by Niels Hendrik Petersen | Oct 9, 2024 | Development, Europe, Germany, News
Bipolar plates based on carbon can be a cheaper and, at the same time, scalable alternative to titanium, think researchers at the institute Fraunhofer UMSICHT. A new and patented carbon-based bipolar plate from the scientists consists of a thermoplastic polymer-bonded carbon matrix with conductive additives such as carbon black and graphite. It is produced in a powder-to-roll process. Because PEM electrolysis is generally not very economical at the moment, as the bipolar plate, an important key component, is usually made of corrosion-resistant titanium, which is more expensive than other metals due to the complex extraction and processing involved.
The new material and the innovative production process enable the continuous production of a bipolar plate that is both easy to process and weldable and is already being used commercially in the field of redox flow batteries. The researchers have already subjected this bipolar plate as well as a bipolar plate made of titanium to several tests. Among other things, the bipolar plates were subjected to accelerated ageing tests for over 500 hours.
In essence, the scientists have found that the carbon-based bipolar plate has a low ageing rate and therefore shows promising performance. This means that it can certainly compete with titanium bipolar plates and represents a much more cost-effective alternative. Another advantage: Because of its material properties during welding, the innovative material enables new designs for PEM electrolyzers.
More articles about bipolar plates start on page 37.
by Hydrogeit | Oct 6, 2024 | Europe, News
More providers and larger locations
For some months now, more and more companies have been entering the market for H2 refueling stations. Although their total number still have not substantially increased, increasingly more well-established as well as numerous new providers are announcing their intentions of opening additional locations for the supply of hydrogen.
A rather new player is, for example, Mint Hydrogen, which operated under the name Jet H2 Energy until March 2024. The Hamburg-based subsidiary of H2 Energy Europe opened its first hydrogen refueling station in Giengen an der Brenz in mid-May this year. The location is situated on the mobility hub of Jet Tankstellen Deutschland GmbH, on the federal highway A7. Oliver Reichert, Manager Retail Germany of Jet, called the Jet mobility hub, which employs the refueling technology of Maximator Hydrogen GmbH, a “reference project for us.”
Clifford zur Nieden, CEO of Mint Hydrogen Germany GmbH, added, “A reliable refueling infrastructure is crucial for the development of a regional ecosystem for renewable hydrogen and particularly important for the decarbonization of heavy goods traffic.” It is planned that vehicles from partner companies, among others, like Hyundai Hydrogen Mobility, Hylane, Keyou, Stellantis and Arthur Bus, will fill up at the new refueling station.
TotalEnergies and Air Liquide found TEAL
A clear commitment to hydrogen has also been placed by Air Liquide and TotalEnergies, as they announced at Hannover Messe 2024 that they will jointly establish a new brand: With TEAL Mobility, the two heavyweights founded a joint venture that wants to have more than one hundred H2 refueling stations for heavy commercial vehicles in operation under the TotalEnergies brand within the next ten years in Europe. By the end of 2024, there will be around 20 stations across France, the Netherlands, Belgium, Luxembourg and Germany.
Meanwhile Tyczka Hydrogen plans to build its third hydrogen refueling station in Bavaria starting mid-2025. In Geretsried, not far from the highways A70, A71 and A7, a station is to go into operation in the first half of 2026 designed for a refueling capacity of one tonne per day.
The second H2 refueling station from Tyczka, which was funded with 2 million euros by the Bavarian ministry for economy, state development and energy (StMWi) during the Bavarian refueling station program, was opened in the logistics hub Güterverkehrszentrum Augsburg June 17, 2024. Potential users of this location are Arthur Bus, BMW, Daimler Bus, Hylane, Keyou, Kühl Entsorgung, MAN, Paul Group, Quantron, SFC and Still.
“The new hydrogen refueling station is an important signal for the entire industry and a milestone for our joint efforts in sustainable mobility,” stated Thomas Zorn, managing director of Tyczka Hydrogen GmbH.
New high-performance refueling stations
Parallel to this, the construction of a hydrogen refueling station in Frankenthal from H2 Mobility and BASF is being driven forward. After important components were delivered in May 2024, the partners are planning the start of operation for the fourth quarter of 2024. Initially, 700 to 800 kilograms of hydrogen will be able to be refueled there (corresponds to more than 30 trucks or buses). The capacity is expected to double by 2027. “Demand for heavy-duty transport will also increase significantly in this region. That is why we are building new sites like the one in Frankenthal many times larger than a few years ago. In future, up to three vehicles will be able to refuel here at the same time, including buses and trucks at 350 bar and light commercial vehicles and cars at 700 bar,” according to Martin Jüngel, managing director and CFO of H2 Mobility Deutschland.
