Nel ASA is entering a pivotal stretch of June with a pair of significant developments: the departure of chief executive Håkon Volldal and a legal settlement that removes a long‑standing overhang. The stock, meanwhile, is clinging to a key technical floor near EUR 0.21.
Volldal, who joined the hydrogen‑equipment maker in July 2022 and oversaw a strategic overhaul and the refresh of its product portfolio, has decided to pursue opportunities outside the industry. He will remain in his role during a six‑month notice period to ensure an orderly handover. Chairman Arvid Moss has sought to reassure investors, stressing that the company’s strategic priorities and recently launched alkaline pressure system remain unchanged. A search for a successor is already under way.
On the operational front, Nel moved to clear a legacy dispute early this month by reaching an agreement with Iwatani Corporation of America over supply contracts for fuelling stations. The settlement removes a source of legal uncertainty that had hung over the business. Separately, the company is pushing ahead with a new commercial platform designed to simplify hydrogen project development and lower costs—a system that took eight years to build and is aimed at enabling industrial‑scale manufacturing.
The coming days also bring a chance for Nel to articulate its market view. On 26 June, Devon Landry, the company’s Industrial Sales Manager for North America, will speak at the World AMPM conference in Montreal. The title of his presentation—“Challenging Investment Climate Puts Truck‑Delivered Hydrogen Supply at Risk”—captures the mood of an industry grappling with financing risks, infrastructure bottlenecks and subdued electrolyser demand. While no stock‑moving announcement is expected, how Nel characterises the environment could reignite debate about adoption timelines.
Should investors sell immediately? Or is it worth buying Nel ASA?
The stock itself has been under severe pressure. Friday’s close at EUR 0.22 represented a decline of 0.45% on the day and a 30‑day slide of roughly 20%. Even after that retreat, the shares are still up by around 16% year to date, underscoring the violent swings that have marked the name in 2025. The technical picture is precarious: the stock trades about 16% below its 50‑day moving average of EUR 0.27, but it remains above the 200‑day line at EUR 0.21. A break below that support would leave no obvious floor until the 52‑week low of EUR 0.17. The 100‑day average at EUR 0.23 offers the nearest upside reference point.
With no corporate earnings due until the half‑year report on 15 July, this week belongs to macroeconomic data that matter for capital‑intensive, rate‑sensitive hydrogen plays. On 23 June the eurozone flash purchasing managers’ index will provide an early snapshot of economic activity in June. Two days later the US Bureau of Economic Analysis releases May income and spending data along with the PCE price index—a key inflation gauge for the Federal Reserve. The European Central Bank follows on 26 June with its survey of consumer expectations. Until interest‑rate cuts materialise, the financing conditions for large electrolyser projects will remain structurally challenging, keeping sentiment fragile.
Nel now has to prove that its technological progress can sustain momentum without the chief architect of its recent strategy. The CEO handover, combined with a resolved legal dispute and an imminent conference appearance, leaves the company walking a tightrope between execution risk and a market that is already demanding proof.
Ad
Nel ASA Stock: Buy or Sell?! New Nel ASA Analysis from June 21 delivers the answer:
The latest Nel ASA figures speak for themselves: Urgent action needed for Nel ASA investors. Is it worth buying or should you sell? Find out what to do now in the current free analysis from June 21.
Nel ASA: Buy or sell? Read more here...
