Nel ASA Chairman Buys 100,000 Shares as EU Backs Cheaper Electrolyser Push

Nel ASA’s chairman has put his own money to work just days after the Norwegian hydrogen company reported a sharp drop in new orders, signaling confidence that a long-awaited technology upgrade can revive the business.

Arvid Moss acquired 100,000 shares in the company, marking his first disclosed purchase since taking the role. The transaction came hard on the heels of first-quarter results that showed revenue slipping 5% to 148 million Norwegian kroner and net losses narrowing to 144 million kroner from 179 million a year earlier.

The insider buy sent a clear message to the market. Nel’s stock closed 6.55% higher at €0.22 on Friday, extending its year-to-date gain to roughly 15% and pushing the shares above their long-term moving average.

Order book under pressure

Behind the share price optimism lies a more sobering operational picture. New order intake collapsed 73% in the first quarter to just 85 million kroner, while the total order backlog fell 24% year-on-year to around 1.1 billion kroner.

Chief executive Håkon Volldal has pushed back against the gloom, arguing that project margins have improved even as volumes declined. The company ended March with 1.44 billion kroner in cash, enough to fund operations through the end of the year.

Two new contracts worth roughly $7 million each have provided a rare bright spot. The latest award came from a US public utility, following a similar European deal just six days earlier. Both involve containerised PEM electrolysers — standardised units that can be installed faster than bespoke systems. Nel sees particular traction for projects in the 50-to-150-megawatt range, where standardisation cuts complexity and costs for customers.

Should investors sell immediately? Or is it worth buying Nel ASA?

The big bet: Pressurised alkaline

The real catalyst, however, is still in the pipeline. Nel plans to launch its “Next Generation Pressurized Alkaline” platform commercially in the first half of 2026, after seven years of development and completed prototype testing at its Herøya facility in Norway.

The new technology promises to cut manufacturing costs by up to 60% compared with current models. The European Union is backing the industrialisation push with up to €135 million in grants, targeting lower capital expenditure and better energy efficiency for large-scale hydrogen projects.

If the launch goes to schedule, it would mark the first concrete proof that Nel can turn its technological lead into a scalable commercial product. The next official checkpoint comes with the half-year report on July 15.

Governance overhaul

Alongside the technology push, Nel is tightening its executive compensation structure. A new performance-based share allocation programme is replacing the previous option scheme. Chief executive awards are now capped at 50% of base salary, with bonuses tied to strict performance criteria.

The combination of insider buying, EU funding and a potentially game-changing product launch has given investors reason to look past the weak order book — at least for now. Whether that patience is rewarded will depend on whether the new alkaline platform can finally turn pipeline talk into paid orders.