COMPANY PROFILE / HYDROGEN ENERGY
Nel
A Norwegian electrolysis specialist with two pillars, alkaline and PEM, trying to get across a trough in orders
Nel ASA comes up in any discussion of hydrogen because it is one of the few specialists that builds both alkaline and PEM water electrolyzers in its own factories. In its July 2026 presentation the company says it was founded in 1927 and has sold more than 7,000 electrolyzers to more than 80 countries, with about 1 GW of atmospheric alkaline capacity and about 500 MW of PEM manufacturing capacity. Yet in 2025 revenue fell 31% to NOK 963 million and the operating loss was NOK 1,365 million (including impairments on idled alkaline production lines and on PEM technology and goodwill). In 2026 Nel launched a new pressurized alkaline product, the PA-Series, in May, and in June it announced the resignation of its CEO. This profile sets out, from primary sources, what the company has put into hydrogen and what stage its orders and capacity have reached.
- Nel in 30 seconds, and where it stands in hydrogen
- The logo and how the name is written
- Where the company sits in the field
- Scale
- Resources committed to hydrogen
- What it has done so far
- What comes next
- What the company is aiming for in hydrogen
- Map of partnerships in hydrogen
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. Nel in 30 seconds, and where it stands in hydrogen
Samsung E&A holds 9.09%31 December 2025; the top 20 hold 18.62% in total (FactSet)
(both alkaline and PEM)Supplies electrolyzer stacks and balance of plant
Nel is a company in which large alkaline projects have fallen away while containerized PEM keeps winning orders Sourced. In 2025, alkaline revenue fell 44% and PEM revenue rose 5%. The alkaline order backlog fell from NOK 826 million (June 2025) to NOK 224 million (June 2026), while the PEM backlog rose from NOK 423 million to NOK 990 million. What Nel describes as the centre of current demand is small-to-mid-size projects of 10-50 MW and containerized PEM. On alkaline, the company is switching to a new pressurized product (the PA-Series); the production lines for the older product are idle and have been impaired. Of the PEM backlog, NOK 296 million is classed by the company as at significant risk of delay or cancellation Sourced.
2. The logo and how the name is written
A note on names: the legal entity is Nel ASA (ASA is the Norwegian public limited company form), and its logo is the lower-case "nel". Its two businesses are Nel Alkaline Electrolyser (Herøya) and Nel PEM Electrolyser (Wallingford). Its former hydrogen fueling station business is now Cavendish Hydrogen ASA, a separate company spun off and listed in 2024. The logo image (PNG) was taken from the one published on the company's official website (nelhydrogen.com).
Official site: https://nelhydrogen.com/3. Where the company sits in the field
4. Scale
Amounts are kept in Norwegian kroner (NOK). The financial year is the calendar year Sourced.
| Indicator (NOK million) | Year to Dec 2024 | Year to Dec 2025 | First half 2026 (prior-year half) |
|---|---|---|---|
| Revenue from contracts with customers | 1,390 | 963 | 302 (329) |
| EBITDA | -173 | -275 | -255 (-201) |
| Operating loss | -389 | -1,365 | -355 (-340) |
| Net loss | -258 | -1,265 | -332 (-310) |
| Order intake | 977 | 1,126 | 316 (383) |
| Order backlog (period end) | n/a | 1,319 | 1,213 (1,249) |
| Cash (period end) | 1,876 | 1,617 | 1,328 (1,928) |
| By business (NOK million) | Revenue (2025) | EBITDA (2025) | Order intake (2025) | Order backlog (30 Jun 2026) | Employees (same date) |
|---|---|---|---|---|---|
| Nel Alkaline Electrolyser | 562 | -16 | 99 | 224 | 160 |
| Nel PEM Electrolyser | 401 | -138 | 1,027 | 990 | 132 |
The operating loss of NOK 1,365 million for 2025 includes about NOK 800 million of impairments: NOK 361 million on idled alkaline production lines at Herøya and NOK 439 million on technology and goodwill from the 2016 acquisition of the PEM business. The company gives as its reason that the next-generation pressurized alkaline technology is likely to hurt the market outlook for current platforms Sourced. EBITDA for April-June 2026 includes NOK 70 million for the settlement of the lawsuit with Iwatani (U.S.) (a settlement of USD 7.5 million). The company says the 18% fall in the order backlog at the end of 2025 was mainly due to terminations and cancellations (order intake exceeded revenue, yet the backlog still fell).
