Nel ASA Faces a Double Squeeze as CEO Departure Compounds a 40% Monthly Rout
26.06.2026 - 18:45:03 | boerse-global.de
The plug has been pulled on both fronts for Nel ASA. The Norwegian hydrogen electrolyser specialist is lurching through a crisis of confidence that is as much about its depleted order book as it is about the vacant corner office in Oslo. Mid-June saw the abrupt resignation of CEO Håkon Volldal, who stepped down to pursue another opportunity, triggering an 8.65% single-day share-price collapse. Since then, the stock has continued to slide, with the monthly loss widening to nearly 40%. At present, the shares trade at €0.21 — a level that carries enormous technical and psychological weight.
That price point marks the exact location of the 200-day moving average, a line in the sand that long-term investors treat as the boundary between a sustained uptrend and a protracted bear phase. With the stock already 43% below the year’s peak hit in late May, the 200-day level is now being stress-tested in earnest. The Relative Strength Index has sunk to 32.8, flashing signals of oversold territory that have historically attracted bargain hunters. But the technical picture alone does not tell the full story.
The fundamental backdrop is equally grim. In the first quarter, Nel recorded a 73% plunge in order intake, while revenue dwindled to 148 million Norwegian kroner. The operating loss per share deepened to minus 0.08 NOK. Management has already slashed roughly one-fifth of the Norwegian workforce in an effort to preserve cash. The broader industry context offers no shelter: the International Energy Agency recently cut its 2030 forecast for clean hydrogen production by 40%, and project cancellations in the Gulf region — where Nel had pinned hopes on large-scale electrolyser deals — have seen orders drop by 32%, with Saudi Arabia alone down 48%.
Should investors sell immediately? Or is it worth buying Nel ASA?
Against this bleak backdrop, the company is trying to pivot to a fresh narrative. Its newly unveiled alkaline pressure electrolyser platform promises total installed costs below $1,450 per kilowatt, less than half the industry norm of around $3,000. The European Union has thrown its weight behind the technology, awarding up to €135 million from the Innovation Fund — covering 60% of eligible costs for industrialisation at the Herøya facility. Yet the market remains unimpressed. Without a permanent CEO to lead the commercialisation effort, the competitive window risks closing before the product gains traction.
Analyst sentiment reflects the deep scepticism. Thirteen analysts cover Nel, and the consensus rating is a straight sell. The half-year results due on 15 July represent the next major catalyst. Should the numbers fail to show a meaningful recovery in order momentum, the stock could easily test the year’s low of €0.17, a further 19% decline from current levels. On the upside, a stabilisation at the 200-day line could trigger a short-term bounce towards the 100-day moving average of €0.23, especially if the RSI rebounds towards the neutral 50 mark. But any such recovery would require the global technology indices to steady themselves first — a condition that looks far from guaranteed given the ongoing sell-off in high-growth equities.
The widening chasm inside the hydrogen sector only adds to the pressure. While fuel-cell companies like Bloom Energy and FuelCell Energy are riding a wave of data-centre demand that has sent their shares skyrocketing, electrolyser pure plays remain tethered to a slow-moving regulatory and subsidy environment. Nel currently sits on the wrong side of that divide, and the search for a new chief executive to bridge the gap has only just begun. For now, the stock is caught between a broken short-term trend and a long-term support level that could determine whether the next chapter is one of recovery or further erosion.
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