#Norway #Oslo #Hydrogen Technology #Nel ASA #Morten Holum

Morten Holum Takes Charge as the New CEO of Nel ASA

In a significant leadership transition, Nel ASA, a prominent player in the hydrogen technology sector, has announced the appointment of Morten Holum as its new Chief Executive Officer (CEO). This decision was made public on October 21, 2026, and effective no later than May 1, 2027. Morten comes in to replace Håkon Volldal, who has led the company through a transformative period.

Morten Holum has a robust background in the hydrogen value chain, having spent the last seven years navigating the industry with expansive knowledge and hands-on experiences in hydrogen technologies and various market applications. His wealth of experience is pivotal for Nel as it continues to drive its commercial development and explore new opportunities in the rapidly evolving hydrogen landscape.

As he steps into this challenging role, Holum will be supported by CFO Kjell Christian Bjørnsen, who will act as Interim CEO starting November 1, 2026, until Holum officially takes over. Torbjørn Berg will serve as the interim CFO in this transitional phase. Holum previously held the position of President and CEO of Hexagon Purus and has extensive experience from reputable companies such as Saferoad Group, Norske Skog, Norsk Hydro, and even American Airlines.

Acknowledgment From the Board

The Board of Directors expressed their confidence in Holum's capabilities, emphasizing his international experience and leadership skills that align perfectly with the company’s objectives at this new juncture. Arvid Moss, Chair of the Board, stated, "Morten brings the broad international experience, leadership, and commercial mindset required at this stage of Nel's development. He is ready to build on the strong foundation already in place."

This leadership change comes at a time when Nel ASA has succeeded in securing significant orders, notably from Collins Aerospace and a leading technology company based in the U.S. The potential for growth in defense applications indicates strategic opportunities for expansion. Holum’s impressive history in engaging industrial customers positions him well to execute Nel’s strategies effectively.

In Holum's own words, he said, “Having worked in hydrogen for many years, I have seen first-hand the important role the Company has played in developing the industry.” He shared his enthusiasm about joining Nel, recognizing its world-class technology and deep industrial expertise, emphasizing, “I see significant opportunities to further strengthen the company's position and create long-term value.”

Executive Compensation Details

In terms of remuneration, Morten Holum's compensation includes a fixed salary complemented by the company’s long-term incentive program. Notably, he is set to receive Performance Share Units (PSUs) anticipated to be granted in 2028, valued at NOK 5 million ($600,000). The package includes NOK 2 million ($240,000) in cash and NOK 3 million ($360,000) in Restricted Stock Units (RSUs). The cash will be delivered in two equal installments following the completion of specific employment duration requirements.

The Board has confirmed that Håkon Volldal will complete his executive responsibilities by the end of October 2026. This leadership change is more than just a transition; it signals a new chapter for Nel ASA. The board remains loyal to the vision of leading renewable hydrogen production. The strategic direction indicating a shift towards defense applications and enhancing industrial collaborations could catalyze Nel’s growth trajectory.

About Nel ASA

Nel ASA, founded in 1927, is a global leader in hydrogen technology. Specializing in PEM (Proton Exchange Membrane) and Alkaline electrolyzer technology, the company provides essential solutions for renewable hydrogen creation. Nel’s products are integral to the advancement of a green hydrogen economy, acting as key enablers in the decarbonization of various sectors, including transportation, refinements, and steel manufacturing. The future under Morten Holum is poised to leverage this strong foundation while exploring innovative avenues in hydrogen applications.

As the company enters this new era of leadership, the industry will be watching closely to see how Holum shapes Nel’s future amidst the growing demand for sustainable energy solutions.