Nel ASA Builds for 1 GW While Its Alkaline Revenue Dwindles to NOK 23 Million
Published on 11/01/2026 at 11:30 | Editorial boerse-global.de
Nel ASA is pressing ahead with the construction of its first fully automated production line for pressurised alkaline electrolysers at Herøya, the company said on Wednesday, describing the facility as taking shape. The board gave the investment the green light in December 2025, and the update marks progress on that decision.
The line is designed for an annual capacity of up to 1 GW. That figure describes manufacturing potential, not actual utilisation, and it should not be confused with revenue already booked. For now, the news concerns the production side of the business.
That distinction matters because Nel's alkaline segment has been the weakest part of its recent performance. The industrial build-out and the commercial trend are pulling in opposite directions.
Orders Surge, Revenue Sags
Quarterly figures published roughly two weeks ago, covering the third quarter of 2026, lay out the gap. Revenue from customer contracts fell 63% year on year to NOK 112 million. EBITDA came in at NOK -93 million, and Nel held liquid funds of NOK 1,078 million at the end of the quarter.
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The alkaline business bore the brunt of the decline, with revenue down 91% to NOK 23 million. PEM was the bright spot: revenue there climbed 65% to NOK 89 million, though it was not enough to offset the group-wide drop.
Order intake told a different story. New orders jumped 339% to NOK 253 million, and the order backlog stood at NOK 1,314 million, up 34%. Those figures point to future business, but they are neither deliveries nor recognised revenue — a distinction investors would do well to keep in mind.
Capacity in Stages
The Herøya expansion is planned in steps: capacity of 500 MW annually by the end of 2026, rising to 1 GW during 2027. Automation and added capacity alone, however, do not answer the central question of whether Nel can pair its manufacturing capability with matching demand. That has to be measured in orders and revenue.
New Leadership, Same To-Do List
Morten Holum is slated to succeed Håkon Volldal as CEO and will take up the post no later than 1 May 2027. CFO Kjell Christian Bjørnsen is lined up as interim chief during the transition, with Torbjørn Berg stepping in temporarily to lead finance.
The management handover forms the organisational backdrop to these tasks rather than a story in itself. Nel must convert its stronger order intake into actual business, align production plans with demand and curb its losses. Progress on those fronts is what would turn better order numbers into a broadly supported recovery.
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