Nel ASA's Stock Hovers Near Critical Support as CEO Exit and $7 Million Settlement Cloud Q2 Outlook
Published on 06/24/2026 at 10:11 | Redaktion boerse-global.de
Nel ASA is staring down a pivotal technical test. The hydrogen equipment maker’s shares have tumbled to €0.22, leaving the 200-day moving average at €0.21 as the last major line of defense. A break below that level could trigger further selling pressure, analysts warn, as the stock already sits more than 40 percent below its 52-week high of €0.37 reached in late May.
The sell-off has been brutal: a 39 percent decline over the past 30 days has wiped out all of the year’s earlier gains, leaving the stock up just 14 percent since January. The relative strength index has fallen to 35.7, hovering just above oversold territory, while annualized volatility has spiked to 87 percent — approaching 88 percent — reflecting deep market unease. The medium-term uptrend line has already given way.
Compounding the technical deterioration is a sudden leadership vacuum. Chief executive HĂĄkon Volldal announced his resignation on June 15 to take the helm at packaging group Elopak. He will remain in his role for up to six months while the board searches for a successor, but the timing could not be worse: Nel is in the early stages of rolling out its next-generation pressurized alkaline electrolyzer platform, a technology designed to slash hydrogen production costs through greater standardization and simplified plant design.
Should investors sell immediately? Or is it worth buying Nel ASA?
At least one legacy headache has been resolved. In early June, Nel reached a settlement with Iwatani Corporation of America, ending a long-running legal dispute over hydrogen refueling equipment and services. The agreement will cost the company an estimated $7 million, a charge that will weigh on the upcoming quarterly results. On the positive side, the settlement removes the risk of further litigation in the U.S. market.
The broader operating environment remains tough. Nel’s first-quarter order intake collapsed 73 percent year on year, as high interest rates and a lack of government subsidies stifled final investment decisions on new hydrogen projects worldwide. Customers are hesitating, delaying procurement and squeezing the company’s already shrinking order backlog. The Herøya manufacturing plant continues to operate at its nameplate capacity of 500 megawatts, but capacity utilization will depend on fresh bookings.
All eyes are now on July 15, when Nel reports its second-quarter earnings. Investors will be looking for concrete order wins for the new electrolyzer platform and any update on the CEO search. Ironically, the stock got a boost in visibility just days before Volldal’s exit: on June 22, Nel was admitted to the Euronext Tech Leaders Index, a basket of roughly 110 European growth and technology companies from biotech, fintech, and renewable energy. But the index inclusion has done little to stem the sell-off. Whether the shares can hold above €0.21 and regain a technical footing will depend on the substance behind the headlines.
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