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Hydrogenpro stock has fallen from the top and at the same time, Øystein Stray Spetalen is raising its stake against it on the Oslo Stock Exchange.
Øystein Stray Spetalen has been an alleged key investor in several IPOs in the last year. He has blinked at that. But things are getting worse with the short position on Hydrogenpro.
Audun Braastad / NTB
Over the last year, the investor and billionaire has invested money in several of the “green” companies that have made the trip on the stock market, including hydrogen.
Recently, however, it emerged that the investment company he dominates, Saga Pure, sold the hydrogen company Everfuel at a strong profit.
At the same time, Spetalen has continued to privately increase its bet against another hydrogen company, Hydrogenpro, according to a summary of the short Finanstilsynet registry, which was updated on Friday last week.
The short position was contracted through wholly owned investment company Tycoon Industrier in October last year, and is now 904,734 Hydrogenpro shares, corresponding to 1.57 per cent of outstanding shares.
Action case
Spetalen’s short position was during a period this year with a paper loss of around NOK 30 million in light of a sharp jump in shares, but in February some of this was reversed when Hydrogenpro’s share fell.
In the last week of stock trading, the hydrogen stock fell 14 percent, where something happened after it became known that Saga Pure had sold Everfuel.
At the highest at the end of January, Hydrogenpro’s stock was NOK 75.6, while on Friday it closed at a price of NOK 50.5. This corresponds to a drop of around 30 percent. The shares are still up about 150 percent since they were listed last year.
Spetalen recently told E24 that it “does not comment on its stock positions.” There is a one-day accumulation in the short description of Finanstilsynet and therefore it is possible that the investor made changes to the position on Friday.
Lost money
On Monday morning, Hydrogenpro released figures for the fourth quarter of last year, showing a pre-tax profit of minus NOK 1.9 million for the period.
For last year as a whole, the loss was NOK 8 million.
Revenues in the fourth quarter came to NOK 16 million, while revenue for the entire 2020 was NOK 27 million.
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– Much capital looking for hydrogen
Hydrogen shares received a further boost earlier in the year, but several equity experts are skeptical as companies are running losses and no big gains are expected right away.
– Hydrogen has really come to life. I think there is a lot of capital looking for hydrogen because you see green change coming and you see there is a lot of investment, even in the EU, chief sustainability analyst Thina Saltvedt at Nordea told E24 in the new year.
– But although there is a lot of capital, today there are not enough good projects. Therefore, there is, of course, a danger and one must look at long-term projects. One of the most important things now is that speed is obtained in the infrastructure, which is lacking today, and that it is invested from a political point of view so that costs can be reduced faster, he added.
