Norwegian Hydrogen Specialist Nel ASA Secures Landmark Contract

A major new order valued at more than $50 million has provided a significant boost to Norwegian hydrogen technology company Nel ASA, signaling a potential turnaround after a period of challenging order intake. The substantial contract coincides with notable insider share purchases, demonstrating management's confidence in the company's trajectory.

In a strong show of faith, Hans Hide, Chief Project Officer for Electrolysers at Nel, recently acquired 10,000 additional company shares. This transaction increases his direct holding to 40,000 shares, alongside 600,000 options. Such insider buying activity often indicates leadership's positive outlook on future corporate performance.

Record Electrolyzer Order Details

The company's US subsidiary, Nel Hydrogen, has secured a firm purchase order from HyFuel AS and Kaupanes Hydrogen AS for PEM electrolyzer systems totaling 40 MW in capacity. This agreement represents several key corporate milestones:

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

• Contract Value: Exceeding $50 million
• Corporate Significance: The second-largest order in Nel's history
• Technology Milestone: The largest PEM electrolyzer order ever received by the company
• Delivery Timeline: Scheduled for the second half of 2026 through 2027
• Project Commissioning: Targeted for early 2028

Manufacturing for the electrolyzer stacks will occur at Nel's automated production facility located in Wallingford, Connecticut. Both Norwegian projects—HyFuel in Florø and Kaupanes in Eigersund—are receiving considerable financial backing from Enova, a state-owned enterprise under Norway's Ministry of Climate and Environment.

Turning Point After Challenging Quarters

Chief Executive Officer Håkon Volldal characterized the new contract as an "important milestone following a period of weaker order intake." The company had indeed faced declining orders in recent quarters, with its third-quarter 2025 report even showing year-over-year revenue contraction.

This multimillion-dollar agreement is expected to generate positive momentum for future financial performance while simultaneously strengthening Nel's service and aftermarket operations throughout Europe. Market participants are now anticipating the Q4 2025 quarterly report, which should provide greater clarity on the company's order backlog and financial outlook.