Nel ASA: Tariffs, a CEO Vacancy, and a Critical Price Floor Test Investor Patience
Published on 07/27/2026 at 14:41 | Redaktion boerse-global.de
The hydrogen sector’s promise of a clean-energy future continues to collide with messy near-term realities, and few companies illustrate the tension more starkly than Norway’s Nel ASA. While the company’s order book has exploded higher, the stock is trading near levels that have chart watchers nervously eyeing a make-or-break support line — all as US tariffs complicate its American expansion plans and the search for a new chief executive remains unresolved.
Nel shares edged up 0.81 percent on Monday to €0.1984, extending a modest recovery from recent lows. That small gain, however, does little to mask a grim longer-term picture: the stock sits roughly 46 percent below its 52-week high of €0.3655, reached in May. The relative strength index has slipped to 38.1, inching toward the oversold threshold that typically signals excessive selling pressure, though that same technical condition can sometimes pave the way for a short-term bounce if buyers step in.
The immediate focus for traders is a specific price level. Analysts have flagged €0.18 as a critical support that must hold to prevent further deterioration in the chart pattern. Monday’s close leaves a slender cushion above that line, and any sustained break below it would open the door to fresh lows.
US Tariffs Land at an Awkward Moment
The technical anxiety is unfolding against a backdrop of fresh headwinds from Washington. New US import tariffs, ranging from 10 to 12.5 percent on goods from the European Union and other key trading partners, took effect on Friday. For Nel, the timing is particularly painful.
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North America is central to the company’s growth strategy. Nel is currently building a manufacturing facility in Michigan with a planned capacity of 4 gigawatts, backed by roughly $125 million in federal and state incentives. Until that plant is fully operational, however, the company must continue supplying the US market with components shipped from Europe — shipments that now face a significant cost increase from the new duties.
The tariff issue compounds an already mixed financial picture. Nel’s second-quarter 2026 results, reported in Norwegian kroner, tell two different stories. On the positive side, order intake surged 224 percent to 230 million kroner, a robust signal of future demand. But revenue from customer contracts fell 12 percent to 153 million kroner, and when other operating income is included, total revenue dropped 15.6 percent to 182 million kroner. The bottom line showed a net loss of 189 million kroner, partly driven by a one-time charge of 70 million kroner tied to a legal settlement with Iwatani Corporation of America.
The balance sheet offers some reassurance: Nel ended the quarter with liquid assets of 1.328 billion kroner, providing a cushion as it navigates the current turbulence.
Leadership Uncertainty Adds Another Layer
To the operational and trade-policy challenges, add a leadership vacuum. CEO Håkon Volldal is departing the company to join packaging group Elopak, with his move expected no later than January 2027. Volldal oversaw the spin-off of the fueling business Cavendish Hydrogen and the launch of the new pressurized alkaline platform, the “PA-Series,” which the company now needs to scale up just as trade barriers rise.
The board is searching for a successor, but until a name is announced, investors are left in a holding pattern. Several major institutions maintain “sell” or “neutral” ratings, waiting for clarity on both the CEO succession and how US trade policy will affect Nel’s 2026 and 2027 financial performance.
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Sector Sentiment Holds the Key
The broader hydrogen sector is also under scrutiny. Nel’s US competitor Plug Power, whose stock trades below $2, spent $320,000 on lobbying in the second quarter and is pushing ahead with its “Project Quantum Leap” restructuring, targeting positive adjusted EBITDA by the fourth quarter. Plug also agreed to sell a project in Graham, Texas, to Stream Data Centers in a deal that could bring in up to $76.5 million, with $50 million upfront. It ended June with roughly $162 million in cash.
For Nel, no comparable operational catalysts have emerged recently. The stock’s direction in the near term will likely be dictated less by company-specific news and more by the overall mood toward hydrogen technology — and by whether the €0.18 support level holds long enough for a more fundamental catalyst to materialize.
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Nel ASA Stock: New Analysis - 27 July
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