Nel ASA faces record orders amid widening losses and CEO resignation

Norwegian hydrogen firm Nel ASA posted a surge in order intake of 224% year‑on‑year in the second quarter, bringing new contracts to about NOK 230 million and lifting the total order backlog to roughly NOK 1.213 billion. Despite the order growth, revenue fell 15% to NOK 182 million and the operating loss deepened to NOK 155 million, worsened by a NOK 70 million settlement with Iwatani.

The company also announced that Chief Executive Håkon Volldal will step down, remaining in place only until the end of the year while a successor is identified. The PEM (polymer‑electrolyte‑membrane) segment grew 31% quarter‑on‑quarter, but overall profitability remains negative, with net loss around €17 million. Liquid assets stood at about €119.7 million at quarter‑end, providing limited runway for ongoing operations.