The company states clearly that it needs higher revenue to reach profitability. It also says it has shown segment profitability in quarters with solid capacity utilization, and expects profitability for the whole business once the market develops into robust growth Not yet confirmed. This is the company's outlook, not a result.
5. Resources committed to hydrogen
The table separates what could be confirmed from what could not.
| Type of resource | What primary sources confirm | Status |
|---|---|---|
| People | 313 employees (30 June 2026: alkaline 160, PEM 132), down 13% from a year earlier. 346 at the end of 2025 and an average of 370 for the year (423 in 2024). The company cites cost cuts and capacity adjustments. R&D-only headcount is not disclosed | Sourced / partly undisclosed |
| Money (R&D and technology development) | Alkaline technology spend in 2025 was NOK 162 million (NOK 81 million capitalized, NOK 81 million expensed). PEM R&D expense was NOK 154 million (NOK 126 million a year earlier). In April-June 2026, NOK 27 million (alkaline) and NOK 33 million (PEM) were expensed. Development of next-generation PEM is also under way | Sourced |
| Money (capex) | Purchases of property, plant and equipment in April-June 2026 were NOK 34 million (mainly pressurized alkaline equipment), plus NOK 41 million of capitalized development of next-generation electrolyzers. A 1 GW-a-year pressurized alkaline production line is under construction at Herøya (final investment decision in 2025; NOK 67 million of assets under construction at the end of 2025). At Wallingford, a PEM expansion to 500 MW is expected to be fully operational in 2026. Only company-wide totals are given | Sourced |
| Investments, acquisitions, joint ventures and disposals | (1) In March 2025, a private placement of NOK 353 million to Samsung E&A and an EPC (engineering, procurement and construction) collaboration agreement; Samsung E&A is the largest shareholder (9.09%) and one of its executives sits on the board. (2) In 2024 the Cavendish Hydrogen (fueling) business was spun off and listed; Nel holds its shares as a short-term investment. (3) In 2025, technology and goodwill from the 2016 acquisition of the PEM business were impaired | Sourced |
| Universities, research institutes and public funding | EU Innovation Fund: selected for a grant of up to EUR 135 million to industrialize pressurized alkaline (to be phased with Nel's own investment for up to 4 GW of capacity in Norway); NOK 118 million received in April-June 2026. The company also says research grants in the U.S. were delayed or cancelled, lowering PEM's other income. Named university joint research could not be confirmed | Sourced / partly not confirmed |
| Production capacity | Company presentation (July 2026): atmospheric alkaline about 1 GW, pressurized alkaline about 1 GW (under construction), PEM about 500 MW. The 2025 annual report gives about 1.5 GW in total for automated plants. Existing Herøya lines are idle for lack of orders, and the annual report says there are no contractual commitments for them beyond December 2025. For pressurized alkaline the target is 500 MW installed by the end of 2026 and up to 1 GW in 2027 (company target) | Sourced / target is Not yet confirmed |
The main projects follow, limited to those for which Nel has disclosed the customer and stage. Stages are given in the wording of the company's own announcements.
