I am still sore at missing both Ceres & ITMs run up, but the lack of profitability, and a fair dose of understandable hydrogen scepticism put me off. But, since reading about AFC last year i've thought this might be different. ICE integration into heavy plant & equipment for remote sites would be an absolute game changer. I was aware of the Speedy Deal but didnt know Vilex were involved. I guess i'm buying at the end of the month! Sold!
There is risk but ultimately it works without subsidy. I also really like Ceres and ITM and have covered all three in the past, but if you want something that can survive the coming government bond market crisis...
Thanks for your in depth write up on this one. I randomly picked it from your moonshot list without looking to much into what it did 😀
Seems like a decent pick. I think the joint ventures definitely show the most promise and it would be good if they could find more like the ICL one with recurring revenue although I’ve no idea what a realist market size is for industrial hydrogen crackers! I’m least convinced by the LC30 market size though. Whilst it might get price parity with a diesel generator the drag on sales is likely to be the fact that you need to feed it hydrogen. That’s a whole step up in complexity (as far as I can tell) compared to popping down to the local garage to fill up a few cans of diesel.
Awesome write up Charles - really enjoy your stock analysis. Imo, the portable ammonia cracker is the key less so fuel cell side of business. It makes hydrogen cost competitive and solves transportation of hydrogen. As per their half year interim report this is what struck my attention "The development and launch of H-Power’s HY5 decentralised portable cracker unit (capable of producing up to 500 kg of hydrogen per day) remains on track and will provide the lowest cost bulk fuel cell grade hydrogen (without the need for government subsidy) available to industrial customers, in the UK, by the end of calendar year 2026."
Fantastic write up Charles!
Magnum Opus come to mind! :) Thank you Charles!
That would be my Zenith Energy masterpiece, but a close second!
Very happy to be corrected :)
I am still sore at missing both Ceres & ITMs run up, but the lack of profitability, and a fair dose of understandable hydrogen scepticism put me off. But, since reading about AFC last year i've thought this might be different. ICE integration into heavy plant & equipment for remote sites would be an absolute game changer. I was aware of the Speedy Deal but didnt know Vilex were involved. I guess i'm buying at the end of the month! Sold!
There is risk but ultimately it works without subsidy. I also really like Ceres and ITM and have covered all three in the past, but if you want something that can survive the coming government bond market crisis...
Thanks for the write up & response
Thanks for your in depth write up on this one. I randomly picked it from your moonshot list without looking to much into what it did 😀
Seems like a decent pick. I think the joint ventures definitely show the most promise and it would be good if they could find more like the ICL one with recurring revenue although I’ve no idea what a realist market size is for industrial hydrogen crackers! I’m least convinced by the LC30 market size though. Whilst it might get price parity with a diesel generator the drag on sales is likely to be the fact that you need to feed it hydrogen. That’s a whole step up in complexity (as far as I can tell) compared to popping down to the local garage to fill up a few cans of diesel.
Awesome write up Charles - really enjoy your stock analysis. Imo, the portable ammonia cracker is the key less so fuel cell side of business. It makes hydrogen cost competitive and solves transportation of hydrogen. As per their half year interim report this is what struck my attention "The development and launch of H-Power’s HY5 decentralised portable cracker unit (capable of producing up to 500 kg of hydrogen per day) remains on track and will provide the lowest cost bulk fuel cell grade hydrogen (without the need for government subsidy) available to industrial customers, in the UK, by the end of calendar year 2026."