The launch of a next-generation electrolyzer normally draws applause from investors. For Nel ASA, it hasn’t been enough to offset a deepening operational crisis. The Norwegian hydrogen specialist saw its first-quarter order intake collapse by 73% to just 85 million Norwegian kroner, while revenue slipped 5% to 148 million kroner and the net loss widened to 144 million kroner. The stock now trades at €0.22, down nearly 24% over the past month and roughly 40% below the 52-week high of €0.37 hit only at the end of May.
That technological milestone was the new alkaline pressure electrolyser platform, unveiled in May 2026, which the company says can push the cost of turnkey plants below $1,450 per kilowatt — less than half the $3,000-plus typical for existing projects. The European Union’s Innovation Fund has backed the industrialisation of this platform with up to €135 million, covering as much as 60% of eligible costs. Yet the short-term reality is stark: delayed subsidy programmes, higher interest rates and rising project costs across the clean-energy sector have sapped demand.
The pain extends beyond the order book. Nel announced the departure of CEO Håkon Volldal, who will leave at the end of 2026, a transition that has already prompted Berenberg and Citigroup to trim their price targets. The company is also running a cost-cutting programme that has reduced headcount by 26% and personnel expenses by 21%, and is reviewing potential impairments on its production lines in Herøya. Neither the cost savings nor the €0.22 share price — with a relative strength index of 36, close to oversold territory but lacking a clear reversal signal — suggest a quick recovery.
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Liquidity, at least, remains a cushion. Nel held around 1.4 billion kroner in cash at the end of March, and the EU grant plus other support – including a recent Brazilian tender worth roughly $27 million for domestic electrolysers and Norwegian subsidies of over 344 million kroner for liquid-hydrogen projects – provide a long-term tailwind. But those macro tailwinds mean little when incoming orders have dried up. The stock trades about 4% above its 200-day moving average of €0.21; a dip below that level would flash another warning for the long-term trend.
The first-quarter results reveal a sector-wide problem rather than a company-specific one, Nel argues. Still, the market is pricing in the risk that the order slump is the start of a longer pattern. The next test comes on 15 July 2026, when Nel reports half-year figures. Investors will be watching closely to see if the new electrolyser can finally turn the tide — or whether the leadership vacuum and order drought will persist.
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