Nel ASA at a Crossroads: CEO Volldal's Departure and a 73% Order Dive Threaten Key Technical Floor
Published on 06/21/2026 at 17:23 | Redaktion boerse-global.de
Nel ASA enters a perilous stretch where a succession of corporate and market pressures converge. The hydrogen specialist is grappling with a CEO departure, a legal settlement that closes one chapter, and an order book that has shrunk by nearly three-quarters — all while the stock wobbles just above a critical support line.
The technical picture leaves little room for error. After closing Friday at €0.22, the shares sit barely above the 200-day moving average of €0.21. A decisive break below that level would sever the last structural support in the medium-term chart. On the upside, reclaiming the 100-day average at €0.23 would mark the first credible sign of stabilisation. The relative strength index at 36.6 has pushed the stock into oversold territory, yet the annualised 30-day volatility of 88% warns that swings can widen sharply in either direction.
The performance splits are stark. Since the start of the year, Nel has gained just under 17%. But over the past 30 days, it has shed more than 20%, and the €0.37 peak set at the end of May — a 52-week high — now lies almost 39% above the current price.
Compounding the technical fragility, HĂĄkon Volldal has announced he is leaving the CEO role to pursue opportunities in another sector. Volldal, who took the helm in July 2022 and oversaw a refresh of the product portfolio, will remain in post during a six-month notice period intended to ensure a smooth handover. Board chairman Arvid Moss has moved to reassure investors that the strategic direction and core priorities remain unchanged, including the recently introduced alkaline pressure system.
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Operationally, the company has managed to clear an old legal hurdle. In early June, Nel reached a settlement with Iwatani Corporation of America over disputes concerning hydrogen refuelling station supply contracts, removing a source of juridical uncertainty. At the same time, Nel has been advancing a new commercial platform designed to simplify hydrogen projects and cut costs — an eight-year development effort aimed at facilitating industrial-scale production.
But the order book remains the most pressing worry. In its most recent quarterly report, covering the first quarter of 2026, Nel posted order intake of 85 million Norwegian kroner — a plunge of 73% year-on-year. The order backlog fell to 1.113 billion kroner, down about 24% from a year earlier. Revenue from customer contracts reached 148 million kroner, while EBITDA came in at minus 100 million kroner, a 15 million-kroner improvement from the prior-year quarter. Cash on hand stood at 1.443 billion kroner.
That makes the half-year report on 15 July unusually consequential. Order intake, backlog trends, and cash burn will show whether the slide can be arrested. Until then, with the company entering its quiet period two weeks before the release, no management commentary or investor calls will be available.
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External data will therefore fill the vacuum. Flash purchasing managers' indices for France, Germany, and the eurozone are due on 23 June, followed by US consumer spending data including the PCE deflator on 25 June — a key gauge for Federal Reserve rate expectations. Weak industrial data or stubbornly high inflation readings could further dampen risk appetite for growth names like Nel, while strong numbers would offer relief to the hydrogen sector.
The coming weeks require steadiness. The outgoing CEO must manage day-to-day operations through the handover, and the Global Energy Forum later this month could provide fresh catalysts for the hydrogen market. For now, Nel’s stock direction hinges almost entirely on technical levels and macro releases — until the half-year numbers provide a clearer reading on whether the business itself is turning the corner.
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