Nel ASA Enters Earnings Under an Aggressive New Rivalry and a Sinking Technical Floor
Published on 07/09/2026 at 08:23 | Redaktion boerse-global.de
Nel ASA heads into its second-quarter earnings report on Wednesday, July 15, with a freshly minted competitive headache. On July 7, Thyssenkrupp Nucera struck a deep partnership with Indian state-owned Bharat Heavy Electricals Limited (BHEL) to manufacture alkaline electrolysers on the subcontinent. The alliance shifts module production to India and targets the exact same technology Nel relies on, directly squeezing the Norwegian company’s pricing power in one of the world’s fastest-growing hydrogen markets.
The report lands at 7:00 a.m. CET, followed by a virtual presentation led by CFO Kjell Christian Bjørnsen. Investors can tune in via the investor relations portal or Euronext Oslo’s news service. While the numbers themselves will matter, the market is demanding far more: a credible strategy to counter Nucera’s India push and a clear update on how quickly Nel is working through its project backlog. That task is made harder by the recent CEO departure, which leaves the company without a permanent chief executive heading into a quarter that could set the tone for the rest of the year.
The stock price already reflects deep unease. At €0.21, Nel has shed nearly 20% over the past 30 days and sits 43.5% below its 52-week high of €0.37, reached on May 25. Though it has clawed back about 19% from the year’s low of €0.17, the recovery looks fragile. The shares trade below both the 50-day moving average of €0.27 and the 200-day line of €0.22 – the latter a level that has historically acted as a barometer of long-term trend strength. The 14-day Relative Strength Index of 35.9 hovers just above oversold territory. Annualized volatility over the last 30 sessions stands at 66%, underscoring how edgy the market has become.
Should investors sell immediately? Or is it worth buying Nel ASA?
The broader hydrogen sector is not providing much shelter. The global green hydrogen market is expected to grow to $16.4 billion in 2026, up from $12.5 billion last year, with a long-term trajectory toward $188.9 billion by 2035 — a compound annual growth rate of 31.2%, according to market researchers. But the capital-intensive nature of the industry is spooking investors. FuelCell Energy recently raised $200 million via an equity offering, only to see its stock suffer a double-digit decline. Plug Power, a direct rival, secured a 50-megawatt electrolyser order for the Hunter Valley Hydrogen Hub in Australia, yet its shares dropped on the news as financing costs and profitability concerns continued to overshadow positive headlines.
Nel’s own order book offers some ammunition. Late last year, the company won a contract worth more than $50 million for a 40-MW PEM electrolyser in Norway, reinforcing its home-market position. But the Nucera-BHEL deal threatens to undercut Nel’s competitiveness in India, a country that is rapidly rolling out hydrogen infrastructure. The alliance mirrors a pattern seen across the sector: established players are teaming up with local giants to capture scale and lower costs. Nel, which still competes with Siemens Energy, ITM Power and Plug Power, must show that its technology and execution can hold its own without the same kind of local manufacturing tie-up.
With the corner office empty, the burden falls on the CFO to reassure analysts who are pressing for clarity on order delivery timelines and margin protection. The stock is technically at a crossroads: the €0.17 year-low marks a critical support level that, if broken, could invite further selling. The July 15 report will either reinforce that floor or chip it away. For now, all eyes are on whether Nel can turn a drying pipeline of good news into concrete numbers — and whether it can articulate a plan to counter a rival that has already set up shop in a key frontier market.
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