Nel ASA: Execution and Milestones in a Shifting Hydrogen Landscape

With a quiet period on company-specific news, the investment community's focus on Nel ASA has shifted to broader industry dynamics. Following a difficult year, attention is now fixed on the firm's technical execution and upcoming milestones within a market that is undergoing significant realignment.

The green hydrogen sector remains in a phase of adjustment. While long-term policy agendas continue to provide a foundational support, operational headwinds—including project delays and regulatory uncertainty—are defining the current landscape. Industry participants widely viewed 2025 as a noticeably more challenging environment than prior periods. In this context, internal progress and the securing of new orders have become central to guaranteeing future revenue streams for companies like Nel ASA.

Should investors sell immediately? Or is it worth buying Nel ASA?

A Pivotal Technological Advancement

A primary catalyst for the company's forward trajectory is the commercialization of its next-generation pressurized alkaline electrolyzers. The final investment decision to industrialize this platform was made in December 2025. Nel ASA is targeting a market launch for the new technology in the first half of 2026, with large-scale deliveries anticipated to commence in 2027. The success of this product generation is likely to be a decisive factor in determining the company's future competitive standing.

Upcoming Financial Catalyst

The next scheduled financial event is expected to provide concrete insights into business development and the project pipeline. Nel ASA is due to release its report for the fourth quarter of 2025 on March 3, 2026. On that date, investors will be looking for management commentary regarding project timelines and the demand environment within a market characterized by high production costs, yet also supported by various subsidy programs.