Metacon secures contract for wind power-to-hydrogen pilot plant

Metacon has announced that it has secured a contract for a wind power-to-hydrogen pilot plant, valued at roughly 20 MSEK. The contract is, of course, encouraging and supports the realization of our estimates that assume also further orders for the company in 2025. We will update our estimates in connection with the company's Q1 report which is set to be released tomorrow.

In March 2025, Metacon communicated that it was in the final stages of negotiations for a wind-to-hydrogen production project based on electrolysis, valued at roughly 20 MSEK. Today, the company confirmed that it has been awarded the contract, which includes the delivery of a 1 MW pressurized alkaline electrolysis plant to a major renewable energy player in Morocco. Although the customer's identity is being kept secret, the press release describes them as one of the largest wind power investors in Africa, with approximately 2,000 MW of renewable energy assets. The electrolysis plant will be delivered as a turnkey, containerized system directly to the customer’s site.

Strong order momentum

The deal relates to a pilot project and is a preliminary step and preparation for upcoming industrial production plants. In our view, this signals the potential for follow-on orders of greater scale. However, the potential scale of orders resulting from this pilot project is uncertain, but if successful, it could help the company achieve a broader commercial reach. Despite its rather modest size relative to our revenue forecasts of 277 MSEK in 2025 and 634 MSEK in 2026, we see the order as an encouraging sign. It strengthens the investment case for Metacon and provides further validation of the company's technology. We will update our estimates in connection with the company's Q1 report which is set to be released tomorrow.