Nel ASA Settles Legal Dispute as Order Intake Crumbles 73%, EU €135M Backing Offers Little Near-Term Relief
13.06.2026 - 15:05:25 | boerse-global.de
Nel ASA has resolved a costly legal dispute, secured up to €135 million in European Union funding, and watched its shares shed nearly 8% in a single week — a stark reminder that macro headwinds and a decimated order book are weighing far heavier on the stock than any piece of positive news.
The Norwegian electrolyser maker’s first-quarter results painted a grim picture. Order intake slumped to just 85 million Norwegian kroner, a 73% plunge from the year-ago period, while the order backlog contracted 24% to 1.113 billion kroner. Revenue came in at 148 million kroner, marginally below the previous year’s level. The EBITDA loss narrowed to 100 million kroner from 115 million, but investors saw little to celebrate in a business that is still burning cash at a meaningful rate.
Against that backdrop, the settlement with Iwatani Corporation of America and Cavendish Hydrogen on 7 June was never going to be a share price catalyst. Nel agreed to pay $7.5 million to end a dispute over technical problems at hydrogen refuelling stations in California that had been running since February 2024. The payment erases a legal overhang but does nothing to replenish the order book — and it drains liquidity at a time when every kroner matters.
The €135 million EU grant, confirmed in early June, is strategically important. It will fund the scaling of Nel’s next-generation alkaline pressure electrolysers, a platform designed to lower the cost of green hydrogen production. But the timelines are long, and the immediate market environment is hostile. The European Central Bank’s rate decision on 11 June and fresh inflation prints from both Norway and the United States have kept pressure on high-growth, capital-hungry stocks like Nel.
Should investors sell immediately? Or is it worth buying Nel ASA?
The technical picture offers little reassurance. Shares closed the week at €0.24, almost 35% below the 52-week high of €0.37 reached on 25 May. The 50-day moving average at €0.26 has been broken, and the next supports lie at the 100-day average of €0.23 and the 200-day average of €0.21. The relative strength index stands at 37.7 — close to oversold territory but showing no sign of a bounce. With annualised 30-day volatility above 92%, sharp moves in either direction remain possible.
Cash provides some buffer. One analysis puts Nel’s cash position at 1.88 billion kroner, while the company’s quarterly filing reports 1.443 billion kroner. Even at the lower figure, the company has a runway that allows it to wait for new orders — but the clock is ticking.
Nel marked two years as a pure-play electrolyser company on 12 June, following the spin-off of its fuelling division into Cavendish Hydrogen. The shift has helped narrow operating losses, but the lack of a large, fresh contract is becoming the defining risk. Without that catalyst, the stock remains vulnerable to further technical selling.
Nel ASA at a turning point? This analysis reveals what investors need to know now.
All eyes are now on 15 July 2026, when Nel publishes its half-year report. Until then, the market is left with little more than hopes for unscheduled order announcements — and a stock that is testing the patience of even the most hydrogen-optimistic investors. Year-to-date, the shares are still up around 24%, but the 12-month gain has shrunk to roughly 9%, and the trajectory is pointing firmly south.
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Nel ASA Stock: New Analysis - 13 June
Fresh Nel ASA information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
