Nel ASA: Order Books Swell by 224% While the Share Price Digs a Deeper Trough
Published on 08/03/2026 at 13:32 | Redaktion boerse-global.de
The disconnect between Nel ASA's operational trajectory and its market valuation has rarely been starker. The Norwegian electrolyser specialist just posted a blockbuster quarter for new business, yet its stock continues to grind lower, testing levels that chart-watchers describe as technically precarious.
Shares last changed hands at €0.1942, hovering just above the psychologically important €0.19 support zone. That leaves the equity roughly 47% below the 52-week high of €0.3655 touched in May, with the past month alone accounting for an 8.61% decline.
PEM Orders Drive a 224% Surge
The second-quarter numbers tell a decidedly more upbeat story than the price action. Nel booked 230 million Norwegian kroner in new orders, a 224% jump year-on-year. Nearly all of that momentum — around 96% of the order volume — came from the company's PEM (proton exchange membrane) electrolyser business, where the backlog has swelled to 990 million kroner. That pipeline provides production visibility well into the second half of 2026.
The surge reflects growing industrial appetite for modular, scalable hydrogen solutions, even as some of the sector's biggest corporate backers retreat. Energy majors such as BP have scaled back their green hydrogen ambitions to refocus on core operations, a repositioning that arguably plays into the hands of dedicated technology players like Nel.
Should investors sell immediately? Or is it worth buying Nel ASA?
A New Platform and a Cost Revolution
The order boom coincides with the commercial rollout of the PA-Series, a pressurised alkaline system unveiled in May 2026. Nel claims the platform can deliver turnkey system costs below $1,450 per kilowatt for a 25-megawatt installation — less than half the $3,000-plus per kilowatt typical of many large-scale industry projects. The new generation is also designed to occupy up to 80% less land, a significant advantage for site-constrained projects.
The EU Innovation Fund is backing the industrialisation of the technology at Nel's Herøya facility with up to €135 million in support. Brussels' forthcoming decisions on project funding are being closely watched as a potential catalyst for both the company and its share price.
Losses, One-Offs, and a Solid Cash Position
The quarter was not without blemishes. A one-off settlement payment of $7.5 million (70 million kroner) to Iwatani Corporation of America weighed on the bottom line, dragging EBITDA to minus 155 million kroner and producing a net loss of 189 million kroner. Strip out that exceptional item and the underlying picture improves considerably.
The balance sheet, however, remains a source of comfort. Cash reserves stood at roughly 1.3 billion kroner at quarter-end — the secondary report puts the figure at 1.328 billion — giving management ample runway to bring the PA-Series to full market readiness without resorting to a fresh equity raise.
Nel ASA at a turning point? This analysis reveals what investors need to know now.
Leadership Vacuum and Technical Crossroads
Adding to the near-term uncertainty is the search for a new chief executive. Håkon Volldal announced his resignation in mid-June 2026, leaving the company to navigate its strategic pivot — including the recent spin-off of its hydrogen refuelling arm, Cavendish Hydrogen — without a permanent captain at the helm.
Technically, the stock is approaching oversold territory, with the 14-day RSI at roughly 37.6–37.8. The 200-day moving average sits at €0.2142, implying a 9.34% gap to reclaim that trend indicator. Whether the shares can close that distance likely hinges on two developments: the appointment of a new CEO and the conversion of the PA-Series pipeline into large-scale commercial contracts. The order momentum is real — the question is whether margins will follow.
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Nel ASA Stock: New Analysis - 3 August
Fresh Nel ASA information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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