| Project | Location | Size | Stage | Date | Source |
|---|---|---|---|---|---|
| Douglas County Public Utility District (hydrogen from surplus hydropower) | Washington State, U.S. | PEM (containerized), about USD 7 million | Firm order; operation planned for the first half of 2027 (company statement) | 23 April 2026 | Reference 9 |
| Hydrogen refueling and industry (customer Mesure Process) | Europe | PEM (containerized), about USD 7 million | Second order; delivery in 2027 | April-June 2026 | Reference 3 |
| Projects in Norway | Norway | PEM, more than USD 50 million | Equipment order (during 2025); customer could not be confirmed | 2025 | Reference 1 |
| H2 Energy (Switzerland) | Switzerland | Containerized PEM | Third order (during 2025) | 2025 | Reference 1 |
| Collins Aerospace (oxygen generation for U.S. Navy and other submarines) | U.S., UK, France | PEM stacks: about USD 12 million plus about USD 7 million (about USD 20 million in all) | Orders; deliveries in 2027-2028 | 29 and 30 September 2026 | Reference 10, 11 |
| Large alkaline (over 100 MW) FEED | n/a | Over 100 MW | Paid front-end engineering design (FEED) secured; customer could not be confirmed | July 2026 | Reference 2 |
| Herøya pressurized alkaline production line (own) | Norway | 1 GW a year | Under construction (final investment decision in 2025); the company says tests show quality and yield improvements | 15 July 2026 | Reference 2, 3 |
| Wallingford PEM expansion (own) | Connecticut, U.S. | 500 MW | Expansion under way; expected to be fully operational in 2026 | February 2026 | Reference 1 |
Nel says it is developing a next-generation PEM electrolyzer with significantly lower material cost and improved energy efficiency, and is building a smaller-scale test electrolyzer to prepare for industrialization Sourced. For pressurized alkaline it cites proprietary production methods and patent-pending innovations as what is new. PEM's main material costs are generally thought to be the iridium anode catalyst, and for alkaline the nickel-based electrodes and diaphragm Not yet confirmed (a general explanation), but which materials Nel changed and how is not in the materials we reviewed. The annual report explains the NOK 439 million impairment of PEM technology and goodwill as a change in market outlook, and does not attribute it to an assessment of materials or performance.
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| 1927 / 2014 | Founded (company materials); listed on the Oslo Stock Exchange in 2014 | The company cites about a century of electrolyzer experience |
| 2016 | Acquires the business that is now Nel PEM Electrolyser | The way into PEM; its technology and goodwill were impaired in 2025 |
| 2024 | Spins off and lists its hydrogen fueling station business as Cavendish Hydrogen ASA | Narrows the business to electrolyzers |
| March 2025 | Private placement of NOK 353 million to Samsung E&A, plus an EPC collaboration agreement | Samsung E&A becomes the largest shareholder (9.09%) |
| During 2025 | PEM orders include more than USD 50 million for Norwegian projects, a third order from H2 Energy, about USD 7 million from a U.S. steel producer and about USD 6 million for the U.S. Navy. Alkaline production at Herøya is temporarily halted and staff are cut. Final investment decision to industrialize pressurized alkaline | A year in which alkaline orders thinned and PEM grew |
| 26 February 2026 | Publishes the 2025 annual report: impairments of about NOK 800 million on alkaline lines and PEM technology and goodwill | Accounting that presumes the move to next-generation alkaline |
| 6 May 2026 | Commercial launch of the pressurized alkaline PA-Series (15 bar, 25 MW modules) | The company says it follows more than eight years of development and full-scale prototype testing at Herøya |
| 7 June 2026 | Settles the lawsuit with Iwatani Corporation of America (over hydrogen fueling equipment); Nel's payment is USD 7.5 million | Removes litigation risk in the U.S. |
| 15 June 2026 | Håkon Volldal announces his resignation as CEO (six-month notice; search for a successor under way) | The board says strategy is unchanged |
| 15 July 2026 | Reports April-June 2026: order intake of NOK 230 million (about 3.2 times the prior-year quarter) and backlog of NOK 1,213 million | Driven mainly by PEM orders |
| 10 September 2026 | Framework agreement with the UK's Hydrasun for assembly and integration of the PEM "MC Series" in Europe | Widens the European supply chain; stack production stays in the U.S. |
| 29-30 September 2026 | Further orders from Collins Aerospace for PEM stacks for submarines (about USD 20 million in total) | Defence and specialty demand |
7. What comes next
up to 1 GW in 2027Company target (Herøya)
expected to reach FID in coming quartersCompany view; customers' FIDs rest with customers
The figures above are company targets and views, not results Not yet confirmed. The official materials also describe the following plans.
- PA-Series: there is concrete interest and several customer dialogues, but the company says it is still at an early stage. No order could be confirmed
- Next-generation PEM: development aimed at significantly lower material cost and higher efficiency is proceeding to plan; a smaller test electrolyzer is being built
- Reliance Industries (RIL): the two companies work closely with dedicated teams. The project is under development; key suppliers for its production facility are contracted and plant construction is expected to start in 2026 (company statement; details could not be confirmed)
- Saipem: offers the "IVHY 100", a full-scope package of 20-100 MW based on atmospheric alkaline. Compass H2 says it can now offer bankable 100 MW solutions with pressurized alkaline, with service agreements and system guarantees (company statement)
- European integration partner (Hydrasun): framework agreement signed in September 2026; timing and volumes of assembly capacity could not be confirmed
Any PA-Series order; the customer for the Norwegian project above USD 50 million and the specific projects behind the NOK 296 million of PEM backlog classed as at significant risk of delay or cancellation; the content of the cooperation with Reliance; published degradation or lifetime figures for the electrolyzers; the number of R&D staff; and named university joint research. None of these appears in the materials we reviewed.
