Nel ASA

Oslo Bors: NEL52Mixed / Improving· Provisional

0 followersGreen hydrogen·Oslo, Norway·Founded 1927

Norwegian global supplier of alkaline and PEM electrolysers and hydrogen fuelling stations for industrial, mobility and energy storage applications.

52/100

Mixed / Improving· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: lowData confidence: medium

Why it's on ClimateTicker

Nel ASA is a genuine enabler of the green hydrogen economy, manufacturing alkaline and PEM electrolysers that are essential hardware for decarbonising industrial processes, mobility, and energy storage — the climate thesis is real and not manufactured. However, the actual emissions reduction delivered depends entirely on whether customers use renewable electricity to power Nel's electrolysers; Nel itself does not control or verify downstream use. Investors should believe in the technology category but temper enthusiasm with the fact that Nel's own operational footprint reporting is thin, SBTi targets are absent, and commercial execution has been under pressure since 2023.

enablerNel sells alkaline and PEM electrolyser systems and hydrogen fuelling stations to industrial, mobility, and energy customers globally, generating revenue through equipment sales, licensing agreements (e.g. with Reliance Industries), government grants/tax credits, and service contracts; it is not yet consistently profitable, reporting negative EBITDA in recent years.

Commitments & Certifications

other: Double Materiality Assessment conducted — EFRAG-aligned, not independently certified ↗

Controversy & Greenwashing Watch

lowCEO Departure and Leadership Uncertainty

Nel's CEO departed in 2025, adding governance and strategic execution uncertainty during a period of declining order backlog and sector headwinds.source ↗

mediumIwatani Lawsuit — Hydrogen Fuelling Stations

Iwatani Corporation of America sued Nel and its subsidiaries over hydrogen fuelling stations in California; Nel rejected the allegations and the dispute was settled for approximately USD 7.5 million in 2025.source ↗

lowAbsent SBTi Targets Despite Green Positioning

Nel markets itself as a clean energy leader but has not committed to or validated any science-based emissions reduction targets, representing a credibility gap versus peers.source ↗

mediumScope 3 Category 11 Non-Disclosure

Nel does not disclose 'use of sold products' Scope 3 emissions — estimated at ~58% of its total footprint — despite this being the most material category for an electrolyser manufacturer.source ↗

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