Pat McKeough recently replied to a question from an Inner CircleMember regarding a Canadian maker of transportable hydrogen generators. DynaCERT focuses on increased fuel efficiency in both heavy vehicles and stationary power generation units. And it sold over 700 units in the first quarter. One potential customer, Loblaw, is ready to test two of the company’s units on its vehicles. Still, Pat notes that regulatory requirements and the threat of competing technologies pose significant risk.
Q: Pat: I would like your opinion on DynaCERT. Thanks.
A:DYNACERT (symbol DYA on the Toronto Venture exchange (formerly Dynamic Fuel Systems Inc.); www.dynacert.com) continues to develop, test, make and distribute a transportable hydrogen generator. The product is for the aftermarket and is focused on increasing the fuel efficiency of large internal-combustion engines. They include the engines of heavy tractor-trailers as well as large stationary power-generation units.
DynaCERT’s HydraGEN technology creates hydrogen and oxygen on demand through electrolysis and then passes them through an engine’s air intake manifold to enhance combustion. The result is lower carbon emissions and greater fuel efficiency.
While the technology has strong potential, the company faces significant barriers to broad commercialization. These include its current cost competitiveness, the future costs of truck fuel, and the transportation industry’s reluctance to try a new product. Regulatory requirements and the potential emergence of newer, more competitive technologies also add risk.
Still, DynaCERT continues to make sales. During the first quarter of 2017, the company received initial purchase orders for over 700 HydraGEN units with a sales value of over $4.5 million. By the end of the first quarter, 210 of these units with a sales value of $1.38 million had been delivered.
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Growth stocks: Loblaw to test units on trucks and refrigerated trailer
Loblaw Cos. will install HydraGEN units on four of its class 8 trucks in order to perform its own controlled tests. Loblaw has also provided one of its refrigerated trailers for the development and testing of DynaCERT’s new HG-2 unit.
Recently, at the company’s annual general meeting, DynaCERT unveiled a 3D prototype of the HG-2 (HydraGEN2 or HG-2). That model specifically targets a new market—the refrigerated container (reefer) market.
DynaCERT expects the new HG-2 unit to be less than half the size of its current HG-1 unit. The smaller size should let the company service not only the reefer market, but could potentially open other markets, such as class 6 & 7 trucks, buses and the smaller trucks found in Europe and India.
Inner Circle recommendation: DynaCERT is okay to hold, but only for highly aggressive investors.
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