Nel posts 224% order surge in Q2 as new pressurised alkaline platform enters commercial phase

Norwegian electrolyser maker Nel ASA reported its second quarter 2026 financial results, revealing a sharp rebound in order intake alongside continued revenue weakness.

Order intake for the three months to 30 June reached NOK 230 million, a 224% rise year-on-year and a 171% jump quarter-on-quarter, with PEM systems accounting for 96% of new business. The order backlog rose 9% from the previous quarter to NOK 1,213 million. Revenue from contracts fell 12% year-on-year to NOK 153 million, whilst total revenue and income came in at NOK 182 million. EBITDA was NOK -155 million, partly explained by a NOK 70 million settlement with Iwatani.

Net loss widened to NOK -189 million. Cash at quarter end stood at NOK 1,328 million. The centrepiece of the quarter was the commercial launch of Nel‘s PA-Series pressurised alkaline platform on 6 May, which management says can cut capital costs by up to 60% compared with atmospheric designs and reduce system footprint by 80%, targeting system energy consumption of 51–53 kWh per kilogram of hydrogen.

The company is scaling production capacity towards 500 MW by end-2026 and 1 GW in 2027, backed by up to €135 million in EU Innovation Fund support for the PA-Series line.

Management said first PA-Series orders are expected in coming months and that profitability in the alkaline division requires annual volumes in the hundreds of megawatts.