Nel ASA Shifts Strategy to Bridge Project Execution Gap

Norwegian hydrogen specialist Nel ASA is confronting a persistent challenge: a robust order book that has not yet translated into smooth revenue generation. In a strategic move aimed at closing this gap, the company's management is bringing in new executive talent focused squarely on project delivery.

The appointment of Birgitte Nordvik as Chief Project Officer (CPO), effective December 2025, signals a clear strategic pivot for Nel. The move underscores a shift in priorities from aggressively pursuing new contracts to ensuring the timely and profitable execution of existing ones. Nordvik brings more than twenty years of energy sector experience to the role, including leadership positions at industry giants Equinor and Aker Solutions.

Her deep expertise in contract management and overseeing large-scale projects is intended to address previous bottlenecks. Delays in project delivery have historically weighed on the company's financial performance and share price. The hiring is a direct attempt to mitigate these execution risks.

Financial Performance and Market Reaction

Recent financial figures highlight the urgency for this operational overhaul. For the third quarter of 2025, Nel reported a revenue decline to 303 million NOK compared to the same period last year. This contrasts with a growing backlog of orders, which includes:
* A major contract worth USD 50 million with HyFuel and Kaupanes Hydrogen for two 20-megawatt electrolyzer plants.
* A partnership selection as the technology provider for GreenH projects in Kristiansund and Slagentangen.

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

The decision to recruit a senior manager from the highly structured oil and gas sector points to an effort to professionalize Nel's supply chain and project management processes.

Investors have so far reacted cautiously to this strategic restructuring. The share price has been trading volatilely within a range of 2.29 to 2.34 NOK. While it recently stabilized with a modest gain of nearly one percent, the broader picture remains challenging. The equity continues to trade significantly below its 52-week high of 3.61 NOK.

For shareholders, the critical metric in coming quarters will no longer be solely the announcement of new deals. Under the new leadership, the focus will shift decisively to whether the company can accelerate the conversion of its order backlog into realized revenue.