Nel (NEL.NO) is a Norwegian hydrogen infrastructure and technology company. Shares traded higher today, following comments from the German Chancellor. The company is the world's largest producer of electrolyzers:
- Olaf Scholz, speaking in Budnestag on the energy crisis in Europe, indicated that 'hydrogen is the gas of the future, we will create a huge boom.' Nel is involved in the launch of the first hydrogen train in Germany, as part of the H2 West Coast Group;
- In cooperation with hydrogen truck manufacturer Nikola (NKLA.US), the company plans to develop hydrogen infrastructure in the US (H2Station, electrolyzers). So far, Nel has set up dozens of hydrogen stations in Norway;
- In July this year, the company received an order from the US for $45.4 million worth of electrolyzer equipment. The order is for 200 MW of alkaline electrolyzer equipment for industrial applications. Production is scheduled to begin in February 2023, with delivery completed by mid-2024. Nel's American customer has remained anonymous;
- In 1988, Nel made its market debut as the world's first manufacturer to debut asbestos-free alkaline electrolyzers.
Nel (NEL.NO) shares, H4 interval. We can see that the stock is gaining in the face of Scholz's comments, and the demand side has managed to climb back above the 200-session average. The primary medium-term resistance for the company is the levels around NOK 16.5 per share, where strong supply has been triggered several times and where the 23.6 Fibonacci retracement runs. Looking back from February, the RSI's sudden rise from around 30 to above 50 foreshadowed a stronger uptrend. Source: xStation5
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