Norway's Nel soars on $33 mln shareholding deal with Samsung E&A

Nel ASA

12/03/2025 09:51

** Norwegian hydrogen solutions provider Nel NEL.OL soars  30.4% to NOK2.56

** Conducts private placement with Samsung E&A, making it co's largest shareholder with 9.1% stake

** Nel will issue 167.1 million shares to Korean total solutions provider Samsung E&A for NOK353 mln (~$33 mln)

** Nordea analyst Andreas Nibe Nygård says, "We think this is positive for Nel as a cornerstone investor has long been needed in the company"

** Adds orders will likely come in from Samsung soon

** Elliott Jones from Danske Bank says investment takes Nel's cash balance to over NOK2 bln, buys co another 5 months of cash runway

** NEL set for biggest intraday pct gain since June 2017

($1 = 10.6486 Norwegian crowns)

 (Reporting by Jagoda Darlak and Jesus Calero)

 ((Jagoda.Darlak@thomsonreuters.com; +48 58 769 65 40;))