The global transportation sector is currently navigating a perfect storm. Geopolitical instability is sending oil prices skyward, while simultaneously, stringent CO2 regulations from Brussels are placing immense pressure on the trucking industry. This dual challenge, fuelled by fears of supply disruptions and the urgent need to meet climate targets, is suddenly catapulting alternative powertrains into the economic forefront.
Amidst this heightened tension, three key players, strategically positioned across the entire hydrogen value chain, are emerging as significant forces: Norway’s electrolyser specialist Nel ASA, cleantech innovator Pure One, and the commercial vehicle titan Daimler Truck.
Nel ASA: A Strategic Reset for Technological Advancement
The past year has been a period of significant recalibration for Nel ASA, the Norwegian company renowned for its electrolyser technology. While its 2025 financial figures indicated a notable dip in revenue and substantial losses, a deeper inspection reveals a deliberate strategy to establish a clean slate. Under the leadership of CEO Håkon Volldal, the management team capitalised on the opportunity to divest the balance sheet of historical encumbrances. Simultaneously, they undertook a substantial streamlining of their cost structure, which included workforce reductions and a remarkable decrease in cash burn rate by over 40%. What emerges from this process is a strategically refocused company, bolstered by robust liquidity of approximately EUR 140 million.
While public attention was fixed on the weaker quarterly results, Nel was diligently working behind the scenes on what truly matters to investors: the next generation of its core technology. The company is set to launch its new pressure-based alkaline platform in May, a development that promises transformative improvements.
- Key Innovations of the New Platform:
- Reduced Footprint: Expected to shrink space requirements by up to an impressive 80%.
- Cost Efficiency: Projected to cut total system costs by a significant 40–60%.
- Modular Design: Standardised container solutions will enable much faster installation.
- Broad Application: Perfectly suited for supplying hydrogen to trucks, ships, and heavy-duty vehicles – precisely the areas where battery-electric solutions often encounter limitations in decarbonising transport.
Despite the challenges of the preceding year, there are clear indicators that demand for Nel’s technology remains robust. The final quarter of 2025 saw a surge in order intake, reaching the second-highest level in the company’s history, largely propelled by substantial orders in the PEM (Proton Exchange Membrane) sector. A 40 MW project in Norway and follow-on orders from Switzerland serve as testaments to customer confidence in Nel’s systems. The company boasts an order backlog equivalent to approximately EUR 120 million. Furthermore, support from the EU Innovation Fund, amounting to EUR 135 million for its new production line, provides ample financial leeway for its market launch. The company’s stock is currently trading around EUR 0.20.
Pure One: Evolving into a Holistic Energy Transition Provider
Pure One (ISIN: AU0000442865) is carving out a niche in the clean mobility and energy solutions landscape. The company offers a diverse portfolio of zero-emission commercial vehicles, powered by either electricity or hydrogen. Beyond vehicle supply, Pure One is actively involved in operating hydrogen production facilities and establishing the necessary storage and refuelling infrastructure.
- Strategic Market Expansion and Partnerships:
- Australian Operations: In collaboration with Advanced Manufacturing Queensland (AMQ), Pure One has established an agreement to assemble hydrogen vehicles in Brisbane.
- Electric Vehicle Rights: The company has also secured the Australian marketing rights for the all-electric Ford F-150 Lightning.
- US Market Entry: A significant partnership with the US-based company Utility Global is opening doors to the American market, where Pure One supplies fuel cell vehicles, and Utility Global handles the crucial hydrogen supply chain. This integrated approach is a shrewd move, offering fleet operators and municipalities a comprehensive, single-source solution, eliminating compatibility concerns.
These recent collaborations, particularly with AMQ for local vehicle assembly and Utility Global for US market penetration, underscore management’s serious commitment to scaling its operations.
The Strategic Importance of Eastern Gas
Concurrently, through its subsidiary Eastern Gas Corporation, Pure One holds a portfolio of highly valuable gas assets in the Cooper Basin. These assets are gaining significant strategic importance in the current market climate. Australia’s national electricity market operator, AEMO, has already flagged potential structural supply shortfalls commencing in 2028. This timeframe coincides with declining production from depleted offshore fields in Bass Strait, necessitating gas-fired power plants to bridge the gap left by the phasing out of coal.
