Nel ASA
OSE:NEL
Nel ASA
NEL ASA operates as a hydrogen company, which provides solutions to produce, store and distribute hydrogen from renewable energy. The company is headquartered in Oslo, Oslo and currently employs 486 full-time employees. The company went IPO on 2004-08-27. The firm delivers solutions to produce, store and distribute hydrogen from renewable energy. Nel ASA serves industries, energy and gas companies with hydrogen technology. The Company’s hydrogen solutions cover the entire value chain from hydrogen production technologies to manufacturing of hydrogen fueling stations, providing fuel cell electric vehicles with the same fueling and long range as conventional vehicles. The Company’s subsidiaries are: H2 Logic A/S in Denmark; Hyme AS, Nel Fuel AS, New Nel Hydrogen Holding AS and RotoBoost H2 AS in Norway, as well as Proton Energy Systems Inc based in the United States.
NEL ASA operates as a hydrogen company, which provides solutions to produce, store and distribute hydrogen from renewable energy. The company is headquartered in Oslo, Oslo and currently employs 486 full-time employees. The company went IPO on 2004-08-27. The firm delivers solutions to produce, store and distribute hydrogen from renewable energy. Nel ASA serves industries, energy and gas companies with hydrogen technology. The Company’s hydrogen solutions cover the entire value chain from hydrogen production technologies to manufacturing of hydrogen fueling stations, providing fuel cell electric vehicles with the same fueling and long range as conventional vehicles. The Company’s subsidiaries are: H2 Logic A/S in Denmark; Hyme AS, Nel Fuel AS, New Nel Hydrogen Holding AS and RotoBoost H2 AS in Norway, as well as Proton Energy Systems Inc based in the United States.
Revenue Rebound: Nel reported revenue of NOK 303 million, down 17% year-on-year but up 74% quarter-over-quarter, marking a strong sequential recovery.
Improved EBITDA: EBITDA loss narrowed to minus NOK 37 million from minus NOK 90 million last year, reflecting better cost control and project execution.
Order Intake Weakness: Order intake was NOK 57 million, indicating continued sluggish new business momentum compared to prior periods.
Healthy Cash Position: The company ended the quarter with NOK 1.757 billion in cash, and management highlighted a declining cash burn rate.
Market Slowdown: Management acknowledged a tougher market in 2025 than in 2024, citing delays and cancellations in large projects and regulatory headwinds in Europe.
Pipeline & Guidance: Nel is involved in over 500 megawatts of FEED studies, with possible equipment orders spread through 2026, but exact timing remains uncertain.
Technology Progress: The next-generation pressurized alkaline electrolyzer is on track for hot commissioning, with commercial launch and deliveries targeted for 2026–2027.
