Nel ASA: A 2% Bounce From Support as Orders Tumble 73% and a New Platform Aims to Reset the Narrative
Veröffentlicht: 11.05.2026 um 18:43 Uhr, Redaktion boerse-global.de
The Norwegian hydrogen company Nel ASA is playing out two starkly contrasting stories on the same trading floor. On Monday, the stock recovered 2.08% to 2.940 Norwegian kroner in Oslo, snapping a four-day slide that had sliced off roughly 21% of its value. The sharp decline had pushed the shares squarely into a technical support zone between 2.76 and 2.99 NOK, a band that proved strong enough to attract short-term buyers.
On Tradegate, the stock climbed 3.45% to €0.27, though the weekly picture remained negative with an 11.33% loss. Still, the broader trend tells a more resilient tale: since the start of the year, Nel’s shares are up roughly 41% despite the recent correction.
That bounce, however, masks a deteriorating operational picture. The company’s first-quarter results, released before the sell-off, showed a 5% decline in customer revenue to 148 million NOK, with total revenues and other income landing at 152 million NOK. The EBITDA loss narrowed to 100 million NOK from 115 million a year earlier, and the net loss improved to 144 million NOK from 179 million NOK. But the most alarming number was the order intake, which collapsed 73% to just 85 million NOK. The order backlog stood at 1.113 billion NOK at the end of the quarter.
Analysts remain cautious at best. The consensus of 21 experts is a “Hold” rating, with an average price target of 2.46 NOK — below Monday’s Oslo closing price. Yet the bearish camp is louder elsewhere: seven analysts explicitly recommend selling, and Berenberg and Citigroup have recently cut their price targets, citing valuation risks. A separate survey of analysts pegs the average target at just 2.13 NOK, underscoring the divergence between market sentiment and the stock’s current level.
Should investors sell immediately? Or is it worth buying Nel ASA?
What gave the shares a fresh jolt was the commercial launch of a new generation of pressurised alkaline electrolysers. After eight years of development, management promises capital expenditure savings of 40% to 60% on large-scale systems. For a 25-megawatt plant, Nel targets turnkey costs below $1,450 per kilowatt — roughly half the industry norm. Lower costs and shorter project timelines are intended to make green hydrogen production far more economical.
On the project front, Nel is advancing the Viva Energy site in Geelong, Australia, where a containerised PEM electrolyser will supply a public hydrogen refuelling station designed to produce over 1,000 kilograms of green hydrogen per day. At home, the Herøya facility is gearing up for industrialisation, initially aiming for an annual production capacity of up to 1 gigawatt, expandable to 4 GW with backing from the European Union’s Innovation Fund, which has granted support in the triple-digit millions of euros.
To preserve its liquidity buffer — the company holds roughly 1.4 billion NOK in cash — Nel has trimmed its workforce by about a quarter. New avenues are also being explored: the management is targeting applications in defence and security, betting on decentralised energy solutions. CEO Håkon Volldal is currently negotiating projects in Europe and North America with capacities ranging from 50 to 150 MW. A single order worth €7 million for PEM electrolysers was already booked after the first-quarter close.
Nel ASA at a turning point? This analysis reveals what investors need to know now.
The market’s next major checkpoint comes on 15 July, when Nel releases its second-quarter numbers. Until then, the stock’s technical rebound hinges on whether the support zone between 2.76 and 2.99 NOK can hold. A break below that level would invalidate the recent recovery; holding it could allow the rally to extend. But without a meaningful uptick in order intake, the gap between the share price and the underlying fundamentals will only widen.
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