Nel ASA Shares Navigate Market Turbulence

Investors in Nel ASA are experiencing significant price swings as conflicting corporate developments create uncertainty. The hydrogen technology firm faces a complex landscape where substantial new contracts compete with the lingering effects of a major project cancellation earlier this year.

A landmark agreement announced November 5, 2025, has injected fresh optimism into the company's outlook. This contract, valued at more than $50 million, represents the second-largest order in Nel ASA's corporate history and stands as the biggest single purchase for their PEM electrolyzer division.

The company will supply two 20-megawatt containerized PEM electrolyzer systems to Norway's HyFuel and Kaupanes hydrogen initiatives. This substantial commitment demonstrates growing market confidence in Nel's PEM technology for large-scale applications.

Key contract specifications:
* Total capacity: 40 MW of PEM electrolyzers
* Contract value: Exceeding $50 million
* Delivery timeline: Second half of 2026 through 2027
* Operational start: Commercial production expected by early 2028

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

Strategic Alliance Expands Regional Footprint

Building on this momentum, Nel ASA secured another strategic victory on November 10, 2025. The company entered a technology partnership with GreenH AS for two green hydrogen facilities located in Kristiansund and Slagentangen. This collaboration, encompassing over 20 MW of combined capacity, reinforces Nel's pivotal position in developing Norway's regional hydrogen infrastructure.

Earlier Setback from Canceled Project

The recent positive developments contrast sharply with May's disappointing news. Norwegian state-owned energy company Statkraft terminated a significant 40 MW alkaline electrolyzer order, reducing Nel ASA's order backlog by approximately 120 million Norwegian kroner. Statkraft attributed this decision to insufficient project economics under prevailing market conditions.

Market observers now question whether the hydrogen specialist can balance these opposing forces and achieve sustained price stability. Forthcoming quarterly financial reports are expected to provide crucial insight into the company's ability to navigate this volatile period.