8. What the company is aiming for in hydrogen
This section separates what the company says directly from what we read into it. Inference marks our own interpretation of primary information.
| What we read from it | Primary information behind it | Status |
|---|---|---|
| The strategy is to concentrate on supplying electrolyzers (stacks and balance of stack) and partner with EPC firms for the rest | The company's outlook statement. EPC partners include Samsung E&A, Saipem and Compass H2; Hydrasun is an integration partner | Sourced |
| In large alkaline it is switching from the older atmospheric product to the pressurized PA-Series | The Herøya lines are idle and impaired, and a PA-Series line of 1 GW a year is being built. The company says the new product is likely to hurt the market outlook for existing ones | Sourced |
| In PEM it is building up small-to-mid-size projects and specialty uses (defence) with standard containerized units | The PEM backlog rose from NOK 423 million (June 2025) to NOK 990 million (June 2026). Continuing orders for submarine stacks for the U.S. Navy and others | Sourced / Inference (direction) |
| It is widening orders through a partner network rather than relying on one large project | Framework agreements with SMA Altenso (power electronics), PEM integrators and stack-component suppliers (company statement) | Sourced |
| It uses the funds and procurement strength of its largest shareholder, Samsung E&A, as a way into large projects | The 2025 EPC partnership and private placement; Samsung E&A becomes the largest shareholder | Inference |
We read "large alkaline is switching from atmospheric to pressurized" mainly from the fact that the company itself impaired the older lines because the next-generation technology is likely to hurt the outlook for current products Sourced. We read the decision to idle and impair the production lines as a judgment that future demand for the existing product is hard to foresee Inference. At the same time, Saipem's "IVHY 100" package is based on atmospheric alkaline, so sales of the existing product may continue through partners Not yet confirmed. The company has not said how it will ultimately treat the existing product.
9. Map of partnerships in hydrogen
A feature of Nel's partnerships is that its largest shareholder, Samsung E&A, is also an EPC firm Sourced. Nel says its scope is limited to electrolyzers and that it partners with EPC firms for what lies outside, and Samsung E&A signed an EPC partnership in 2025. Because the capital relationship and the business relationship overlap, the results of the partnership may depend on whether Samsung E&A wins projects; the company's materials, however, name no specific projects Inference.
10. Technologies, products and services
Product figures come from the official product pages and company presentation and are manufacturer's stated values. The product pages do not say whether a value is for the stack or the system, or under what conditions. Values measured under different conditions are not set side by side to rank products (the table gives values product by product).
| Area | What official materials list (manufacturer's stated values) | Note |
|---|---|---|
| Atmospheric alkaline (A-Series) | 2.5 MW stacks, hydrogen at atmospheric pressure. Made in Norway. Product page: 485 Nm³/h, 4.5 kWh/Nm³, purity of 99% or more | A mature technology the company calls the industry workhorse |
| AWE-20 | Product page: 3,880 Nm³/h, 4.5 kWh/Nm³, purity of 99% or more | For large projects; conditions not stated |
| Pressurized alkaline (PA-Series) | 25 MW modules, hydrogen at 15 bar. Plug-and-play skid design, no building needed. Product page: 4,635 Nm³/h, 4.57-4.77 kWh/Nm³, purity of 99.5% or more. Company targets and estimates: system capex cut by 40-60%, footprint cut by up to 80%, whole-system consumption of 51-53 kWh/kg, and a complete 25 MW system below USD 1,450 per kW (an estimate normalized to 30 bar and 99.99% purity) | Launched 6 May 2026. The figures are company estimates and targets, not results. No order could be confirmed |
| PEM (MC-Series) | 1.25-2.5 MW modules, hydrogen at 30 bar. Containerized turnkey. Made in the U.S. Product page: 492 Nm³/h, 4.7 kWh/Nm³, purity of 99.999% or more | The core product with continuing orders in 2026 |
| PEM (PSM-Series) | Stack technology supplied on its own. Product page: 2,020 Nm³/h, 4.7 kWh/Nm³, purity of 99% or more | For EPC and integration firms |
