Nel ASA Cleans Up Two Headaches but Still Can't Shake the Bears
Published on 07/11/2026 at 13:07 | Redaktion boerse-global.de
Nel ASA heads into its second-quarter earnings on July 15 with two significant overhangs resolved — but the stock is failing to catch a bid. The Norwegian hydrogen-equipment specialist parted ways with CEO Håkon Volldal last month and settled a long-running U.S. legal dispute in June, yet the shares continue to slide. At Friday's close, the equity was worth EUR 0.21, a meagre 0.5% gain on the day but still nursing a weekly loss of 3.3% and a 30-day decline of 14.8%.
The lack of buying interest is mirrored on the sell side. Not a single one of the 13 analyst houses covering Nel currently recommends a purchase. Seven rate the stock a sell, and six advise holding — a uniformly bearish consensus that stands in stark contrast to the company's broader market opportunity. The stock now trades 43.4% below its 52-week high of EUR 0.37 set on May 25, though it remains 19.6% above the February low of EUR 0.17.
A $188.9 Billion Market Tailwind — On Paper
The green hydrogen market that Nel supplies is projected to expand at a compound annual rate of 31.2%, according to a recent industry study. From an estimated USD 12.5 billion in 2025, the global market is expected to hit USD 16.4 billion next year and reach approximately USD 188.9 billion by 2035. Electrolysers — Nel's core product — are forecast to account for 61.5% of that demand. The company's alkaline and PEM electrolyser platforms, manufactured in Norway, the U.S., Denmark, and South Korea, position it as a key supplier to the emerging hydrogen economy.
That long-term thesis has yet to translate into sustained share-price momentum. The stock's 14-day relative strength index sits at 36.4, inching toward oversold territory but not flashing a clear reversal signal. With annualised 30-day volatility of nearly 65%, Nel remains a high-beta name prone to sharp swings.
Should investors sell immediately? Or is it worth buying Nel ASA?
New Technology and a Decent Order Book
Management has taken steps to bridge the gap between promise and performance. In May 2026, Nel launched a new generation of pressurised alkaline electrolysers after eight years of development. The target: deliver turnkey 25-megawatt systems at under USD 1,450 per kilowatt — a cost reduction that could improve project economics for hydrogen developers.
The company also demonstrated its ability to secure contracts. In November 2025, Nel won an order for a 40-megawatt hydrogen project in Norway, valued at over USD 50 million, to be executed with PEM technology.
Yet none of these achievements has lifted the stock above its key moving averages. Nel currently trades 21.4% below its 50-day simple moving average of EUR 0.26 and 3.9% beneath the 200-day line of EUR 0.22 — a level that has repeatedly acted as support in recent weeks.
What Investors Will Watch on July 15
The upcoming quarterly report, scheduled for release at 7:00 a.m. CET on July 15, followed by a virtual presentation an hour later, will be the next major catalyst. Investors expect updates on the order backlog, operational progress, and the search for a permanent CEO to replace Volldal, who left to lead packaging group Elopak. The board has yet to name a successor.
Nel ASA at a turning point? This analysis reveals what investors need to know now.
Nel also cleared a legal hurdle in June by agreeing to pay USD 7.5 million to Iwatani Corporation of America to end a U.S. lawsuit, with a further contribution from former subsidiary Cavendish Hydrogen. The settlement had little impact on the share price.
With a market capitalisation of roughly EUR 371 million, the stock prices in considerable skepticism. The July 15 report will test whether the company's underlying business — and the broader hydrogen growth story — can finally outweigh the wall of analyst caution that has come to define Nel's current chapter.
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Nel ASA Stock: New Analysis - 11 July
Fresh Nel ASA information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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