Nel ASA: A High-Stakes Bet on Next-Generation Hydrogen

Norwegian hydrogen technology firm Nel ASA finds itself at a critical juncture. With its share price hovering near historic lows, the company is making an aggressive strategic pivot, having finalized a major investment decision for its next technological platform. After years of development, Nel is now staking its future on a new production system designed to fundamentally improve the economics of green hydrogen.

An examination of the company’s recent financial performance reveals a mixed, yet cautiously optimistic picture. For the third quarter of 2025, revenue declined to 303 million Norwegian kroner (NOK), down from 366 million NOK in the prior-year period. However, management successfully narrowed its EBITDA loss significantly, from -90 million NOK to Read more...