Nel ASA's Balancing Act: A 224% Order Surge Against a Sector in Retreat
Published on 08/04/2026 at 13:21 | Redaktion boerse-global.de
The Norwegian electrolyser specialist finds itself in an unusual position: its order book is filling up at a record pace, yet the broader hydrogen landscape is losing some of its most prominent backers. Nel ASA's second-quarter figures paint a picture of a company that has carved out a niche as a pure-play technology supplier — just as oil majors scale back their green hydrogen ambitions.
Shares in the Oslo-listed group were changing hands at around €0.1966 on Monday, a gain of 1.13 percent on the day, though that modest uptick does little to mask a bruising year. The stock remains nearly 46 percent below its May peak of €0.3655, with the €0.19 level emerging as a key technical support that has held on multiple occasions. The 14-day relative strength index has recovered to 40.1, pulling back from the oversold territory seen in late July.
A Tale of Two Strategies
While energy giants such as BP have reportedly shelved or postponed several green hydrogen projects to refocus on core operations, Nel has doubled down on specialisation. The company's decision to spin off its hydrogen refuelling arm, Cavendish Hydrogen, in June 2024 left it with a singular focus on electrolyser manufacturing. That bet appears to be paying off in commercial terms: order intake for the second quarter reached NOK 230 million, a 224 percent jump year-on-year, with PEM technology accounting for roughly 96 percent of that volume.
The order backlog now stands at NOK 1.213 billion, giving management a clear production roadmap through year-end. Market observers increasingly view Nel as a hardware supplier rather than a project developer — a distinction that appears to offer some insulation from the sector's broader volatility, even if it cannot fully shield the company from the prevailing headwinds.
Should investors sell immediately? Or is it worth buying Nel ASA?
The Cost of Ambition
The demand momentum, however, has come at a price. Nel posted an operating loss in the second quarter, with EBITDA at minus NOK 155 million. That figure includes a one-off compensation payment of NOK 70 million to Iwatani Corporation of America, a reminder that the transition to a focused electrolyser business has not been without friction.
The company is also pushing ahead with its new PA series, a pressurised alkaline platform designed to shrink the footprint of hydrogen plants by up to 80 percent while cutting capital costs by 40 to 60 percent. These are the kind of efficiency gains that could prove decisive as the industry matures and cost pressures mount.
A Leadership Vacuum at the Top
The most immediate question for investors, though, is who will steer this strategy forward. Håkon Volldal announced his resignation as chief executive in mid-June, leaving the board to run the company on an interim basis while a search for his successor gets under way. The board has stressed that the strategic direction remains unchanged during the transition, but the uncertainty is palpable.
Nel's balance sheet offers some breathing room. The company held NOK 1.328 billion in cash at the end of the second quarter, a buffer that should cover both the ongoing research and development work and the production scale-up — including the planned expansion to 500 megawatts of manufacturing capacity by the end of 2026, with an eye on gigawatt-scale output by 2027.
Nel ASA at a turning point? This analysis reveals what investors need to know now.
Waiting for a Catalyst
For now, the share price is likely to take its cues from the broader hydrogen sector rather than company-specific news. The February low of €0.1731 remains comfortably below the current level, suggesting the pace of selling has slowed, but a sustained recovery will probably require both a new CEO and clearer signs that the industry's biggest players are willing to recommit to green hydrogen.
Until then, Nel's story is one of operational progress against a difficult backdrop — a specialised supplier doing what it does best, while the sector around it recalibrates its expectations.
Ad
Nel ASA Stock: New Analysis - 4 August
Fresh Nel ASA information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