| PEM (C-, H- and S-Series) | kW-scale systems at 30 bar for laboratories, industry and specialty uses. C-Series 10-30 Nm³/h, H-Series 2-6 Nm³/h, S-Series up to 1.05 Nm³/h (product page) | Most PEM revenue in April-June 2026 came from small kW-scale units |
| Specialty PEM stacks | Stacks for oxygen generation in submarine crew life-support systems (via Collins Aerospace). September 2026 orders total about USD 20 million | Defence use; the company describes a long track record |
According to the company, atmospheric alkaline delivers hydrogen at atmospheric pressure and needs compression downstream, whereas the PA-Series delivers hydrogen at 15 bar, which the company says reduces the need for downstream compression and improves overall efficiency Sourced. On materials, pressurization makes it a challenge for vessels, piping, seals and separators holding the alkaline electrolyte to withstand pressure while limiting gas crossover Not yet confirmed (a general explanation). The company says only that the PA-Series uses proprietary production methods and patent-pending innovations; the separator and electrode materials and seal materials are not in the materials we reviewed. Also, the power-consumption figures on the product pages (kWh/Nm³ and kWh/kg) do not state whether they cover the stack alone or include balance of plant, so they cannot be compared directly with the company's whole-system estimate of 51-53 kWh/kg for the PA-Series.
11. The risks this company carries
| Risk | Detail | Status |
|---|---|---|
| Losses and a trough in orders | EBITDA was NOK -275 million in 2025 and NOK -255 million in the first half of 2026. The company states it needs higher revenue to reach profitability. Order intake swings widely from quarter to quarter | Sourced |
| Delays or cancellations in the backlog | Of the NOK 1,213 million backlog, NOK 296 million of PEM is classed as at significant risk of delay or cancellation. In 2025 the backlog fell because of cancellations | Sourced |
| Handover between old and new alkaline products | Current production lines are idle and about NOK 361 million was impaired. The PA-Series was launched only recently and no order could be confirmed. The production ramp (500 MW by end-2026) is a company target | Sourced / Not yet confirmed |
| Further impairments | NOK 439 million has already been impaired on PEM technology and goodwill. The remaining goodwill of NOK 61.4 million belongs to the alkaline business. The company reviews impairment indicators every quarter | Sourced |
| Leadership change | The CEO resigned in June 2026. A successor is being sought, and the notice period is six months | Sourced |
| Litigation and settlement | The lawsuit with Iwatani (U.S.) was settled for USD 7.5 million (cash out in the third quarter of 2026) | Sourced |
| Collection of receivables | Of NOK 274.3 million in trade receivables at 30 June 2026, NOK 114.3 million is more than a year past due (a loss rate of 35%) | Sourced |
| Policy, interest rates and project costs | The company says delays and cancellations of government incentives, higher interest rates and higher-than-expected costs of building and operating hydrogen facilities have lowered orders for the industry and for Nel, and led to delays and cancellations of signed projects | Sourced |
| Falling cash | Cash fell from NOK 1,928 million a year earlier to NOK 1,328 million. Operating cash flow was NOK -164 million in the first half. In April-June 2026 an EU grant of NOK 118 million was received | Sourced |
| Difficulty of outside verification | Conditions for the product-page values are not stated, and the PA-Series figures are company estimates. Published degradation and lifetime figures could not be confirmed | Not yet confirmed |
This article summarizes a company and is not advice on handling or operating hydrogen. The handling of hydrogen and of alkaline solutions is governed by national laws, standards and operators' own safety rules.
12. Glossary
- ASA
- The Norwegian form of public limited company.
- NOK
- Norwegian krone. We do not convert exchange rates in this article.
- Alkaline (AWE) / PEM water electrolysis
- Electrolysis using an alkaline solution / using a solid polymer membrane. See our explainers on alkaline water electrolysis and PEM water electrolysis.
- Pressurized alkaline (PA-Series)
- Alkaline water electrolysis that delivers hydrogen under pressure (15 bar at Nel), which can reduce downstream compression.
- Stack and balance of stack (BoS / BoP)
- The stack is the heart of the electrolyzer. Balance of plant is the rest: power supply, purification, cooling, controls and so on.
