With Thyssenkrupp Nucera Forging an Indian Hydrogen Alliance, Nel ASA's Q2 Report Carries Extra Weight
Published on 07/12/2026 at 03:33 | Redaktion boerse-global.de
The clock is ticking toward Nel ASA’s half-year earnings release on 15 July, and the Norwegian hydrogen specialist enters the week with few friends on the sell side. Of the 13 analysts covering the stock, not a single one recommends buying. Seven rate it a sell, six a hold — a consensus that leaves the company in a limbo of caution ahead of what promises to be a pivotal trading session.
That caution is compounded by a deepening competitive threat in a market Nel itself has identified as a growth frontier. Just days before the earnings date, Thyssenkrupp Nucera announced a partnership with Indian state-owned Bharat Heavy Electricals (BHEL) to jointly build alkaline electrolysers for green hydrogen projects in India. The two partners plan to gradually shift module production to India and bid together on tenders. Nel, which has been eyeing India as a key expansion region, now faces a well-funded rival with local government ties — a development that could weigh on the company’s long-term order pipeline.
The stock itself is showing clear technical strain. On Friday it closed at €0.21, up 0.49% on the day, but the weekly performance was negative at minus 3.27%, and the monthly decline stands at 14.81%. Since the May high of €0.37 — hit on 25 May and now 43.37% above the current price — the shares have given back nearly all of their earlier 2024 gains. Year-to-date, Nel still clings to a 7.98% advance, but the 12-month chart shows a loss of 16.06%.
Technical indicators underscore the fragility. The 50-day moving average sits at €0.26, a full 21.40% above Friday’s close, while the 200-day average at €0.22 is just 3.88% above, making it a potential support zone. The 14-day RSI at 36.4 is approaching oversold territory but has not yet confirmed a reversal signal. With 30-day annualised volatility of nearly 65%, the price is primed for sharp moves in either direction.
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Leadership uncertainty adds another layer of risk. CEO Håkon Volldal confirmed his resignation on 15 June and will stay on for a six-month transition period while the board searches for a successor. The earnings call on 15 July is likely to be the first opportunity for management to address the succession timeline, and any update — or lack thereof — could drive near-term sentiment. Investors will also be listening for progress on the industrialisation of the Herøya site and the status of the $7 million PEM equipment order placed in late April, both seen as bellwethers for second-half operational momentum.
Nel is not suffering in isolation. The broader clean-energy and hydrogen sector has been under pressure, with Plug Power falling 6.06% to $2.48 on 7 July despite winning a new hydrogen contract, and FuelCell Energy tumbling 15.4% in after-hours trading after announcing a capital raise. Analysts attribute the sell-off to profit-taking in green-energy stocks combined with broader tech weakness. Within that headwind, Nel’s own operational data takes on outsized importance.
The first quarter saw a sharp year-on-year drop in order intake, leaving the backlog at around 1.1 billion Norwegian kroner at the start of Q2. Whether Nel managed to secure any new large-scale industrial orders — especially in the PEM and alkaline segments — will be the central question when the numbers cross the wires at 7:00 am CET on Wednesday. The company recently launched a new generation of pressurised alkaline electrolysers aimed at lowering production costs, but it remains unclear whether that has translated into commercial traction.
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Chartists are watching the 200-day moving average at €0.22 closely. A decisive break below that level could open the door toward the 52-week low of €0.17, last seen on 26 February. That gap represents a 19.58% downside cushion — a slim margin for a stock that has already lost two-fifths of its value from its peak in less than two months. For Nel ASA, the 15 July report is not just an earnings update; it is a stress test of the company’s ability to navigate a leadership void, analyst scepticism, and a resurgent rival all at once.
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Nel ASA Stock: New Analysis - 12 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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