Nel is ready to commercialize next-generation pressurized alkaline technology developed over eight years, with a goal to install 500 MW of production capacity by year-end 2026. The new platform aims to reduce physical footprint by 80% and slash capital expenditure by 40-60%, with up to €135 million in support from the EU Innovation Fund.
Cyborg Score Rationale
In Q1 2026 (April 22 report), revenues declined 5% year-over-year to NOK 148 million with negative EBITDA of NOK -100 million. Order intake collapsed 73% year-on-year to just 85 million Norwegian kroner, while the order book shrank 24% to around 1.1 billion kroner. The company is down 26% in employees versus peak and has reduced staffing to roughly 300 employees.
Top Insights
Operational milestone: Korea's first off-grid green hydrogen production facility commissioned in late March 2026.
Q2 development: PEM division signed a USD 7 million purchase order for Containerized PEM equipment.
Mixed segment performance in Q1 2026: alkaline division revenue increased 6% but PEM division declined 14%.
Liquidity position: Nel finished Q1 2026 with approximately NOK 1.4 billion in cash, sufficient to operate through year-end without equity capital raise.
Named Competitors
Plug Power — Hydrogen fuel cell solutions and electrolyzers for industrial applications
ITM Power — PEM electrolyzer systems for green hydrogen production
H2Pro — Advanced electrolysis technology for green hydrogen
Recent Developments
(April 22, 2026) Q1 2026 results: revenue NOK 148M (-5% YoY), negative EBITDA NOK -100M, order backlog NOK 1,113M (-24% YoY)
(May 6, 2026) Commercial launch of new pressurized alkaline electrolyser platform with target of 500 MW capacity by year-end 2026
(Late March 2026) Korea's first off-grid green hydrogen production facility commissioned
(Q2 2026) Expected to receive EUR 11 million in EU grants for pressurized alkaline industrialization
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