Nel ASA Chairman Bets Big on Hydrogen’s Next Act as EU Cash and US Orders Converge

Nel ASA chairman Arvid Moss buys 100,000 shares at 2.25 NOK each, signaling confidence despite Q1 net loss of 144M NOK and 73% drop in new orders; new electrolysis platform due May 6.

Nel ASA’s chairman has put his own money where his mouth is, snapping up 100,000 shares just days after the company posted a mixed set of first-quarter results. Arvid Moss paid an average of around 2.25 Norwegian kroner per share, a transaction worth roughly 225 million NOK that signals board-level conviction in the hydrogen specialist’s turnaround story.

The insider purchase landed on Wednesday as the stock surged more than 6% to 2.485 NOK in Oslo trading, equivalent to about €0.24. That gain came despite a broadly weaker European session — the Stoxx 600 slipped 0.4% as oil markets reacted to the UAE’s announced OPEC exit. Nel’s shares have now rallied roughly 25% over the past month, pushing them within striking distance of their 52-week high.

Q1 Scorecard: Cost Cuts Bite, But Order Book Bleeds

The first quarter of 2026 painted a picture of a company still in the throes of restructuring. Nel reported revenue of 152 million NOK, though the secondary source pegs the figure slightly lower at 148 million NOK — a discrepancy that likely reflects rounding or segment differences. The net loss narrowed to 144 million NOK, helped by a more than 20% reduction in personnel costs as the hard restructuring programme began to show results.

Yet the order book tells a more sobering story. The backlog shrank by nearly a quarter year-on-year, and new order intake collapsed 73% compared to the same period in 2025. The operating loss stood at 100 million NOK, underscoring the gap between cost discipline and top-line momentum.

A $7 Million US Order Adds Context

Amid the gloom, Nel secured a fresh contract worth $7 million from an American customer. While modest by historical standards, the deal reinforces that demand for Nel’s electrolysers in North America has not dried up entirely. Analysts see it as a tactical positive — a sign that the sales pipeline, though thinner, remains alive.

Maximilian Berger, a market analyst tracking the stock, described Nel as showing “growing structural strength” after a prolonged consolidation phase. The insider purchase, he argued, reinforces that narrative.

The Big Bet: May 6 Platform Launch

All eyes are now fixed on May 6, when Nel will unveil its new pressurised alkaline electrolysis platform. CEO Håkon Volldal has called it a technological quantum leap, and the numbers back the hype: the company expects the new system to slash investment costs by 40% to 60%, with the primary source citing the upper end of that range.

The European Union has thrown its weight behind the project with up to €135 million from its Innovation Fund. A final investment decision has already been made to build 1 GW of production capacity at Nel’s Herøya site in Norway, with first series deliveries pencilled in for 2027.

The financial runway looks secure. Nel held cash and equivalents of roughly 1.4 billion to 1.44 billion NOK at the end of the quarter — enough, management says, to fund operations through year-end without additional capital.

Defence Angle Opens a New Front

Beyond the platform launch, Nel is quietly positioning itself in the energy security space. Decentralised, flexible hydrogen solutions are increasingly drawing interest from defence and infrastructure projects, opening a potential new demand channel that could complement the core electrolyser business.

Sector Snapshot: Mixed Signals from Peers

Nel’s struggles are not universal across the hydrogen and energy landscape. Bloom Energy posted a record quarter, with revenue surging 130% to $751 million, powered by a partnership with Oracle for up to 2.8 GW of fuel cells destined for data centres. Norsk Hydro, meanwhile, reported adjusted EBITDA of 8.67 billion NOK on a 12% revenue decline, with its aluminium business benefiting from production cuts in the Middle East.

Nel occupies a different corner of the sector — one where the market appears to be pricing in future promise rather than present pain. The next major test comes on July 15, when the company publishes its half-year results. By then, the market will have had two months to digest the new platform and gauge whether the chairman’s bet was a prescient one or a premature one.