- EPC / FEED / FID
- Engineering, procurement and construction / front-end engineering design / final investment decision.
- EBITDA
- Earnings before interest, tax, depreciation, amortisation and impairment (Nel's definition).
- Order intake and order backlog
- In Nel's definition, order intake counts only firm orders with agreed price, volume, timing and terms. The backlog is order intake not yet recognized as revenue.
- EU Innovation Fund
- An EU fund financed from emissions-trading revenue that supports demonstration and industrialization of innovative low-carbon technology.
13. References
- Nel ASA Annual Report 2025 (published 26 February 2026). Financials, business-level figures, impairments, headcount, production capacity, the EU Innovation Fund grant, shareholders, partnerships. https://mb.cision.com/Main/115/4313005/3952679.pdf
- Nel ASA Q2 and half-year 2026 report (15 July 2026). First-half results, orders and backlog (including the delay/cancellation risk classification), cash, receivables, impairment review, outlook. https://mb.cision.com/Public/115/4374557/96afc9701633c3dd.pdf
- Nel ASA Second quarter 2026 results presentation (15 July 2026). Production capacity, orders, partner companies, PA-Series estimates. https://mb.cision.com/Public/115/4374557/ad0ec0c3dd48158c.pdf
- Nel ASA Press release "Second quarter 2026 financial results" (15 July 2026). https://nelhydrogen.com/press-release/nel-asa-second-quarter-2026-financial-results/
- Nel ASA Press release "Launches next-generation pressurized alkaline platform…" (6 May 2026). Launch of the PA-Series and its estimates. https://nelhydrogen.com/press-release/nel-asa-launches-next-generation-pressurized-alkaline-platform-redefining-simplicity-and-cost-efficiency-in-renewable-hydrogen-production/
- Nel ASA Press release "Settlement agreement with Iwatani Corporation of America" (7 June 2026). https://nelhydrogen.com/press-release/nel-asa-settlement-agreement-with-iwatani-corporation-of-america/
- Nel ASA Press release "Håkon Volldal resigns as CEO" (15 June 2026). https://nelhydrogen.com/press-release/nel-asa-hakon-volldal-resigns-as-ceo/
- Nel ASA Press release "Enters framework agreement with Hydrasun…" (10 September 2026). https://nelhydrogen.com/press-release/nel-asa-enters-framework-agreement-with-hydrasun-as-a-european-integration-partner-for-pem-electrolyser-solutions/
- Nel ASA Press release "Receives a USD 7 million purchase order for PEM equipment to be deployed in the US" (23 April 2026). https://nelhydrogen.com/press-release/nel-asa-receives-a-usd-7-million-purchase-order-for-pem-equipment-to-be-deployed-in-the-us/
- Nel ASA Press release "Receives purchase order from Collins Aerospace for US Navy stacks" (29 September 2026). https://nelhydrogen.com/press-release/nel-asa-receives-purchase-order-from-collins-aerospace-for-us-navy-stacks/
- Nel ASA Press release "Secures additional orders for submarine PEM electrolyser stacks" (30 September 2026). https://nelhydrogen.com/press-release/nel-asa-secures-additional-orders-for-submarine-pem-electrolyser-stacks/
- Nel ASA Official product page "Alkaline electrolysers by Nel". Product values for atmospheric, pressurized and AWE-20 (manufacturer's stated values). https://nelhydrogen.com/products/alkaline-electrolysers-by-nel/
- Nel ASA Official product page "PEM electrolysers by Nel". Product values for the MC, PSM, C, H and S Series (manufacturer's stated values). https://nelhydrogen.com/products/pem-electrolysers-by-nel/
- Nel ASA Official website (source of the logo image). https://nelhydrogen.com/
14. Claim-to-source audit
| Claim in the text | Status | Source |
|---|---|---|
| Legal name, Oslo head office and listing (OSE: NEL), founded in 1927, about a century of experience, more than 7,000 units sold in more than 80 countries, production capacity (atmospheric about 1 GW, PA about 1 GW under construction, PEM about 500 MW) | Sourced | Reference 3 https://mb.cision.com/Public/115/4374557/ad0ec0c3dd48158c.pdf Reference 1 https://mb.cision.com/Main/115/4313005/3952679.pdf |
