Note:  This article is legible on a phone in landscape mode, but easier to read on a tablet or larger.

Introduction

In May 2025 I took a position in HYTLF, the US version of HyTerra stock, and at the time posted my thoughts about its viability on the Yahoo HYTLF community board.  Since then I’ve continued to add to my position and research the issues that must be addressed before HyTerra becomes attractive to investors. In November 2025 I  wrote the article contained in Parts 1 to 5 of this document.

Since November of 2025 my views of HyTerra have changed in a more positive direction. I have added pages 6 and 7 to update the article, but am leaving most of the old article in place because it contains references and ideas that are useful to investors, particularly in Part 5.

I still think that HYTLF is a highly speculative investment, one of those “don’t bet what you can’t afford to lose” plays.  Also, figure on making it a long, long term buy and hold, because it will take time for management to develop HyTerra's resources.  However, there is a tremendous upside if management makes the right moves, so the bet is worth making.  Recently I have increased my holdings to 15 million shares.

The parts of the article are:

1	A strange horse race
2	Natural gas versus white hydrogen
3	HyTerra errors:  Promoting the wrong metric and failing to publicize lucrative markets
4	A cheap power generation proof-of-concept project
5	HyTerra’s future development of power generation markets
6	July 2026 update:  HyTerra will make tons of money selling impure hydrogen
7	July 2026 update:  A plan for powering data centers

I am not an engineer.  I worked my way through college as an electrical technician for Southern California Edison, and did my military service as a generator repairman in Vietnam and an instructor in electrical power generation at the US Army Engineer School.  My career choices took me in other directions, but my investing interests for the last 55 years have been in the technology, mining and energy fields.

Fortunately, we have two hydrogen engineers in our family.  Both have experience in running a steam-methane reforming plant and I have plied them with my questions.  I am very appreciative of their help.

I have no connection to HyTerra other than as a stockholder, nor am I seeking one.  My opinions are personal and shared freely, without the need for attribution.  My purpose in writing is to protect my investment and plant a seed for the future.

Background reading

If you are new to the topic of subsurface hydrogen, these articles may be helpful and will make more sense of the following parts.

Science Daily, May 14, 2025, report on the Oxford-Durham-Toronto study:
https://www.sciencedaily.com/releases/2025/05/250513112301.htm

BBC, July 24, 2025
https://www.bbc.com/future/article/20250723-the-worlds-race-to-drill-for-natural-white-hydrogen

In particular, note the map of deposits in the US.

Daily Galaxy, February 15, 2026
https://dailygalaxy.com/2026/02/japan-create-first-30-percent-hydrogen-power-engine/

This well written article discusses Kawasaki's development and marketing of a dual fuel engine described in the headline as the world's first.  Jenbacher has for several months advertised the availability of similar dual-fuel turbines, so the "world's first" claim may be questionable, but the scientific and marketing issues surrounding the development are explained well.

 
Author:  Bob Bordier, Oxford, Georgia, USA
Last update:  July 19, 2026