOK70m in the company. This follows an announcement made in December 2024 whereby HydrogenPro had secured (i) NOK70m in new equity from its existing strategic

HydrogenPro: Q1 results

HydrogenPro has reported Q1 2025 results this morning confirming challenging dynamics due to lacking and postponed investment decisions for green hydrogen production. Revenue came in at NOK22m in Q1 2025 (vs FY25 cons. at NOK469m), mostly derived from the SALCOS project with Andritz in Germany, for

ITM Power (ITM LN) - Contract award - BUY

ITM has announced another new contract award, the company’s third this week. This is for a single Neptune 2MW unit for a Spanish cement manufacturer. The Neptune 2MW is a complete standalone electrolyser system, including all the required power conversion and balance of plant equipment, and will be expected to provide hydrogen to displace natural gas in the cement making process. Lead times for the Neptune 2MW are shorter than other ITM products, meaning the company expects to recognise revenue ...

ITM Power (ITM LN) - 120MW contract award - BUY

ITM has announced a significant new 120MW contract award. This is from Uniper for its Humber H2ub project, which is planned to sell hydrogen into the 245mbbl/d Phillips 66 Humber refinery, helping reduce its grey hydrogen consumption. Initial capacity of the H2ub project is planned to be 120MW, using six of ITM’s Poseidon 20MW units, with the potential for subsequent expansion to over 320MW in total. FID on the H2ub project is expected in 2026.

Nel (Sell, TP: NOK1.50) - In hope they trust

Q1 revenue missed consensus by 29% and our estimate by 38%. Despite industry-wide challenges, Nel remains optimistic on new orders – although it last booked a sizeable order in late-2022. On the positive side, cash of NOK2.1bn provides investors with decent time optionality awaiting a better market (we do not expect a liquidity injection), added to which it has a good technology track record and know-how. We reiterate our SELL and NOK1.5 target price.

Full stop in Alkaline

Energy Morning - 30 April 2025

Lhyfe: EUR53m debt financing

Lhyfe yesterday announced that it has secured EUR53m debt financing for a portfolio of four green hydrogen projects. This transaction allows Lhyfe to complete the financing and refinance part of the investment already made in four units in France and Germany, with already operating and under develo

Nel: poor Q1 results

This morning, Nel has reported Q1 2025 revenue at NOK155m (-63% QoQ, -44% YoY), 37% below cons. at NOK245m. The quarter was impacted by temporary production halts, with a significant slowdown in the alkaline division negatively impacting (-69% YoY) the scale and the revenue mix. EBITDA loss stood a

Q1 weaker, no improvements in sight

Nel (Sell, TP: NOK1.50) - No signs of life on the horizon

With no meaningful orders secured since late 2022, weak backlog coverage for 2025e, production facility shut-ins, an uncertain market outlook, and further uncertainties related to its US expansion plans, challenging times are set to remain. While we are in line with consensus ahead of the Q1 report, our 2025e revenues and EBTIDA are 30% and 52% below consensus, respectively, with weak backlog coverage even on our estimates. Focus ahead should be on maintaining the liquidity runway and any equity...

Lhyfe: EUR149m subsidies confirmed for Green Horizon

Last Thursday during market hours, Lhyfe announced the confirmation of French State support for its 100MW Green Horizon project in Gonfreville-L'Orcher, close to Yara's ammonia facility near Le Havre (France). The public IPCEI support framework contract has been signed with BPI France for up to EUR

In a tough spot

Lhyfe: shortlisted under HAR2 in the UK

Yesterday during market hours, Lhyfe announced that two of its projects in the UK have been shortlisted under the UK government's Hydrogen Allocation Round 2 (HAR2), a public auction system supporting the production of low-carbon and renewable hydrogen. The two projects, Kemsley (80MW) and Wallsend

Energy Morning - 31 March 2025

Nel: USD6m PEM order

Yesterday evening, Nel announced it had received a USD6m PEM order from Collins Aerospace on the back of its long-lasting and exclusive supply agreement for prolonged underwater submarine operation equipment. Deliveries will take place over several years starting in late 2025. This capitalises on P