Tilmann Hezel, Senior Vice President Infrastructure at BASF location Ludwigshafen, added: “CO2-free hydrogen is an integral part of our energy transformation at the location in Ludwigshafen. At the same time, hydrogen and a sufficient H2 infrastructure are essential for a shift towards alternative drive systems. We want to use this intersection: With projects such as the H2 refueling station, but also the water electrolyzer currently under construction, we would like to support regional mobility as well as our suppliers and transportation companies at the location in switching to vehicles with fuel cell drives.”
Dr. Doris Wittneben, head of future fields and innovation at Metropolregion Rhein-Neckar GmbH, was pleased that with the hydrogen refueling station in Frankenthal, which is a component of the project H2Rivers (details coming in H2-international Feb. 2025), “another important component of the hydrogen ecosystem is being launched in the Rhein-Neckar region.”
H2 Mobility currently has over 80 public 700-bar refueling stations. Four more are in planning, construction or start of operation. In addition, the infrastructure provider owns 27 stations for the refueling at 350 bar. And 15 more 350-bar refueling options are in implementation.
Frank Fronzke, managing director and COO of H2 Mobility, declared in spring 2024 at an opening ceremony: “In Heidelberg today, one of the most significant refueling station projects of the year is officially going into operation. The size and performance of the new stations [Heidelberg, summer 2024 in Mannheim, end of 2024 in Frankenthal, beginning of 2025 in Ludwigshafen – editor’s note] represent a new H2 refueling station generation. Using powerful technology, several 350- and 700-bar vehicle types can refuel at the same location – buses, trucks, light commercial vehicles and cars.”
“Europe’s highest performing H2 refueling station”
In March 2024, construction began on a high-performance hydrogen refueling station in Düsseldorf that will have a daily capacity of over five tonnes – that is more than ten times the capacity of H2 stations currently in operation and over three times the locations that were built four or five years ago. Partners involved are, in addition to H2 Mobility, also Hoerbiger as well as Ariel.
At the focus of this new station stands a compact yet powerful compressor, which, according to the information from the manufacturer, addresses the essential customer needs of the H2 industry. Its eHydroCOM system enables a mass flow of over 250 kg/h at both low and high suction pressures, making it ideal for heavy-duty refueling stations or trailer refueling systems. The high degree of standardization and the design with compact and space-saving packaging also enables rapid scalability, making it easier for system operators to achieve their total cost of ownership targets.
by Hydrogeit | May 2, 2024 | Development, Fuel cells, Germany, News
Project developer Enertrag has appointed Tobias Bischof-Niemz to the board. From the beginning of April 2024, the hitherto head of new energy solutions will be responsible for the newly created executive division of “Projects International & Technology.” The move will see the number of board members rise from three to four.
Jörg Müller, supervisory board chairman, founder and principal shareholder of the company located in Uckermark in eastern Germany, explained: “We are convinced that Dr. Bischof-Niemz, with his extensive experience and expertise, is the ideal candidate for the board position of Projects International & Technology. His commitment to sustainability and his successful track record in the design and implementation of integrated renewable power plants that combine power, hydrogen and heat production make him a key figure for the further development of Enertrag at a global level.”
The appointment by Enertrag, which now employs over 1,000 staff members, is the company’s response to growing international interest. Prior to joining the board, the 47-year-old was in charge of the organization’s international activities and sector coupling solutions.
by Sven Jösting | Apr 18, 2024 | Development, Energy storage, Fuel cells, hydrogen development, international, News, Stock market
The Plug share price fell quickly to under 3 USD (2.50 USD at low) and then rose again to over 4 USD. At a price of less than 3 USD, it was possible to build up excellent trading positions (see H2-international Feb. 2024). Is there now a turnaround in the price trend or was this just a brief flare-up before the downward trend continues? Or will there even be an upward trend reversal?
There is a great opportunity for Plug Power to receive a credit (loan) totaling 1.6 billion USD from the US Department of Energy (DOE) as part of the Inflation Reduction Act. This is to come in the third quarter, although there are also rumors that it could be approved much earlier, but I won’t take part in this speculation. In this ideal scenario Plug will then have sufficient capital to establish and expand several production facilities, for example in Tennessee and New York, and start production there. The stock market will value this – if it happens – very positively: with higher share prices.
