The shares of Nel ASA found themselves pinned to their 200-day moving average of €0.21 on Monday, a level that chart watchers view as a make-or-break line between stabilization and a deeper slide. Having lost 17.37 percent in the prior 30 days after a difficult spring, the Norwegian hydrogen-equipment maker is walking a narrow tightrope. The Relative-Strength Index for 14 days sits at 38.8—close to oversold territory but not quite there—while annualized 30-day volatility of 67.08 percent underscores how jittery the shareholder base has become.
What makes the €0.21 threshold so critical is the backdrop of a brutal industry culling. The so-called valley of death for electrolyzer manufacturers is claiming casualties. US industrial giant Cummins halted all new electrolyzer sales at its Accelera unit in February 2026, booking $458 million in write-offs and cutting jobs. Danish rival Green Hydrogen Systems filed for insolvency in June 2025, its remains later picked up by Thyssenkrupp nucera. Analysts warn of a perfect storm: excess capacity, shrinking order books, and Chinese equipment that undercuts Western prices by roughly three-quarters.
Nel itself is trying to leapfrog the competition with a new pressurised alkaline electrolyzer platform, developed from scratch since 2018 and now entering the sales phase in 2026. CEO Håkon Volldal has described first-quarter ordering activity as “extremely quiet,” though the PEM division saw a decent pickup in the spring. The company still holds a solid cash pile and has an expected €11 million EU grant to bolster its balance sheet. But the numbers tell a sobering story: the stock has fallen 41.45 percent from its 52-week high of €0.37 hit on May 25, 2025, and sits just 23.63 percent above its 52-week low of €0.17 from February 2026. On a 12-month view, Nel is down 9.01 percent, even if a year-to-date gain of 11.63 percent shows flickers of residual optimism.
Corporate governance has added another layer of uncertainty. Volldal announced his resignation in June, creating a leadership vacuum just as the company navigates this turbulent period. On the shareholder side, stability comes from Samsung E&A, which continues to hold 167,155,785 shares—a 9.09 percent stake that makes the South Korean conglomerate Nel’s second-largest investor. The backing is seen as a strategic anchor while the board searches for a new chief executive.
Should investors sell immediately? Or is it worth buying Nel ASA?
Nel also cleared one legal headache in June by settling a long-running dispute with Iwatani Corporation of America over refueling equipment, agreeing to pay $7.5 million. The settlement removes a distraction but adds to the cash drain in a year when orders are already under pressure.
The broader thesis for hydrogen remains intact, according to a July 5 market report from IndexBox, which projects global demand for hydriding systems will more than double by 2035. Nel is named as a key player, particularly in grid-scale storage applications where surplus wind and solar power can be converted to hydrogen and drawn down later. The question is how quickly that long-term appetite translates into revenue. For now, pure-play electrolyzer companies are almost universally loss-making. Bloom Energy is riding the AI data-center power boom, Ballard Power has turned in positive gross margins, and Thyssenkrupp nucera uses its vast size to chase mega-projects. Nel, with a market capitalization of roughly €381 million, is fighting for relevance in the middle tier.
All eyes are now on the half-year report due July 15, which will reveal whether the spring uptick in PEM orders has momentum and whether the new alkaline platform is generating tangible traction. Until then, the 200-day line at €0.21 is the only guide investors have—and the gap between that support and the February low of €0.17 is razor-thin.
Ad
Nel ASA Stock: Buy or Sell?! New Nel ASA Analysis from July 6 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 July 6.
Nel ASA: Buy or sell? Read more here...
