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Oslo, Norway · Public (OSE: NEL)
Alkaline (pressurized platform; new Herøya production line being built) and PEM electrolyzers
Open roles
—
no public job board
Federal awards
$122M
130 grants, contracts, loans
Last private raise
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no Form D on file
SEC filings
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not an SEC filer
Coming up
POLICY45V: clean hydrogen
Facilities must begin construction before Jan 1, 2028. Affects Hydrogen.
+ THESISPOLICY45Q: carbon capture
Facilities must begin construction before 2033; inflation indexing starts in 2027. Affects Hydrogen.
+ THESISPOLICY45Y / 48E: all other clean power and storage
Full credit for projects beginning construction through 2033; 75% for 2034 starts, 50% for 2035, none from 2036. Affects Hydrogen.
+ THESISCONTRACTNel Hydrogen US secures about $12M containerized PEM order
Nel Hydrogen US received an order worth about USD 12 million from an undisclosed U.S. global technology company for multiple containerized MC-series PEM electrolysers, with delivery expected in 2027 and stacks made in Wallingford, Connecticut.
renewablesnow.com →+ THESISCONTRACTNel Hydrogen US wins Collins Aerospace submarine PEM stack orders
Nel Hydrogen US received a PEM electrolyser stack order from Collins Aerospace valued around $12 million, followed by further submarine life-support stack orders reported on September 30, 2026.
indexbox.io →+ THESISFEDERAL AWARDNational Oceanic and Atmospheric Administration contract$307K
The government intends to procure new proton energy systems/nel hydrogen brand s-series 3, s40 hydrogen gas generators to replace end-of-life s-series 2 generators at weather forec
usaspending.gov →+ THESISFEDERAL AWARDNational Oceanic and Atmospheric Administration contract$276K
Replacement hogen generators for the national logistics support center in grandview, mo.
usaspending.gov →+ THESISOTHERNel Q2 2026 revenue falls 12% year on year
Nel reported Q2 2026 revenue of NOK 153 million versus NOK 174 million in Q2 2025, with YTD 2026 revenue of NOK 302 million. Alkaline revenue in Q2 2026 was NOK 56 million, down 14%.
mb.cision.com →+ THESISLEADERSHIPNel CEO Håkon Volldal resigns; Morten Holum named successor
Nel announced that CEO Håkon Volldal resigned on June 15, 2026. A later October 2026 report says Hexagon Purus chief Morten Holum was appointed to lead Nel, with a CEO handover planned for 2027.
nelhydrogen.com →+ THESISOTHERNel settles Iwatani Corporation of America lawsuit
Nel signed a settlement agreement with Iwatani Corporation of America on June 7, 2026, resolving the lawsuit. Financial terms were not in the sources reviewed.
nelhydrogen.com →+ THESISFEDERAL AWARDDepartment of Energy grant$50M
Bil - fully automated production proton exchange membrane electrolyzers to achieve hydrogenshot the goal of this program is to build the world’s first fully automated pilot proton
usaspending.gov →+ THESISFEDERAL AWARDDepartment of Energy grant$4.9M
The objectives of this project are to: (i) demonstrate an optimal anion exchange membrane(aem) configuration and mode of operation that will achieve doe goals of 2.0 a/cm2 operatio
usaspending.gov →+ THESISFEDERAL AWARDDepartment of the Army grant$14M
Low-cost hydrogen for energy storage and resiliency applications
usaspending.gov →+ THESISHow it works
Electricity splits water into hydrogen and oxygen across a membrane or liquid electrolyte. Clean power in makes clean hydrogen out.
OPEN IN 3D →No public filings, raises or hiring trend to read yet.
Read from SEC 8-Ks (bankruptcy, default, delisting, restatement, impairment, restructuring), cash runway in annual reports, Form D raises and the 30-day hiring trend. A prompt to look closer, not a credit rating.
No public job board on Greenhouse, Lever or Ashby, so hiring isn't tracked for this company yet.
Sources: company job boards (daily), SEC EDGAR, USAspending.gov, and the reviewed technology spreadsheets. Public records only cover US entities, so foreign companies and private firms that don't file will show gaps.
Showing the 15 largest of 130.
Matched recipient: PROTON ENERGY SYSTEMS INC
Policy that applies
No minerals, policies or partners linked yet. Add them in the review spreadsheet.
2026-11-05 · Technology / approach updated
Alkaline (pressurized platform; new Herøya production line being built) and PEM electrolyzerswas: Alkaline and PEM electrolyzers; paused Herøya alkaline line Jan 20252026-10-13 · contract
Nel Hydrogen US secures about $12M containerized PEM orderNel Hydrogen US received an order worth about USD 12 million from an undisclosed U.S. global technology company for multiple containerized MC-series PEM electrolysers, with delivery expected in 2027 and stacks made in Wallingford, Connecticut.2026-09-29 · contract
Nel Hydrogen US wins Collins Aerospace submarine PEM stack ordersNel Hydrogen US received a PEM electrolyser stack order from Collins Aerospace valued around $12 million, followed by further submarine life-support stack orders reported on September 30, 2026.2026-07-15 · other
Nel Q2 2026 revenue falls 12% year on yearNel reported Q2 2026 revenue of NOK 153 million versus NOK 174 million in Q2 2025, with YTD 2026 revenue of NOK 302 million. Alkaline revenue in Q2 2026 was NOK 56 million, down 14%.2026-06-15 · leadership
Nel CEO Håkon Volldal resigns; Morten Holum named successorNel announced that CEO Håkon Volldal resigned on June 15, 2026. A later October 2026 report says Hexagon Purus chief Morten Holum was appointed to lead Nel, with a CEO handover planned for 2027.2026-06-07 · other
Nel settles Iwatani Corporation of America lawsuitNel signed a settlement agreement with Iwatani Corporation of America on June 7, 2026, resolving the lawsuit. Financial terms were not in the sources reviewed.Not an SEC filer, or no US entity matched. Most private and foreign companies don't file.