Nel ASA Grinds to a Halt: Production Stops and CEO Departs as Order Intake Craters 73%
17.06.2026 - 09:33:08 | boerse-global.de
The upheaval at Nel ASA deepened this week as the Norwegian hydrogen specialist halted production at its Herøya factory and announced the departure of its chief executive, Håkon Volldal, in the same breath. The twin blows come against a backdrop of collapsing demand for green hydrogen: first-quarter order intake plunged 73%, while revenue edged down to 148 million Norwegian kroner. Management has also cut around 20% of its Norwegian workforce as it scrambles to match capacity with withering customer appetite.
Volldal, who took the helm in July 2022, is leaving for the packaging industry, taking the top job at Elopak by no later than January 2027. He will remain in post for up to six months during his notice period as the board, led by chairman Arvid Moss, searches for a successor. Moss praised Volldal’s tenure, citing a revamped product portfolio and new partnerships, and stressed that the strategic direction would remain unchanged – namely, scaling up electrolyser production. The market, however, has taken a dimmer view, with the shares sinking to €0.22 and shedding nearly 30% over the past month.
Compounding the operational woes, Nel has drawn a line under a US legal dispute by paying $7.5 million to Iwatani Corporation. While the settlement removes a significant overhang, it does little to alleviate the immediate pressures of a sector-wide slowdown that has forced the company to idle its Herøya facility and shed headcount in Norway.
Should investors sell immediately? Or is it worth buying Nel ASA?
On the trading floor, anxiety is running high. The stock has lost close to a third of its value in 30 days, and the 30-day volatility measure sits at a jittery 88%. Technical analysts note the relative strength index (RSI) at 33.5, hovering near oversold territory. The shares are barely holding above the 200-day moving average of €0.21, a level that, if breached, could open the door to its year-to-date low.
With no new CEO in place and a production line that is, for now, silent, Nel faces a critical window. The board must find a successor who can both manage the immediate downturn and execute on the longer-term electrolyser strategy – all while the stock market waits for a catalyst strong enough to break the current downward spiral.
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