| Revenue, EBITDA, operating loss, net loss, orders, backlog, cash and business-level figures for 2024 and 2025 | Sourced | Reference 1 https://mb.cision.com/Main/115/4313005/3952679.pdf Reference 3 https://mb.cision.com/Public/115/4374557/ad0ec0c3dd48158c.pdf |
| First-half and April-June 2026 revenue, EBITDA, orders, backlog, cash, headcount and operating cash flow | Sourced | Reference 2 https://mb.cision.com/Public/115/4374557/96afc9701633c3dd.pdf Reference 4 https://nelhydrogen.com/press-release/nel-asa-second-quarter-2026-financial-results/ |
| Risk classification of the backlog (NOK 377 million for 2026 delivery, NOK 540 million for 2027 or later, NOK 296 million at significant risk of delay or cancellation) | Sourced | Reference 2 https://mb.cision.com/Public/115/4374557/96afc9701633c3dd.pdf |
| Impairments (alkaline lines NOK 361 million; PEM technology and goodwill NOK 439 million) and the stated reasons | Sourced | Reference 1 https://mb.cision.com/Main/115/4313005/3952679.pdf |
| Remaining goodwill and its attribution to alkaline, and the ageing of trade receivables | Sourced | Reference 2 https://mb.cision.com/Public/115/4374557/96afc9701633c3dd.pdf |
| Samsung E&A private placement (NOK 353 million, March 2025), EPC collaboration, largest shareholder at 9.09%, top shareholders | Sourced | Reference 1 https://mb.cision.com/Main/115/4313005/3952679.pdf |
| Spin-off of Cavendish Hydrogen (2024) and Nel's shareholding | Sourced | Reference 1 https://mb.cision.com/Main/115/4313005/3952679.pdf Reference 2 https://mb.cision.com/Public/115/4374557/96afc9701633c3dd.pdf |
| EU Innovation Fund grant (up to EUR 135 million) and receipt of NOK 118 million in April-June 2026 | Sourced | Reference 1 https://mb.cision.com/Main/115/4313005/3952679.pdf Reference 2 https://mb.cision.com/Public/115/4374557/96afc9701633c3dd.pdf |
| The 1 GW-a-year pressurized alkaline line at Herøya (final investment decision in 2025) and the 500 MW Wallingford expansion | Sourced | Reference 1 https://mb.cision.com/Main/115/4313005/3952679.pdf Reference 2 https://mb.cision.com/Public/115/4374557/96afc9701633c3dd.pdf |
| Launch of the PA-Series (6 May 2026) and its specifications (15 bar, 25 MW modules) | Sourced | Reference 5 https://nelhydrogen.com/press-release/nel-asa-launches-next-generation-pressurized-alkaline-platform-redefining-simplicity-and-cost-efficiency-in-renewable-hydrogen-production/ Reference 3 https://mb.cision.com/Public/115/4374557/ad0ec0c3dd48158c.pdf |
| PA-Series capex cut of 40-60%, footprint cut of up to 80%, 51-53 kWh/kg, below USD 1,450 per kW (company estimates) | Not yet confirmed | Reference 5 https://nelhydrogen.com/press-release/nel-asa-launches-next-generation-pressurized-alkaline-platform-redefining-simplicity-and-cost-efficiency-in-renewable-hydrogen-production/ Reference 3 https://mb.cision.com/Public/115/4374557/ad0ec0c3dd48158c.pdf |
| PA-Series production capacity targets (500 MW by end-2026, up to 1 GW in 2027) | Not yet confirmed | Reference 3 https://mb.cision.com/Public/115/4374557/ad0ec0c3dd48158c.pdf |
| Douglas County PUD order of about USD 7 million (operation in the first half of 2027) | Sourced | Reference 9 https://nelhydrogen.com/press-release/nel-asa-receives-a-usd-7-million-purchase-order-for-pem-equipment-to-be-deployed-in-the-us/ |
| Mesure Process order of about USD 7 million (second order, delivery in 2027) and Synqo Energies as EPC | Sourced | Reference 3 https://mb.cision.com/Public/115/4374557/ad0ec0c3dd48158c.pdf |
| Orders in 2025: more than USD 50 million for Norway, third from H2 Energy, about USD 7 million from a U.S. steel producer, about USD 6 million for the U.S. Navy | Sourced | Reference 1 https://mb.cision.com/Main/115/4313005/3952679.pdf |
| Collins Aerospace submarine PEM stacks (about USD 12 million plus about USD 7 million, about USD 20 million in all) | Sourced | Reference 10 https://nelhydrogen.com/press-release/nel-asa-receives-purchase-order-from-collins-aerospace-for-us-navy-stacks/ Reference 11 https://nelhydrogen.com/press-release/nel-asa-secures-additional-orders-for-submarine-pem-electrolyser-stacks/ |
