The German cogeneration specialist is firing on two fronts at once. While 2G Energy’s order books have swelled on the back of US data center demand, the Heek-based company has simultaneously cleared a major technical hurdle with its American partner Amogy — a successful ammonia-to-power test in Houston that opens up a new fuel pathway for its engine platform.
The Houston Milestone
The integrated test, conducted under the AMMDrive banner, paired Amogy’s ammonia reformer with a 2G Agenitor 412 piston engine generator set. The reformer converted ammonia into a hydrogen-rich gas stream that drove the engine to commercially viable performance levels. The system runs on either natural gas or ammonia, with the partners initially using available gas before transitioning progressively to ammonia.
The modular design is aimed squarely at data centers and other energy-intensive facilities that need immediate power but often lack grid connections or face lengthy infrastructure delays. For CEO Pablo Hofelich, the successful test underscores the flexibility of the company’s engine platform, which supports a broad spectrum of fuel pathways, including hydrogen derived from ammonia.
Amogy brings considerable financial muscle to the partnership. Its investor roster includes Amazon’s Climate Pledge Fund, SK Innovation, Aramco Ventures, Mitsubishi Corporation, Samsung Heavy Industries, BHP Ventures and AP Ventures — backing that should accelerate the technology’s path to commercialization. The two companies now plan to refine the reformer-engine integration, explore joint customer projects and expand market development across the US, Asia and beyond.
The Order Book Explosion
The Houston test arrives on the heels of an order intake that has fundamentally reset expectations for the company. During the second quarter of 2026, 2G Energy booked orders worth €422.4 million — nearly seven times the €61.0 million recorded in the same period a year earlier. US data center operators, increasingly turning to decentralized combined heat and power technology, drove the surge. Management also confirmed a strategic breakthrough in the North American market for hydrogen-capable CHP systems, alongside newly won public infrastructure projects — evidence that growth is spreading across multiple segments rather than resting on a single customer base.
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That visibility underpins sharply raised guidance. The company now expects revenue of up to €490 million for the current fiscal year, having previously framed that figure as the top of a €440 million to €490 million range. Looking further ahead, management has set its sights on revenue between €570 million and €620 million by 2027, with an EBIT margin above 11 percent.
Regulatory Support and a Delayed Report
The growth story is getting help from policymakers as well. A European Court of Justice ruling determined that subsidies under Germany’s Combined Heat and Power Act do not constitute state aid — a clarification that should lower investment hurdles for 2G Energy’s domestic customers. Berlin is also preparing an amendment to the CHP Act, expected in autumn 2026, which would extend support for hydrogen-capable existing installations into the 2030s. For a company whose recent growth narrative leans heavily on hydrogen-ready technology, that would provide an additional planning anchor in its European core business.
Management has also put its money where its mouth is: Hofelich purchased shares worth approximately €65,000 in early July. However, investors will need patience on the financial reporting front. Publication of the 2025 annual report and the 2026 half-year report has been delayed due to the ongoing migration to a new ERP system. Preliminary first-half figures are now slated for September 29, with the annual general meeting scheduled for August 19 at the Tobit Atrium in Ahaus.
The Share Price Conundrum
The market has yet to fully reward the operational momentum. The stock rose 1.66 percent on Thursday to €58.20, but remains roughly a quarter below its 52-week high of €76.95, reached on July 6, 2026. Year-to-date, the shares have still gained 65.58 percent, making them one of the stronger performers in the small-cap segment. The gap between the cautious price action of recent weeks and the sharply raised targets for 2026 and 2027 may only close once concrete numbers land — the September half-year figures will show how much of the order boom has already translated into actual revenue.
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