Nel ASA: A Court Settlement and a CEO Exit Cloud the Brightest Order Book in Years
Published on 08/05/2026 at 17:32 | Redaktion boerse-global.de
The disconnect between Nel ASA's commercial momentum and its market valuation has rarely been starker. The Norwegian electrolyser maker booked 230 million Norwegian kroner in new orders during the second quarter of 2026 — a 224 percent jump year-on-year — yet its share price continues to trade in the doldrums, roughly 46 percent below its 52-week high of 0.3655 euros.
The order intake, which closed at 0.1970 euros per share in the primary reporting period, tells only part of the story. Nearly all of the growth — 96 percent of new orders — came from the company's PEM (proton exchange membrane) technology, pushing the total backlog to 1.2 billion kroner. That pipeline alone, the company says, keeps its manufacturing facilities occupied well into 2027.
The Legal Drag on the Bottom Line
The headline order figures, however, mask a quarterly result that went deep into the red. Nel reported an EBITDA loss of 155 million kroner for the quarter, dragged down by a one-off item: a 70 million kroner settlement paid to Iwatani Corporation of America to resolve an ongoing legal dispute. Strip out that payment, and the underlying operating performance remained broadly stable against prior quarters.
The settlement is a reminder that Nel's transformation into a pure-play electrolyser manufacturer — completed in June 2024 with the spin-off of its fuelling division, Cavendish Hydrogen — has come with lingering liabilities. The strategic pivot itself has been a defining feature of the company's recent trajectory, sharpening its focus on manufacturing at a time when many large energy groups are scaling back their green hydrogen ambitions.
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A New Platform to Close the Cost Gap
The centrepiece of that strategy is the PA-Series, a next-generation pressurised alkaline platform launched on 6 May 2026. Nel claims the system cuts the physical footprint required by up to 80 percent while reducing capital expenditure by 40 to 60 percent compared with older generations. For 25-megawatt installations, the company is targeting a turnkey price of under $1,450 per kilowatt — a figure designed to close the stubborn cost gap between green and fossil-derived hydrogen, long cited as one of the biggest obstacles to widespread electrolyser adoption.
Production of the new platform is ramping up at Herøya in Norway, following a final investment decision at the end of 2025. The facility is slated to reach 500 megawatts of manufacturing capacity by the end of 2026, scaling to 1 gigawatt the following year. The EU Innovation Fund is backing the expansion with up to 135 million euros in milestone-linked support; the first tranche has already been released after the Herøya production lines demonstrated sufficient progress.
Leadership Uncertainty at a Critical Juncture
Operational progress notwithstanding, the company faces a leadership vacuum at a pivotal moment. CEO HĂĄkon Volldal announced his resignation in mid-June 2026 and is now in a six-month transition period while the board searches for a successor to steer the company through its next industrial expansion phase.
The market's response to all this has been muted at best. The stock closed the secondary reporting period at 0.1982 euros, up 1.23 percent on the day, and has gained 4.98 percent since the start of the year. But it remains nearly 46 percent below its May peak, and trades roughly 13 percent beneath its 50-day moving average of 0.2271 euros — a sign that investors have yet to translate operational advances into a sustained share-price recovery. The 14-day relative strength index of 42 puts the stock in neutral territory, neither oversold nor overbought.
A Full Pipeline, a Full Coffers — and a Full In-Tray
Nel's balance sheet offers some reassurance. The company held 1.3 billion kroner in cash at the end of the quarter, giving management the flexibility to fund the Herøya expansion and deliver on its backlog without resorting to fresh capital raising. Strategic partnerships remain part of the picture too: a collaboration with Iberdrola on a 20-megawatt PEM project in Puertollano, Spain, is expected to produce 3,000 tonnes of green hydrogen annually.
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There is also the prospect of additional public support. The Clean Hydrogen Partnership is due to announce evaluation results for the HORIZON-JU-CLEANH2-2026 funding programme in early August, a decision that could open another financing avenue for Nel.
Whoever takes the helm will inherit a company with a record order book, a new technology platform gaining traction, and a cash position that removes near-term funding pressure. The task will be converting those assets into sustained profitability — and convincing a sceptical market that the gap between Nel's operational story and its share price is narrowing, not widening.
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