- Eastern Gas’s Windorah Project Advantages:
- Prime Location: Situated within the continent’s most productive onshore basin.
- Existing Infrastructure: Benefits from embedded pipeline infrastructure, significantly reducing development costs.
- Accelerated Cash Flow: Shortens the timeline to first revenue generation.
Market analysis suggests that the value of these gas assets for Pure One has been largely overlooked, especially when compared to already highly valued pure-play gas explorers.
On February 26th, a pivotal step was taken with Eastern Gas Corporation trading independently on the stock exchange for the first time. The Initial Public Offering (IPO) at AUD 0.20 per share was met with overwhelming demand, significantly oversubscribing. This strong market reception clearly validates the intrinsic value of the spun-off gas assets. Pure One shareholders received shares in the new gas explorer, allowing the parent company to concentrate fully on its core cleantech business. The market capitalisation of Eastern Gas is currently valued at AUD 18 million, while Pure One stands at approximately AUD 26 million. This valuation implies that Pure One’s core cleantech business is being valued at a mere AUD 8 million. The stock is presently trading at AUD 0.066.
Daimler Truck: Navigating Challenges with a Dual-Technology Strategy
The recent months have presented considerable headwinds for Daimler Truck. The 2025 fiscal year was significantly impacted by a freight recession in North America and cautious investment behaviour from freight carriers. Group-wide sales saw an 8% decline, totalling around 422,500 vehicles, with revenue in the industrial segment falling to EUR 45.9 billion. Despite these pressures, the manufacturer managed to maintain a degree of profitability, with an operating margin of 7.8% aligning with its targets. Shareholders can anticipate a stable dividend proposal of EUR 1.90 per share, alongside a new share buyback program. A notable upturn in order intake during the fourth quarter serves as a positive leading indicator for a potential market recovery in 2026.
While facing ongoing tariff and cost pressures, Daimler Truck is resolutely driving the decarbonisation of long-haul transport through a clear, two-pronged technological approach. The pace of development for battery-electric trucks has accelerated. The new eActros 400 is targeting customers engaged in medium-distance routes, while the larger eActros 600 is now being integrated into the fleets of prominent clients such as IKEA. To address the critical infrastructure challenge, Daimler Truck is also establishing a semi-public charging network through its TruckCharge initiative. Simultaneously, the company is preparing for the long-haul segment.
- Hydrogen Fuel Cell Truck Rollout:
- NextGenH2 Program: Starting in late 2026, a limited series of 100 NextGenH2 fuel cell trucks will be delivered to select customers.
To ensure long-term profitable growth, Daimler Truck is undertaking a strategic realignment. Its Asian operations, encompassing the Fuso and Hino brands, will be consolidated under a new holding company, ARCHION, with a medium-term plan for a listing on the Tokyo Stock Exchange. This move is expected to inject fresh capital and enhance the Group’s strategic focus. Concurrently, the “Cost Down Europe” cost-saving program is progressing with full force, with an additional EUR 250 million earmarked for 2026. However, the outlook for the current year remains cautious. The Executive Board anticipates a return on sales between 6% and 8%, citing ongoing tariff risks and geopolitical uncertainties. The company’s stock is currently trading at EUR 42.02.
In conclusion, while geopolitical tensions and stringent EU climate regulations exert significant pressure on the transportation industry, three companies are strategically repositioning themselves within the burgeoning hydrogen value chain.
- Nel ASA has charted a course for profitable expansion through a comprehensive restructuring effort and the introduction of its innovative, scalable alkaline platform.
- Pure One distinguishes itself with an integrated cleantech strategy, a value proposition further amplified by the strategic importance of its gas subsidiary, Eastern Gas.
- Daimler Truck is actively advancing the decarbonisation of long-haul transport by embracing both battery-electric and hydrogen fuel cell technologies, while simultaneously sharpening its corporate profile through the planned IPO of its Asian business.
