Nel ASA is a Norwegian hydrogen technology company that makes electrolysers for renewable hydrogen production. It was formed in 1998, is registered in Norway under organisation number 979 938 799, and is listed on the Oslo Stock Exchange. The group is organised in two operating segments, Nel Alkaline Electrolyser and Nel PEM Electrolyser, and employs 313 people as of the second quarter of 2026, down 13% year on year after cost reduction and capacity adjustment measures. Its strategy is to supply electrolyser stacks and balance-of-stack systems rather than complete plants, working with engineering, procurement and construction partners on the scope it does not cover, and it cooperates with partners including Reliance, Samsung E&A and Saipem.
Alkaline and PEM product lines
Nel's alkaline business manufactures atmospheric and, since 2026, next-generation pressurised alkaline electrolysers, which the company describes as simpler and more cost-efficient for renewable hydrogen production. It also runs automated gigawatt-scale production at Herøya in Norway, where a 1 GW line has been brought into use and where capacity utilisation is being adjusted to market demand. The PEM business builds proton exchange membrane electrolysers, including containerised units, and reported two purchase orders worth a combined USD 7 million during the second quarter of 2026, one for a European project and one for deployment in the United States. The PEM segment continues to work on a next-generation electrolyser with lower material cost and improved energy efficiency. Historically the group also built hydrogen fuelling stations; that business was separated as Cavendish Hydrogen and now operates on its own.
Second quarter 2026 results
Nel reported revenue from contracts with customers of NOK 153 million for the quarter, 12% below the NOK 174 million of the same period in 2025, with total revenue and income of NOK 182 million against NOK 215 million. Alkaline revenue fell 14% to NOK 56 million and PEM revenue fell 10% to NOK 97 million. EBITDA was negative NOK 155 million, NOK 69 million worse than a year earlier, and included NOK 70 million of cost related to a settlement agreement with Iwatani Corporation of America. The operating loss was NOK 205 million and the net loss NOK 189 million. Order intake was NOK 230 million, 224% above the NOK 71 million booked a year earlier and almost entirely from the PEM segment, while order backlog stood at NOK 1,213 million, 3% lower than a year before but 9% higher than the previous quarter. The cash balance was NOK 1,328 million, down from NOK 1,928 million. For the whole of 2025 the group reported revenue of NOK 963 million, EBITDA of negative NOK 275 million and a net loss of NOK 1,265 million, so the first half of 2026 was tracking behind the prior year on revenue and EBITDA.
Segment detail
- Alkaline — revenue of NOK 56 million, EBITDA of negative NOK 28 million, order intake of NOK 8 million and an order backlog of NOK 224 million, down 73% year on year; 160 employees.
- PEM — revenue of NOK 97 million, EBITDA of negative NOK 35 million, order intake of NOK 222 million and an order backlog of NOK 990 million, up 134%; 132 employees.
Total assets fell to NOK 4,639 million from NOK 6,146 million a year earlier.
Market conditions and outlook
The company attributes weak order intake across the industry to delays and cancellations of announced government incentives, higher interest rates and higher than expected costs of building and operating hydrogen facilities outside Nel's own scope, which has also led to delays and cancellations of projects already signed. Nel says its cash balance, combined with a lower cost base and reduced capacity utilisation, is enough to fund operations and continued investment in technology development, and that it intends to return to a growth strategy when the market recovers. Håkon Volldal resigned as chief executive during the second quarter of 2026; the company had not named a permanent successor in the report.
How the company reports
Nel publishes quarterly reports, an annual report, a remuneration report and stock exchange announcements through its investor relations pages, and holds capital markets updates when strategy changes. Media enquiries are handled by a named communications contact, invoices are directed to dedicated billing mailboxes at the Norwegian and Danish sites, and the investor relations mailbox is the company's general corporate address for outside enquiries.