But a loan is borrowed capital that has to be repaid. What are the conditions? How high is the interest or coupon? What are the repayment arrangements? Will the loan be paid out immediately in full or in installments and with target definitions (milestones)? What is Plug doing with the money? If there is no clarity about this or the loan is not approved in the first place, then the stock market will be miffed or react in disappointment, with the consequence of falling share prices.
Parallel to this is running a share placement program (at-the-market) worth 1 billion USD. Of this, already over 305 million USD, through the placement of 77.4 million shares, have flowed into Plug’s account. This will also correlate positively with the DOE credit: If this is granted, Plug’s share price will – even if possibly only for a short time – climb, and this then enables the perfect placement of shares via ATM in the ramp-up. This money from the ATM program can be used to solve the short-term liquidity problem, since the cash on hand lay at just 135 million USD December 31, 2023.
There are also other possible difficulties, because the US Treasury Department is defining how hydrogen must be produced in order to receive the subsidy of up to 3 USD per kg. Plug is relying very heavily on this funding, but there are still questions: From which location must the regenerative energy come from, in what amount and at what point in time? And at which location must the electrolysis take place? With this are, like in the EU, a series of bureaucratic hurdles – unfortunately.
Disappointing figures
What are these figures: The turnover in fiscal year 2023 amounted to, instead of the expected 1.2 billion USD, only 891 million USD. The loss even amounted to 1.4 billion USD, which corresponds to a minus of 2.30 USD per share. The press conference on the results in March raised more questions than it answered.
For example, the material inventory is to be reduced by a value of 700 million USD via the delivery of finished products to customers. Whereas in 2023 only 400 million USD was invested in this area, no more capital is to flow into here in 2024.
The production at locations such as Georgia, Tennessee and Louisiana is to be ramped up and contribute to an increase in the profit margin. These sites are already capable of producing liquid hydrogen for the company itself and supplying it to customers. The Texas and New York sites will only be continued once the DOE loan has been approved, as otherwise they tie up too much liquidity.
In addition, there is to be price raisings (among others for H2, stacks and electrolyzers) and a cost-cutting program of 75 million USD. Liquid hydrogen is currently still being purchased, which entails losses, but is to be replaced by self-produced hydrogen.
After Plug Power – I reported in detail – established production facilities in the USA and internationally in a variety of ways and thus severely strained liquidity, the planned cost-cutting program amounting to 75 million USD is now to take effect. Whether this amount will be sufficient may be doubted, however, because it seems downright ridiculous in view of the Plug’s liquidity problems and comes much too late. That the company has started to produce liquid hydrogen at several locations and has delivered to customers like Amazon and Walmart is good news for now, but will at first have little influence on the company figures.
With orders for electrolyzers too has Plug scored, but it will be some time before significant sales and thus profits are visible here. That the Saudi sovereign wealth fund Public Investment Fund (PIF) at the end of 2023, with the selling of 5.67 million shares, has completely withdrawn from Plug is not a good sign.
Summary
Words must now be followed by deeds, because all too often very full-bodied forecasts have been made. That Plug will bring partners on board for some projects seems very likely. And also the spin-off (partial sale) of some units is conceivable, if liquidity cannot be adequately presented soon. However, there is currently no need for action. Plug is clearly on my watch list, though, as the company is active in the right markets at the right time. Once the financial problems have been solved, there will possibly also be changes in management, which has lost trust, and Plug will continue on its way.
Over 170 million shares sold short (short interest, status mid-February) are dubious, however, as there is massive speculation against the company or – keywords Amazon and Walmart (warrants) – a form of hedging is being used – no guarantees. All the same, already 10 million shares were short covered in January/February. On the other hand, it is this short interest that can sometimes have a price-driving effect via the covering (short squeeze) when good news is reported. Everything has two sides.
There is still no need for action, however, since the publication of the figures for the first quarter is pending. That various business media in Germany count Plug Power among their top investments in hydrogen befuddles me, though. There are more convincing H2 investments.fa
Disclaimer
Each investor must always be aware of their own risk when investing in shares and should consider a sensible risk diversification. The FC companies and shares mentioned here are small and mid cap, i.e. they are not standard stocks and their volatility is also much higher. This report is not meant to be viewed as purchase recommendations, and the author holds no liability for your actions. All information is based on publicly available sources and, as far as assessment is concerned, represents exclusively the personal opinion of the author, who focuses on medium- and long-term valuation and not on short-term profit. The author may be in possession of the shares presented here.
