Nel ASA: Leadership Vacancy and New US Tariffs Deepen the Gloom Around a Struggling Hydrogen Stock
Published on 07/28/2026 at 19:21 | Redaktion boerse-global.de
Nel ASA’s share price continues to drift lower, caught between a leadership vacuum at the top and fresh trade barriers in its most important growth market. The Norwegian hydrogen specialist closed Tuesday at €0.1938, shedding 2.61% on the day and inching dangerously close to its 52-week low of €0.1731, a level last touched in late February.
The stock now trades nearly 20% below its 50-day moving average of €0.2422, a clear sign that the downtrend is accelerating rather than easing. With a relative strength index of 35.5, the shares are hovering just above oversold territory — though technicians caution that this alone does not signal a floor has been reached.
A CEO Exit at a Critical Juncture
The most immediate source of investor unease sits in the executive suite rather than on the chart. HĂĄkon Volldal announced his resignation as CEO on June 15, 2026, after accepting the top job at packaging group Elopak. He remains at the helm of Nel during a six-month notice period while the board, chaired by Arvid Moss, searches for a successor.
That search has yet to produce a name. With no announcement expected before the end of July, investors are left guessing who will steer the company’s industrialization strategy and the scale-up of its new alkaline platform. The uncertainty is particularly damaging for a stock already under heavy selling pressure.
Should investors sell immediately? Or is it worth buying Nel ASA?
Tariffs Threaten a Booming Order Book
The leadership question is not the only headache. The United States has imposed import duties of 10% to 12.5% on electrolysers, directly hitting Nel’s core business in North America. The timing could hardly be worse: in the second quarter of 2026, the company reported a 224% surge in order intake, driven primarily by its PEM (proton exchange membrane) segment.
Those new tariffs now threaten to compress the very margins that the order boom was supposed to protect. Nel competes directly with domestic US manufacturers, and the duties give homegrown rivals a clear pricing advantage.
A New Platform Offers Some Comfort
There is one bright spot. On May 6, Nel launched its new PA-Series, a pressurized alkaline platform designed to lower the cost of green hydrogen by simplifying project engineering and reducing upfront capital requirements. The company has already taken a final investment decision to build up to 1 gigawatt of production capacity at its Herøya facility in Norway, backed by the EU Innovation Fund.
The idea is that industrial-scale alkaline efficiency can help offset the pricing pressure building elsewhere in the business. But executing that strategy without a permanent CEO in place is a risk the market is pricing in every day.
Geopolitical Headwinds Add to the Mix
Beyond company-specific issues, an escalating crisis in the Middle East is weighing on global energy supply chains, prompting Western governments to rethink their geopolitical dependencies. While the long-term trend toward self-sufficient energy systems in Europe and North America remains a structural tailwind for green technologies, short-term risk aversion is dominating trading floors.
Nel ASA at a turning point? This analysis reveals what investors need to know now.
Nel’s order backlog stood at roughly 1.2 billion Norwegian kroner at the end of the second quarter — a solid foundation. But the combination of trade barriers, leadership uncertainty, and macro volatility is testing investor patience.
What to Watch Next
The company will report third-quarter results on October 21. Until then, the stock is likely to react to two variables: any news on the CEO search, and whether the chart can find a bottom. For the full year 2026, analysts forecast a loss of around NOK 0.315 per share.
With annualized 30-day volatility running at roughly 29% to 32%, depending on the measurement period, the path ahead remains treacherous. Whether the existing 52-week low holds as a support level — or whether the absence of a permanent CEO triggers another wave of selling — is the question hanging over every trade.
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Nel ASA Stock: New Analysis - 28 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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