Nel ASA Chairman Steps In With Share Purchase as Restructuring Takes Hold

Nel ASA chairman Arvid Moss buys 100,000 shares after Q1 results show narrowing losses from cost cuts, but orders plunge 73% ahead of key May 6 platform launch.

The chairman of Nel ASA has put his own money on the line, buying 100,000 shares just days after the hydrogen specialist posted first-quarter results that showed both progress and persistent challenges. Arvid Moss acquired the stock at an average price of roughly 2.25 Norwegian kroner apiece, marking his first disclosed purchase and leaving him with a holding of 100,000 shares without options.

The timing of the transaction, disclosed under EU market abuse regulations and Norwegian securities law, signals management’s confidence even as the company navigates a turbulent period. Nel’s net loss narrowed to 144 million kroner in the first quarter from 179 million kroner a year earlier, while operating losses improved slightly to minus 100 million kroner. Revenue from customer contracts slipped 5 percent to 148 million kroner.

The improvement stems from aggressive cost-cutting. Nel slashed personnel expenses by more than a fifth and reduced headcount significantly, demonstrating that its restructuring program is delivering tangible results. Yet the order book tells a different story. New orders plunged 73 percent year-on-year to 85 million kroner, and the order backlog shrank 24 percent to 1.113 billion kroner — down 16 percent from the previous quarter.

Divergent Segment Performance

Within the company, the two main divisions are moving in opposite directions. The alkaline unit posted a 6 percent revenue increase, while the PEM segment saw a 14 percent decline, driven largely by lower deliveries of smaller electrolysers. After the quarter closed, Nel secured a $7 million contract from Mesure Process, a subsidiary of Synqo Energies, for containerised units destined for European hydrogen refuelling stations and industrial applications, with commissioning scheduled for 2027.

May Platform Launch Looms Large

Nel’s most significant catalyst arrives next week. On May 6, the company will unveil its new pressurised alkaline platform, a technology designed to slash capital costs for green hydrogen projects. Commercial mass production is expected to begin in 2027. The European Union has committed up to 135 million euros in support, with 11 million euros expected in the coming months to fund industrialisation of the new equipment.

The innovation comes with a cost: older technology is becoming obsolete. Nel is currently reviewing the book value of two idled production lines, with potential write-downs on the horizon.

CEO Håkon Volldal sees opportunity beyond the new platform, pointing to growing demand for decentralised energy solutions. The defence sector is emerging as a new market focus. On the PEM side, Nel is pushing ahead with its modular MC platform, targeting a full prototype this year and aiming for a 70 percent cost reduction on the stack. Commercial launch is pencilled in for 2028 or 2029.

Cash Position Provides Cushion

Nel ended the quarter with liquid reserves of 1.4 billion kroner, which management says is sufficient to fund operations through the entirety of 2026. The stock, trading around €0.21, has gained roughly 12 percent year-to-date and recently crossed above its 200-day moving average. On Friday, the shares rose 3.6 percent.

The company will report first-half results on July 15. Until then, all eyes are on the May product launch. If the new platform lands as planned, it will reinforce the restructuring narrative that Moss has now backed with his own capital. Whether that confidence spreads to the broader investor base will depend on how quickly the order pipeline begins to refill.