| Settlement with Iwatani (USD 7.5 million, 7 June 2026) and the NOK 70 million effect on April-June EBITDA | Sourced | Reference 6 https://nelhydrogen.com/press-release/nel-asa-settlement-agreement-with-iwatani-corporation-of-america/ Reference 2 https://mb.cision.com/Public/115/4374557/96afc9701633c3dd.pdf |
| Resignation of CEO Håkon Volldal (15 June 2026) and the statement that strategy is unchanged | Sourced | Reference 7 https://nelhydrogen.com/press-release/nel-asa-hakon-volldal-resigns-as-ceo/ Reference 3 https://mb.cision.com/Public/115/4374557/ad0ec0c3dd48158c.pdf |
| Framework agreement with Hydrasun (10 September 2026), the SMA Altenso framework agreement, and cooperation with Saipem, Compass H2 and Reliance | Sourced | Reference 8 https://nelhydrogen.com/press-release/nel-asa-enters-framework-agreement-with-hydrasun-as-a-european-integration-partner-for-pem-electrolyser-solutions/ Reference 3 https://mb.cision.com/Public/115/4374557/ad0ec0c3dd48158c.pdf |
| Content of the cooperation with Reliance (key suppliers contracted, plant construction expected to start in 2026) | Not yet confirmed | The company's materials say only that it is under development. Details could not be confirmed. Reference 3 https://mb.cision.com/Public/115/4374557/ad0ec0c3dd48158c.pdf |
| Product values for atmospheric alkaline, AWE-20, pressurized alkaline and PEM (manufacturer's stated values) | Sourced | The product pages do not state measurement conditions (stack or system). Reference 12 https://nelhydrogen.com/products/alkaline-electrolysers-by-nel/ Reference 13 https://nelhydrogen.com/products/pem-electrolysers-by-nel/ |
| Any PA-Series order, the customer for the Norwegian project, the specific projects in the at-risk PEM backlog, degradation and lifetime figures, R&D headcount, named university research | Not yet confirmed | Not in the materials reviewed. We make no estimate. Reference 1 https://mb.cision.com/Main/115/4313005/3952679.pdf Reference 2 https://mb.cision.com/Public/115/4374557/96afc9701633c3dd.pdf Reference 3 https://mb.cision.com/Public/115/4374557/ad0ec0c3dd48158c.pdf |
| The four-type classification (Electrolyzers; Fuel cells & hydrogen end-use equipment; Gases & large projects; Materials & components) and the example companies | Our calculation | Our own classification. Company names are examples from those covered in this series |
| The general statements on PEM iridium catalysts, nickel-based alkaline electrodes and the materials challenges of pressurization | Not yet confirmed | General commentary, not a description of Nel's design |
| The reading that large alkaline is switching from atmospheric to pressurized, and that PEM is building up with containerized standard units | Inference | Our own reading of the impairments, the production lines and the trend in the backlog. Reference 1 https://mb.cision.com/Main/115/4313005/3952679.pdf Reference 2 https://mb.cision.com/Public/115/4374557/96afc9701633c3dd.pdf Reference 3 https://mb.cision.com/Public/115/4374557/ad0ec0c3dd48158c.pdf |
| The reading that Nel uses the funds and procurement strength of Samsung E&A as a way into large projects, and that partnership results may depend on Samsung E&A winning projects | Inference | Our own reading of the overlap between the capital and business relationships (not a statement by the company). |
Last updated: 8 October 2026 / Troy Technical
The figures in this article come from Nel ASA's annual report, interim report, results presentation, official press releases and product pages. Market-research estimates and press-report figures are not used. Product figures are manufacturer's stated values; PA-Series figures are company estimates and targets. Passages marked "Inference" are our own reading of primary information and are not statements by the company.