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Hydrogen and fuel cell related stocks soared in yesterday’s trading after Monday’s unveiling of a radically new General Motors fuel cell vehicle, as well as in advance of a speech planned for today in which the Bush administration is anticipated to announce abandoning support for efficiency goal in internal combustion vehicles. Instead, the administration is expected to shift focus into funding the development of hydrogen fuel cell vehicles.
Support for hydrogen and hydrogen-related technologies is expected to get a big boost. It is said that this is a part of the USA’s effort in reducing dependence on imported oil, and perhaps consequently in reducing air pollution and greenhouse gas emissions. Stock in the hydrogen related sector were up heavily in yesterday’s trading session.
Stocks to watch for:
The plan seems to be mainly to focus in supporting hydrogen fuel cells for vehicle applications. If true, fuel cell related companies which are not focusing on that aspect of the technology, but yet have had huge run-ups, may eventually come down once the dust settles. That would depend however on the level of positive exposure (do not forget that these stocks are tricky to value).
Hydrogen and alternative energy stock that are involved in the stationary aspects of hydrogen fuel cell technology include (Nasdaq): PLUG, HPOW, FCEL, MKTY, MDTL, SATC, APWR
TSE: GLE
Particular stocks to watch out for include companies involved directly in the development of fuel cells for vehicles, such as Nasdaq: BLDP, HYGS. These stocks may prove to be amongst the biggest gainers of such a program as they have developmental agreements with the big auto-makers.
Companies focusing on transporting, storing, and implementing the development of a hydrogen fueling infrastructure are numerous. Here is a way to differentiate from them all.
If the plan is seen to emphasize using hydrogen directly as a fuel, stocks to watch for would include (Nasdaq): ENER, MCEl, PRTN, IMCO
(Amex): DCH as well as (TSE) HHO.
A particularly interesting stock to look out for in this scenario would be Energy Conversion Devices (Nasdaq: ENER). They are very well positioned to participate in a any ‘direct’ hydrogen infrastructure.
This is due to the company’s broad technological approach to safe, compact hydrogen transportation and storage, as well as their involvement directly in fuel cells and solar-panels. This company is also in an exceptionally good position to take advantage of any
hydrogen infrastructure development thanks to its relationship with ChevronTexaco. The stock is relatively not well known however, so it may miss out on some of the heavier exuberance.
Stuart Energy (TSE: HHO) as well as Proton Energy Systems (Nasdaq: PRTN) could also greatly benefit if the initiative focuses on using hydrogen directly as a fuel. These companies make hydrogen generators that can be placed wherever hydrogen is needed.
If however the plan mentions using methanol as means of providing a ‘transitional’ infrastructure for fuel cell vehicles, watch for stocks involved in methanol production, notably (Nasdaq) MEOH
Likewise, if the plan focuses on using clean petrols or diesels as transitional fuels prior to a full hydrogen infrastructure, watch out for some smaller stocks that may potentially benefit, such as: (Amex) RTK, (Nasdaq) SYNM
The short-term market reaction in upcoming trading sessions may be rather irrational and unpredictable, but will likely, more than anything, depend on how the market initially judges the impact of the US government’s plan. Another important factor may be if the government is seen to be favoring a particular fueling or storage solution to provide vehicles with (i.e direct hydrogen, methanol, or clean petrols).
It is likely that much short covering as well as momentum investing has been involved in the recent run up in this sector. So beware of any near-term exuberance and expect high volatility for a while. Nevertheless, this appears for the moment to be very good news for the industry. A more in depth report will follow shortly.
Marcus Piscaer (21) studeert Environmental Studies aan de York University in Toronto. Hij schrijft voor IEX.nl over Alternatieve Energie. Op moment van publicatie had Piscaer geen positie in de genoemde aandelen. De informatie in deze column is niet bedoeld als professioneel beleggingsadvies of als aanbeveling tot het doen van bepaalde beleggingen. Uw reactie is welkom op piscaer@iex.nl
Marcus Piscaer (21) studeert Environmental Studies aan de York University in Toronto. Hij schrijft voor IEX.nl over Alternatieve Energie. Op moment van publicatie had Piscaer geen positie in de genoemde aandelen. De informatie in deze column is niet bedoeld als professioneel beleggingsadvies of als aanbeveling tot het doen van bepaalde beleggingen.