Nel ASA’s Samsung Alliance Strengthens as Hydrogen ETF Positions Cushion the Pullback

Nel ASA shares slip 6% from highs but find support from Global X hydrogen ETFs and a deepened Samsung E&A alliance, including a novel unified guarantee for green hydrogen projects.

Nel ASA shares have retreated roughly six percent from their 52-week peak of €0.36 set in late May, trading at €0.33 early this week with no corporate catalyst behind the move. The dip comes after a blistering 73% year-to-date rally that left the stock trading more than 57% above its 200-day moving average. Investors stepping back from the highs, however, are finding support from an unlikely source: two hydrogen-focused ETFs from Global X that together hold over 30 million Nel shares. The US-listed Global X Hydrogen ETF allocated 5.12% of its portfolio to the Norwegian electrolyser maker as of May 29, while its European counterpart carried a near?identical 5.13% weighting. For retail and institutional participants who favour thematic funds over single?stock picks, Nel remains an automatic holding — providing a demand floor that operates independently of company?specific news flow.

Structuring the next phase of growth, Nel is tightening its strategic tie?up with Samsung E&A. The South Korean engineering giant already owns 9.1% of the company — making it the largest single shareholder — and now holds a seat on the supervisory board through Gyuyeon Kang, Executive Vice President at Samsung E&A. The direct board presence aligns operational decisions with Samsung’s commercial interests, and underscores the depth of a relationship that goes well beyond a typical OEM partnership.

That relationship’s first joint product, CompassH2?A+, was unveiled at the World Hydrogen Summit in Rotterdam. The platform stacks Nel’s pressurised alkaline electrolysers into containerised 25?MW modules, reaching a total capacity of 100 MW while cutting the required footprint by nearly half compared with conventional configurations. But the real innovation is financial: Samsung E&A assumes a single wrap?around guarantee covering electrolyser stacks, balance?of?plant and utilities. Fragmented warranty structures have long been a stumbling block for green hydrogen projects, scaring off lenders and project financiers. By consolidating all performance risk under one roof, the partners aim to unlock capital that has so far been hesitant to fund early?stage hydrogen assets.

On the production side, Nel is pushing ahead with a capacity expansion at its Herøya site in Norway. The immediate target is 1 GW of annual electrolyser manufacturing capacity, with a longer?term ambition of 4 GW. The European Union’s Innovation Fund is supporting the build?out with up to €135 million, covering as much as 60% of eligible industrialisation costs — a significant tailwind for a company still burning cash.

Nel’s first?quarter 2026 numbers illustrate the classic scaling?phase tension. Revenue from customer contracts came in at 148 million Norwegian kroner, a 5% decline year?on?year, while EBITDA swung to a loss of 100 million kroner. Yet a cash pile of roughly 1.44 billion kroner buys time — and the liquidity headroom needed to bring CompassH2?A+ to market alongside Samsung. The next hard deadline for investors is 15 July, when Nel publishes its half?year report. Until then, the stock is likely to track sector sentiment and ETF flows while the market waits for the first project wins that will prove whether the unified guarantee structure can truly mobilise capital.