Nel ASA and ITM Power: Pioneers in Hydrogen Projects Across Europe
Despite all the doom-mongering and share price debacles, Norwegian hydrogen pioneer Nel ASA remains one of the leading pure-play providers of industrial electrolyser technologies in the European market. The company has decades of experience and serves the growing demand for green hydrogen with its alkaline systems and advanced PEM electrolysers. Despite the departure of long-serving CEO Håkon Volldal at the end of the year, the group recently secured a valuable multimillion-euro EU contract for containerised PEM systems. A recent cooperation agreement with defence and technology group Rheinmetall to examine decentralised synthetic fuel production also clearly underscores its ambitions in the European energy sector. On the Norwegian coast, the company is driving regional decarbonisation forward significantly by supplying the pioneering “Slagen” green ammonia project. Despite these strong operational sales, the group continues to struggle in the capital markets, with a high cash burn rate and losses, while the share price has been stuck at NOK 2.00 (EUR 0.205) for weeks. The analyst platform LSEG Refinitiv also delivers a poor overall assessment, with only one Buy recommendation. The market is apparently waiting eagerly to see how the search for a new CEO turns out. Just across the North Sea, British manufacturer ITM Power is establishing itself as a key pacesetter in European hydrogen infrastructure. With its innovative Alpha electrolyser platform, the company has built a technological foundation designed specifically for large-scale industrial applications. The recent signing of a preliminary letter of intent for a monumental 150-megawatt project with a leading European oil refinery marks a historic milestone. The group’s subsidiary, Hydropulse, will implement this major project under a forward-looking “Build – Own – Operate” (BOO) operating model. Because the customer contractually agrees to provide land and electricity, the subsidiary effectively protects itself from volatility in European electricity prices. After a period of operational realignment and revised loss forecasts, analysts see these recurring revenue streams, which can be planned over the long term, as a genuine financial turning point for ITM Power. After tripling in May, the share price has now more than halved again. With estimated revenue of only GBP 42.5 million for 2026, a market value of EUR 767 million remains very ambitious, even at the current level.NU E Power: Solar Power and Batteries from a Single Source
Canadian infrastructure company NU E Power is also positioning itself as a strategic player in the global energy transition. By combining photovoltaics with modern battery storage, the developer fills a critical supply gap for energy-intensive future markets. The NUE business model is structured so that the crucial capital input takes place only after successful risk mitigation rather than being provided upfront. In the first step, land and grid capacity are secured early on, while the projects are then advanced to construction readiness through permits, grid connections and offtake agreements. The planned acquisition of the Hays project in Alberta would add a facility that fits this strategy, giving the company full control of a combined site for the first time. For now, the project remains at the development stage, as Hays currently has neither a final grid connection agreement nor a power purchase agreement. The LOI is non-binding, and completion of the acquisition remains subject to seven conditions precedent. The combination of solar energy and storage offers considerable flexibility in electricity supply, as offtake can be shifted in time and better adapted to the load profiles of large industrial and data centre customers. This strategy is consistent with the findings of the International Energy Agency’s (IEA) current “World Energy Investment” report. The study shows that the combination of solar power and battery storage represents the fastest-growing segment of global investment in clean energy. The company reported no revenue last quarter, and operating expenses resulted in a net loss of CAD 1.41 million. However, the company raised CAD 3.86 million through an oversubscribed private placement in August, providing funding for its ongoing activities. With the appointment of John Windsor as COO and Nicola Mining CEO Peter Espig to its Board of Directors, NUE has added capital-market expertise as it works to advance upcoming projects and monetise already developed sites. The company is working to advance its projects and establish a role in the next generation of energy supply. IIF moderator Lyndsay Malchuk learned more about the ongoing projects in a conversation with new COO John Windsor.Plug Power: Back at Yearly Lows
In the same sector, we also encounter US hydrogen specialist Plug Power. Executive management also changed in March 2026, after long-serving visionary Andy Marsh failed to meet investors’ expectations. However, after initial euphoria over newcomer Jose Luis Crespo, the share price fell back to a third of its value by mid-October, to its current level of USD 1.58, a new yearly low. Despite encouraging major orders, such as a landmark 280-MW supply contract for an e-SAF aviation project in Denmark, the stock is failing to gain lasting ground. The early termination in August of a USD 1.66 billion loan guarantee from the US Department of Energy significantly increased pressure on the company’s balance sheet. In addition, a management shake-up is creating considerable uncertainty, as COO Dean C. Fullerton has announced his departure for the end of October. After three major capital increases by mid-2025, concerns remain about further dilution from new share placements. However, before investors add to their holdings here again, they should wait for the Q3 report on November 10. From a technical analysis perspective, the battered stock faces the risk of continuing to slide below USD 1.00.Conclusion
The global energy market is shifting up a gear, evolving from a subsidy-backed promise for the future to an increasingly viable business model. Established corporations and innovative challengers with new technologies stand to benefit. The market potential is enormous, but not every approach succeeds. Nel ASA, Plug Power and ITM Power are driving the hydrogen sector forward, while NU E Power is making its mark with promising concepts. Diversification can help reduce portfolio risk.Conflict of interest
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