Nel ASA Shares Show Signs of Short-Term Recovery

Nel ASA NO0010081235

After a period of decline, shares of hydrogen technology company Nel ASA have staged a notable rebound in recent trading sessions. The stock, which had dipped to a low of 2.29 NOK, has since recovered a significant portion of its early December losses, with recent management appointments and substantial new orders acting as key catalysts. This upward move prompts a critical evaluation for investors: is this the beginning of a sustainable new trend, or merely a temporary reaction to recent headlines?

A series of recent developments have provided fresh momentum for the company. In a strategic move to bolster its operational execution, Nel announced the appointment of Birgitte Nordvik as its new Chief Project Officer (CPO), effective December 2025. Nordvik brings extensive energy sector experience from prior senior roles in procurement and project execution at Aker Energy and Aker Solutions. Her hiring is viewed as a direct effort to enhance project delivery and contract management—two vital areas for scaling operations and managing Nel's substantial order backlog.

This leadership change is supported by other positive signals from the company:

• Insider Buying: Hans Hide, Chief Project Officer Electrolyser, recently purchased 10,000 shares at an average price of 2.44 NOK.
• Major Contract Win: In November, the company secured an order valued at over $50 million for PEM electrolyzers, linked to the HyFuel and Kaupanes Hydrogen projects.
• Capacity Expansion: Production capabilities continue to be ramped up at the Herøya and Wallingford manufacturing sites.

Collectively, these factors reinforce the narrative that Nel is actively working to scale its operations and solidify its project pipeline.

Price Action and Market Perspective

The stock's jump to a closing price of 2.71 NOK marks a clear recovery on a weekly basis. From its weekly low of 2.32 NOK on December 5, the equity has largely recouped its prior declines. From a technical analysis standpoint, the price has re-entered a significant trading range where the sustainability of the current bullish impulse will be tested in the near term.

Key data points summarize the current situation:

• Latest Close: 2.71 NOK (previous session)
• Weekly Low: 2.32 NOK (December 5)
• Management Update: Birgitte Nordvik appointed CPO
• Recent Order: PEM electrolyzer contract exceeding $50 million
• Trend Pattern: Short-term bullish counter-movement

The central investment thesis continues to hinge on Nel's ability to efficiently execute its record order backlog while simultaneously improving profitability margins. This dual challenge remains the critical test for the durability of the present share price recovery.

Near-Term Outlook

In the immediate future, market attention is focused on the price zone around 2.70 NOK. Should the shares manage to consolidate and trade above this level in the coming sessions, it would lend credence to a more stable recovery phase. Conversely, a failure to hold this ground and a subsequent decline would suggest the recent advance was primarily a reaction to specific news flow and that the prior downward trend has not yet been conclusively broken.