Nel ASA: Vulnerable To Commoditization And Highly Overvalued (OTCPK:NLLSF)

Green Hydrogen renewable energy production facility - green hydrogen gas for clean electricity solar and windturbine facility


We present our note on Nel (OTCPK:NLLSF), a pure-play hydrogen company. We issue a Sell rating as a result of Nel’s stretched valuation, substantial capital requirements, operational transformation challenges, and commoditization. We see Nel’s stock as overhyped, and we are cautious about long-term performance. We

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