Nel ASA's Leadership Exodus Sharpens Focus on a Make-or-Break Autumn
Published on 08/24/2026 at 12:42 | Redaktion boerse-global.de
The departure of Håkon Volldal to the helm of packaging group Elopak ASA has thrown Nel ASA's succession planning into the spotlight at a moment when the Norwegian electrolyser maker can least afford distractions. Volldal, who stepped down as Nel's president and CEO in June, will take over at Elopak no later than January 1, 2027, leaving the hydrogen technology company to hunt for a successor while its balance sheet remains under pressure.
The timing could hardly be more delicate. Nel's second-quarter results, published over a month ago, laid bare the strain on the business: revenue fell to 182 million Norwegian kroner from 215 million a year earlier, while EBITDA swung deeply into negative territory after a 70 million kroner settlement payment to partner Iwatani Corporation of America. The share price has drifted just 2.0 percent since those numbers landed, a muted response that suggests investors had already priced in the operational headwinds.
A Stock Stuck in Neutral
Nel's shares closed Friday at 0.1960 euros, up 0.2 percent on the day but down 1.7 percent on the week. The stock remains a long way from its 52-week high of 0.3655 euros, reached in late May, and hovers near its yearly low. Even so, the equity has managed a 2.8 percent gain since the start of January — a reminder of just how choppy the past twelve months have been for the sector's established players.
The market's tepid reaction to Volldal's exit, the Iwatani settlement, and a recent EU funding decision for the company's PA-Series platform suggests investors are now focused on fundamentals rather than headlines. What those fundamentals show is a company caught between short-term momentum and long-term structural challenges.
Should investors sell immediately? Or is it worth buying Nel ASA?
Order Intake Offers a Glimmer
One bright spot stands out: order intake picked up noticeably after several weak quarters, even though the total backlog remains slightly below the prior-year level. That contrast — improving near-term demand against a thinner long-term pipeline — is likely to dominate discussions under whatever leadership takes over.
Nel is also pushing ahead technologically. In May, the company unveiled a new pressurised alkaline platform designed to slash both footprint and capital costs. Backed by EU support for the PA-Series line, Nel is targeting 500 megawatts of manufacturing capacity by the end of 2026, scaling to one gigawatt the following year. First orders for the new platform are expected in the coming months.
Analysts, however, remain unconvinced. Sell ratings dominate the consensus, and no buy recommendation is currently on the books. The leadership vacuum only adds to the uncertainty.
A Sector in Three Camps
Nel's predicament is part of a broader divergence across the hydrogen landscape. The industry has fractured into distinct investment archetypes, each with its own risk profile. At one end sit established electrolyser manufacturers like Nel and ITM Power, which generate revenue but struggle to convert it into profit. ITM has at least delivered a tangible milestone: in early August, first volumes of green hydrogen flowed from RWE's electrolyser plant in Lingen, Lower Saxony, through a roughly 120-kilometre pipeline to Evonik's chemical park in Marl — part of the GET H2 Nukleus project, where ITM and Linde Engineering are supplying two 100-megawatt PEM units.
At the other end of the spectrum are pre-revenue explorers such as Primary Hydrogen, whose shares jumped 11 percent to 1.29 euros on news of new claim staking in Nova Scotia's Cumberland Basin, and SunHydrogen, a penny-stock developer of photoelectrochemical panels testing larger modules at the University of Texas. In between sit niche commercial players like AFC Energy, which has launched what it calls the world's first containerised, portable ammonia-cracking module and struck a development pact with Komatsu.
Nel ASA at a turning point? This analysis reveals what investors need to know now.
What Comes Next
For Nel, the immediate question is whether the new alkaline platform converts into firm orders and how quickly a new CEO is installed. The market will get its next read on October 21, when third-quarter numbers are due. By then, investors will also want clarity on whether the recent order momentum can be sustained — and whether the leadership transition reshapes the company's strategic priorities.
The broader sector, meanwhile, is likely to keep trading on company-specific catalysts rather than any unified hydrogen narrative. For Nel, the calculus is stark: a gigawatt-scale technology bet, a cash position under pressure, and a corner office that remains empty. The autumn will determine whether the order book's revival is the start of a turnaround or merely a pause before the next setback.
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