Banks don't like losing money.
Once shale operators started showing severe debt issues, lending became an issue. That is an oft-repeated story.
That was also true of the battery industry a decade ago.
Now, hydrogen and the clean energy industry could be facing the same problem.
Good, bad, or indifferent, we all have our own worldviews.
But it's hard to to ignore this:
Valuations are extended, with FuelCell’s enterprise value-to-sales ratio sitting at 58 for the current fiscal year. That compares with 5.9 for Apple Inc. and 13 for Tesla Inc., according to data compiled by Bloomberg. They are fairly subdued however, when compared with the 113 EV-to-sales ratio FuelCell hit in 2000 or the 187 Ballard Power Systems Inc. reached the same year, amid an early version of today’s fuel-cell exuberance.
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