Norwegian hydrogen technology leader Nel ASA is witnessing a substantial rebound in its share price, driven by a series of significant contract wins exceeding $50 million. These developments are propelling the stock out of a prolonged period of weakness and providing the first concrete indications of a durable trend reversal.
Strategic Partnership Extends Market Influence
A key development emerged on November 10th with the announcement of a strategic cooperation with GreenH AS. This agreement establishes Nel as the technology provider for Enova-subsidized projects located in Kristiansund and Slagentangen. The partnership secures minimum capacity commitments of 10 MW each for Nel.
The scope of Nel’s involvement extends significantly beyond simple equipment supply, encompassing:
* Comprehensive engineering services
* Ongoing technical support
* Creation of additional revenue streams beyond traditional hardware sales
Morten Solberg Watle, CEO of GreenH, underscored the partnership’s strategic depth, stating, “We have collaborated with Nel over an extended period to develop the optimal electrolyzer concept.”
Record-Setting Order Ignites Momentum
The initial catalyst for the rally occurred on November 5th, when Nel secured a firm purchase order valued at over $50 million from the Norwegian HyFuel and Kaupanes projects. This represents the second-largest single order in the company’s history and, more notably, the largest Proton Exchange Membrane (PEM) electrolyzer contract it has ever received.
The order includes 40 MW of capacity utilizing Nel’s containerized MC 500 PEM systems. Both projects are backed by combined Enova grants totaling 386 million NOK, providing a solid financial foundation. Production is scheduled to commence at the automated facility in Wallingford, Connecticut, with deliveries starting in the second half of 2026. The commercial operation is expected to begin in early 2028, establishing clear revenue visibility well into the next decade.
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Insider Purchase Signals Strong Confidence
The market has responded positively to these developments with appreciable share price gains. While some recent volatility is viewed by market experts as technical profit-taking combined with broader investor caution, a notable vote of confidence came from within the company.
Executive Board member Hans Hide purchased 10,000 shares on November 6th at an average price of 2.44 Norwegian Kroner. Following this acquisition, his direct holdings amount to 40,000 shares alongside 600,000 options, sending a clear signal of management’s belief in the company’s prospects.
Is a Financial Turnaround Approaching?
The consecutive contract successes raise a pivotal question: could this mark the long-awaited operational and financial turnaround for Nel? The $50 million order is specifically targeted at improving financial performance and enhancing product cost efficiency.
CEO Håkon Volldal emphasized the strategic importance of these Norwegian projects, highlighting their role as reference cases for future business development. The contracts are expected to positively impact:
* Overall financial performance
* Product cost optimization
* Service and aftermarket operations across Europe
For the third quarter of 2025, Nel reported revenues of 303 million NOK, a 17% decrease compared to the same period last year. However, this figure represents a significant 74% sequential increase from the previous quarter. The company maintains a strong liquidity position with 1.8 billion NOK in cash, ensuring financial stability during this transitional phase.
With focused pressurized alkaline platforms planned for market launch in the first half of 2026, and these substantial new orders, Nel’s outlook appears to be brightening. The Norwegian reference projects are poised to attract international customers, while established partnerships with industry giants like General Motors, Reliance, and Samsung continue to unlock further growth opportunities.
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