Nel ASA Stock Doubles from March Low as Samsung Partnership Addresses Hydrogen’s Funding Bottleneck

The rally in Nel ASA shares has turned heads. After years of decline, the stock has nearly doubled from its March trough, touching a fresh 2026 high of €0.36 on Tradegate on 25 May. That puts the year-to-date gain at 82.58% — a dramatic reversal for a company whose fundamentals remain under pressure. Yet the move is not purely technical. A strategic tie-up with Samsung E&A has handed Nel a product that could crack one of green hydrogen’s biggest headaches: project financing.

The partnership, unveiled at the World Hydrogen Summit in Rotterdam, centres on the CompassH2-A+ system, a 100 MW electrolysis platform built around Nel’s pressurised alkaline technology. Samsung E&A, Nel’s largest shareholder, is offering a single-point performance guarantee covering the entire integrated system — stacks, balance of plant and supply infrastructure. In an industry where fragmented warranties and multiple counterparties have long frustrated lenders, that bundled assurance could be a game-changer for project bankability.

The technical specs are equally tailored to industrial scale. The system uses modular, containerised 25 MW stack units, delivering around 40 tonnes of hydrogen per day at 99.999 mol% purity and a stack efficiency of 48.8 kWh per kilogram. Operating at 15 barg pressure reduces downstream compression needs, while the compact layout cuts the required footprint by roughly 50% — a core area of 7,500 square metres for a full installation. Nel says the platform’s next generation, which entered commercial rollout in May 2026, can cut investment costs by 40% to 60% compared with standard systems.

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

The market has responded favourably. On Friday, Nel shares closed at €0.35, up 1.01% on the day. Over the past month the stock has climbed 47.37%, and the weekly gain stands at 6.71%. Chart technicians point to the breakout above €0.24 and the subsequent clearance of €0.28 as confirmation that the multi-year downtrend is broken. The zone around €0.279 now serves as near-term support; a fall below that level could trigger a pullback toward €0.235. On the upside, the recent high at €0.366 is the first resistance, with the next major barrier at €0.415.

Yet the stock’s price action is trading on promise, not delivery. Nel reported first-quarter revenue of NOK 148 million, down 5% year-on-year. Order intake also weakened. The EBITDA loss narrowed to NOK -100 million from NOK -115 million in the prior-year period, and the company retains a solid liquidity position of NOK 1.44 billion. But the gap between market enthusiasm and operational reality is wide.

The next test comes on 15 July 2026, when Nel publishes its second-quarter report. By then, investors will want to see whether the CompassH2-A+ platform, and the financial clarity Samsung E&A brings, can translate into tangible orders and revenue growth. For now, the chart tells a story of momentum, but the fundamental picture remains a work in progress.

The relative strength index sits at a moderate 49.6, suggesting the rally is not yet overstretched. With the stock trading 67.54% above its 200-day moving average, the technical setup favours further upside as long as the support at €0.279 holds. Should the share price clear €0.366, it would deliver another bullish signal. Beneath that level, however, the recent gains remain vulnerable to profit-taking in a name that still needs to prove its business model can keep pace with its share price.

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Nel ASA Stock: New Analysis - 30 May

Fresh Nel ASA information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

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