Nel ASA’s Strategic Pivot: A Critical Juncture for the Hydrogen Pioneer

Norwegian hydrogen technology firm Nel ASA is navigating a pivotal strategic transition, marked by a significant technological shift and substantial EU backing, even as it contends with persistent operational challenges. The company’s recent moves signal a decisive turn from development to industrialization, setting the stage for a crucial commercial test in the coming years.

Recent quarterly figures underscore the difficult market conditions Nel currently faces. For Q2 2025, the company reported broad-based declines that highlight operational pressure:

• Revenue fell 48% year-over-year to NOK 174 million.
• New orders plummeted 74% to NOK 71 million.
• The order backlog decreased by 40% to NOK 1.249 billion.
• Orders for alkaline electrolyzers saw Read more...