Nel ASA's 20% Weekly Rout Spotlights Contrasting Hydrogen Fortunes: Station Shutdowns vs Offshore Ambitions
11.06.2026 - 20:01:48 | boerse-global.de
Agrola’s decision to shutter all its hydrogen refueling stations in Switzerland by the end of 2026 has landed like a cold splash on the sector. The energy supplier cited high operating costs and anemic demand from passenger vehicles, which have been eclipsed by battery-electric alternatives. Locations in Zofingen and Rothenburg are being taken offline, further thinning the already sparse network for hydrogen mobility. For Nel ASA, which supplies electrolyzer technology and infrastructure equipment, the move underscores a persistent headwind in the transport segment even as industrial projects elsewhere gain traction.
The stock has absorbed the blow hard. Over the past seven trading days, Nel ASA shares have tumbled by nearly 20% – some measures put the decline at roughly 17% – leaving the Norwegian electrolyzer maker at €0.24. That marks a roughly 34% slide from the 52-week high reached in May and has punched the price below its 50-day moving average of €0.26, a bearish technical signal. The selling continued Thursday with a further 2.05% loss. None of this was offset by the legal settlement announced earlier in the week: Nel, together with Cavendish Hydrogen, agreed to pay Iwatani Corporation of America $7.5 million to end a dispute over hydrogen refueling stations in California. While the deal removes future litigation costs and US legal risk, the market has shrugged.
Beneath the surface, the pressure is more structural. Nel ASA’s first-quarter revenue came in at 148 million Norwegian kroner, down 5% from a year earlier. New orders totalled just 85 million kroner, a figure the management itself described as “rather quiet.” The order backlog of roughly 1.1 billion kroner provides cover, but the industry’s lifeblood – fresh industrial contracts – remains thin. In May, Nel launched a new platform for pressurized alkaline electrolyzers, targeting a cost of under $1,450 per kilowatt for a 25 MW system. Whether that will trigger a wave of orders is still an open question.
Should investors sell immediately? Or is it worth buying Nel ASA?
Yet not all hydrogen signals are bleak. A consortium called Hydrogen of Dutch Origin is planning an offshore project in the Dutch North Sea with up to 50 MW of capacity. The concept uses offshore wind to produce green hydrogen directly at sea, easing grid congestion onshore and exploiting existing pipeline infrastructure. For Nel, such large-scale industrial deployments represent the kind of demand that could offset the malaise in passenger mobility. A $7 million PEM purchase order signed after the quarter also hints at pockets of activity.
Technically, the stock is skating close to the edge. The relative strength index stands at 37.9, approaching oversold territory, while the 30-day annualized volatility hovers near 97%. That extreme sensitivity means any positive sector news could trigger a sharp reversal – but also leaves the shares vulnerable. The next critical level is €0.21, where the 200-day moving average sits. A break below that line would likely invite further technical selling. Since the start of the year, Nel ASA is still up by around 25–28%, a reminder that the longer-term picture isn’t all dark. For now, though, the market is focused on the short-term headwinds: a thin order book, a retreat in retail hydrogen infrastructure, and a stock that has lost nearly a fifth of its value in a week.
Ad
Nel ASA Stock: New Analysis - 11 June
Fresh Nel ASA information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
