Nel ASA Strengthens Leadership to Tackle Project Execution Challenges

Nel ASA NO0010081235

In a strategic move aimed at addressing core operational hurdles, Norwegian hydrogen specialist Nel ASA has announced a key addition to its executive team. Birgitte Nordvik is set to join the company in December 2025, taking on the newly established role of Chief Project Officer.

The creation of this position is a direct response to persistent difficulties Nel has faced in project delivery. Past issues with delays have impacted client satisfaction and tested the firm's market credibility. Nordvik’s appointment is viewed as a targeted effort to instill greater reliability and timeliness in the company's electrolyzer delivery and project management processes.

Nordvik brings decades of relevant experience from the energy sector, having held senior positions at industry leaders including Shell, Equinor, Aker Solutions, Petroleum Geo-Services, and Aker Energy. Her expertise is firmly rooted in procurement, contract management, and the execution of large-scale projects.

Recent Contract Wins Build Momentum

This management reinforcement follows a series of significant contract announcements in recent months, providing a more optimistic backdrop for the company's future:

• October 2025: H2 Energy placed a repeat order for an MC500 PEM containerized electrolyzer for deployment in Switzerland.
• Early November 2025: Nel secured an order from HyFuel AS and Kaupanes Hydrogen AS valued at over USD 50 million. This contract, for two 20 MW facilities in Norway, represents the company's second-largest firm order ever and its largest single contract utilizing PEM technology.
• Mid-November 2025: The company was selected as the technology partner for GreenH's hydrogen projects in Kristiansund and Slagentangen, which are supported by the Norwegian state enterprise Enova.

Financial Results Reflect a Challenging Sector

Despite these contract wins, the broader market environment remains difficult. Nel's third-quarter 2025 results, released on October 29, underscore the ongoing challenges within the hydrogen technology sector. The company is navigating weak overall market conditions while simultaneously facing heightened customer expectations for dependable project execution.

The shares of Nel ASA closed at NOK 2.32 on the Oslo Stock Exchange on Friday, December 5, 2025.

The strategic hire signals management's recognition of these delivery issues and a clear intent to implement corrective measures. The market will be watching closely to see if Nordvik's leadership can translate recent order momentum into successful, on-time project completions in the periods ahead.