Author: Sven Jösting
by Sven Jösting | Apr 17, 2024 | Energy storage, Europe, Germany, Stock market, worldwide
Siemens Energy is on the right track, as the latest figures show. Although the wind subsidiary Gamesa, like before, is registering losses, all other divisions are doing well and are profitable – trend rising. That the stock market also sees it that way is shown by the share price being at times over 14 EUR. You must simply give the integration of Siemens Gamesa time. That won’t happen in weeks, but rather in one to two years. Starting 2026, this unit should be profitable again and by then enable a cost reduction potential of 400 million EUR.
At the same time, the market for offshore wind is growing enormously, and there will be more and more synergies, such as with electrolyzers for offshore hydrogen production, visible. Here, things will grow together that belong together, because renewable wind power should be converted into molecules on site, which are then transported by ship and pipeline to consumers. Whether the onshore wind division – and this is where the problems lie at Gamesa – can and should be maintained as an activity is questionable, if the technical problems cannot be solved sustainably.
Siemens is divided into many divisions, all of which are growing at different rates and contribute to the success of the conglomerate. The division Gas Services reported a turnover of 10.9 billion EUR at an operating profit of 1.033 billion EUR. The division Grid Technologies has made 7.2 billion EUR turnover at 0.54 billion EUR profit, and Transformation of Industry had 4.4 billion EUR turnover at 0.228 billion EUR profit. Let me make a simple thought experiment here:
What would happen if Siemens Energy would take one of these divisions public as a spin-off (as a company share), like what parent company Siemens did with Siemens Energy? Could perhaps 30 to 40 percent of Gas Services proportionately be worth 2, 3 or 4 billion EUR on the stock market and Siemens Energy allow this equivalent value via an initial public offering (IPO) as an inflow of capital? With this capital, Siemens Energy could then finance strategic acquisitions from its own resources. New business models could be developed in order to bring together the offshore wind division of Siemens Gamesa with the electrolyzer division, with the aim of producing offshore hydrogen. Wouldn’t it even be interesting, to enter into hydrogen production itself with partners and customers and to bring in hardware from Siemens Energy to projects as assets or contributions in kind? All this would open up new and sustainable sales areas for Siemens Energy, is my purely theoretical consideration.
New on the supervisory board: Prof. Veronika Grimm
The appointment of Prof. Veronika Grimm to the supervisory board of Siemens Energy – criticism came from the ranks of the economic experts due to possible conflicts of interest – I think it is expedient, because this is where expertise from the theoretical field flows into the practical work of a company. Grimm with her expertise in the energy sector has a special position in the council of wise men, because she thinks pragmatically and is open to technology, and also esteems hydrogen with the importance that the supermolecule has. From this Siemens Energy can profit. On topics that directly affect Siemens Energy she will not issue an opinion. In advisory bodies like the economic council sit theorists.
Record order intake
The power plant strategy finally adopted by the German government (see p. 26) leaves rooms for a lot of imagination for Siemens Energy, because many a major order for gas turbines could and should land here, as there are only few capable providers like Siemens Energy anyway. It is a good sign that the first quarter of fiscal year 2024 was able to be concluded with a profit before special effects of 208 million EUR. The impressive 24 percent increase in order intake to 15.4 billion EUR in the quarter catapulted this to a record level of over 118 billion EUR and, if it continues like this, is also expected to reach 140 to 150 billion EUR on an annualized basis (estimate).
Summary: Buy and leave alone. As a full-service provider, the conglomerate is in the right and, above all, high-growth markets of energy production, especially in the area of hydrogen, perfectly positioned.
Disclaimer
Each investor must always be aware of their own risk when investing in shares and should consider a sensible risk diversification. The FC companies and shares mentioned here are small and mid cap, i.e. they are not standard stocks and their volatility is also much higher. This report is not meant to be viewed as purchase recommendations, and the author holds no liability for your actions. All information is based on publicly available sources and, as far as assessment is concerned, represents exclusively the personal opinion of the author, who focuses on medium- and long-term valuation and not on short-term profit. The author may be in possession of the shares presented here.
Author: Sven Jösting, written March 15th, 2024
