Nel ASA Reels from CEO Departure and 73% Order Slump as New Technology Faces Make-or-Break Moment

Nel ASA CEO resigns as Q1 orders collapse 73%, shares drop to €0.22. Leadership vacuum threatens commercialisation of new electrolyser technology.

The Norwegian hydrogen specialist Nel ASA is grappling with a double blow that has sent its shares skidding to fresh lows. Chief Executive Håkon Volldal announced his resignation on Monday, stepping down just as the company tries to commercialise its next-generation pressure alkaline electrolyser technology. The timing could hardly be worse: order intake collapsed 73% in the first quarter, landing at just 85 million Norwegian kroner, while the share price tumbled another 6% on Tuesday to €0.22.

Volldal will remain in place during a six-month notice period while the board searches for a successor. He took the helm in July 2022 and has overseen product development and partnerships, but the leadership vacuum now compounds an already fragile commercial backdrop. The first-quarter result also showed a shrinking order backlog, which fell by nearly a quarter year-on-year to 1.1 billion kroner, and cash reserves of roughly 1.4 billion kroner — a cushion that is eroding as idle production capacity weighs on the balance sheet.

Investors are pricing in deep uncertainty. The stock closed at €0.24 on Monday before accelerating its slide, leaving it more than 22% lower over the past month and miles from its 52-week high of €0.37. Annualised volatility stands at a staggering 91%, reflecting the market’s acute sensitivity to any news flow. Technical analysts now eye the 200-day moving average at €0.21 as a critical support level.

Nel’s salvation rests on the commercial success of its new pressure alkaline platform, which took eight years to develop and launched in early May. The company is ramping up a massive production line at its Herøya plant, aiming to drive system costs below $1,450 per kilowatt for large-scale installations. The European Union has backed the industrialisation with up to €135 million in funding, and a first million-dollar order from the United States is already on the books. Yet since mid-April, no new electrolyser orders have been announced, highlighting the gap between technological ambition and market traction.

The new CEO will have no grace period. Nel is scheduled to report half-year results in mid-July, just after the mandatory quiet period begins. Without fresh contract wins to absorb the fixed costs of the new facility, the company risks further margin erosion. The board has pledged strategic continuity, but the market is demanding tangible orders rather than promises. If the leadership transition and the product rollout fail to converge soon, the stock could test the €0.21 line — and reinforce the message that in hydrogen, hope alone does not fuel a balance sheet.