A Major Contract Fails to Lift Nel ASA’s Stock

Norwegian hydrogen technology firm Nel ASA has secured one of the largest orders in its corporate history, a development that signals a potential turnaround for the company. Despite the announcement of a contract exceeding $50 million, the market’s initial response was surprisingly negative, with shares declining significantly.

On November 5th, Nel’s US subsidiary, Nel Hydrogen US, received orders valued at over $50 million. These orders were placed for the Norwegian hydrogen initiatives, HyFuel and Kaupanes. This contract stands as the second-largest overall order for Nel and, more notably, the single largest purchase order for their Proton Exchange Membrane (PEM) technology.

The agreement involves the supply of systems for two Read more...