Path2 Hydrogen AG: Strategic Expansion and Buy Recommendation

Path2 Hydrogen AG, a German holding company, has received a "Buy" rating from First Berlin Equity Research GmbH, with a target price of €2.00. The rating, issued by Dr. Karsten von Blumenthal on November 19, 2025, reflects the company's efforts to create a vertically integrated hydrogen ecosystem. This is aimed at delivering low-carbon energy affordably.

The company’s US subsidiary, GenH2, develops standardized hydrogen liquefaction and storage systems, using a team that includes former NASA researchers. They have solved the issue of hydrogen loss during storage and transport with their cryogenic Controlled Storage solution, allowing for efficient and lossless handling of liquid hydrogen.

Path2 Hydrogen has also acquired ProtonH2, which uses patented technology to produce large volumes of low-carbon hydrogen from depleted oil reservoirs at approximately $0.75/kg. This acquisition complements GenH2's midstream operations, offering integrated low-cost hydrogen solutions to sectors like heavy transport and industrial use. The coverage posits significant upside potential for this strategic combination, forecasting a 150% increase in stock value based on a DCF analysis.