Nel ASA is a Norwegian hydrogen technology company founded in 1927 and headquartered in Oslo, with roots in Norsk Hydro's early electrolyser developments. It specializes in providing comprehensive sol... Nel ASA is a Norwegian hydrogen technology company founded in 1927 and headquartered in Oslo, with roots in Norsk Hydro's early electrolyser developments. It specializes in providing comprehensive solutions for the production, storage, and distribution of hydrogen derived from renewable energy sources, positioning itself as a leading pure-play hydrogen electrolyser firm with global operations. The company's core offerings include advanced electrolysers—such as alkaline water electrolysis and proton exchange membrane (PEM) technologies—for industrial applications like fertilizer production, green steel, cement, refining, and ammonia manufacturing, as well as hydrogen fueling stations for fuel cell vehicles in transportation and maritime sectors. Notable features encompass high-capacity manufacturing facilities, including the world's largest automated electrolyser plant at Herøya, Norway, with 1 GW annual alkaline production capacity, and expansions like a Michigan plant to support U.S. hydrogen infrastructure. Nel ASA serves diverse markets worldwide, with significant revenue from the United States, Europe, and Asia, contributing to decarbonization efforts across energy, industry, and mobility through key enablers for a green hydrogen economy.
In 2025, Nel was subject to the Corporate Sustainability Reporting Directive (CSRD)'s requirements, which mandated the company to publish EU Taxonomy disclosures.
The company reported the eligibility and alignment of Turnover, Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) with the EU Taxonomy, helping assess the extent to which its business activities align with Europe's environmental sustainability goals.
Nel has also provided an activity-level breakdown of its EU Taxonomy disclosures. This granular reporting enhances transparency around which economic activities of Nel are considered environmentally sustainable and contribute to at least one of the six environmental objectives defined under the EU Taxonomy framework.
Metric
2025
2024
2023
2022 - 2017
Total Taxonomy Aligned Turnover
0000000
Copy/Paste is a PRO feature.
b
Copy/Paste is a PRO feature.
c
0000000
Total Taxonomy Eligible Turnover
0000000
Copy/Paste is a PRO feature.
b
Copy/Paste is a PRO feature.
c
0000000
3.2 CCM/CCA - Manufacture of equipment for the production and use of hydrogen
Copy/Paste is a PRO feature.
a
Copy/Paste is a PRO feature.
Copy/Paste is a PRO feature.
0000000
9.1 CCA - Engineering activities and related technical consultancy dedicated to adaptation to climate change
Copy/Paste is a PRO feature.
a
Copy/Paste is a PRO feature.
Copy/Paste is a PRO feature.
0000000
Metric
2025
2024
2023
2022 - 2017
Total Taxonomy Aligned Opex
0000000
Copy/Paste is a PRO feature.
b
Copy/Paste is a PRO feature.
c
0000000
Total Taxonomy Eligible Opex
0000000
Copy/Paste is a PRO feature.
b
Copy/Paste is a PRO feature.
c
0000000
3.2 CCM/CCA - Manufacture of equipment for the production and use of hydrogen
Copy/Paste is a PRO feature.
a
Copy/Paste is a PRO feature.
Copy/Paste is a PRO feature.
0000000
9.1 CCA - Engineering activities and related technical consultancy dedicated to adaptation to climate change
Copy/Paste is a PRO feature.
a
Copy/Paste is a PRO feature.
Copy/Paste is a PRO feature.
0000000
Metric
2025
2024
2023
2022 - 2017
Total Taxonomy Aligned Capex
0000000
Copy/Paste is a PRO feature.
b
Copy/Paste is a PRO feature.
c
0000000
Total Taxonomy Eligible Capex
0000000
Copy/Paste is a PRO feature.
b
Copy/Paste is a PRO feature.
c
0000000
Limited Data Preview
You are viewing a limited preview of Nel’s EU Taxonomy dataset. The full dataset, available for download, includes eligibility and alignment metrics for turnover, CAPEX, and OPEX across all EU Taxonomy categories, at both aggregate and activity level, with historical coverage back to 2022.
Access Datasets, Disclosures, and Sources
pro
Remove manual data sourcing from your workflow. Subscribe to Tracenable Pro to get credits for accessing and exporting datasets and disclosures across 8,500+ companies with 10+ years of historical coverage.
Every figure on this dashboard has a transparent audit trail. With Tracenable, each data point is traceable back to its original source, viewable directly inside our platform. Explore Nel’s data sources below and access millions more through our Disclosure Search.
a. Nel's Annual Report 2025
b. Nel's Annual Report 2024
c. Nel's Annual Report 2023
d. Nel's Annual Report 2022
Insights into Nel's Revenues from Sustainable Activities
In 2025, Nel reported EU Taxonomy-eligible revenues of NOK 918.87 million, representing 95.4% of its total turnover. Of this amount, NOK 918.87 million of Nel's revenues was classified as EU Taxonomy-aligned, indicating that 95.4% of the revenue-generating activities undertaken by the company substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).a
How much of Nel's revenue is eligible under the EU Taxonomy?
In 2025, Nel reported that NOK 918.87 million of its revenue was eligible under the EU Taxonomy, representing 95.4% of the company's total turnover. Of this amount, NOK 918.87 million (95.4% of total revenue) was classified as Taxonomy-aligned. This means that 0% of Nel's revenue is eligible but not aligned, indicating that these activities did not meet the technical screening criteria, failed to comply with the Do No Significant Harm (DNSH) requirements, or lacked evidence of meeting the Minimum Safeguards.a
How much of Nel's eligible revenue is aligned with the EU Taxonomy?
In 2025, Nel reported that NOK 918.87 million of its revenue was aligned under the EU Taxonomy, representing 95.4% of its total turnover.a
This strong alignment suggests that Nel has strategically integrated environmentally sustainable activities into its core business model, positioning itself as a leader in the green transition.
Nel's Eligibility & Alignment Overview
Nel's Contribution to Environmental Objectives
Total Taxonomy Aligned Turnover
How is Nel's taxonomy-aligned revenue distributed across the EU environmental objectives?
In 2025, Nel reported that its taxonomy-aligned revenue was distributed across the following EU environmental objectivesa:
Climate Change Mitigation: 90.7%
Climate Change Adaptation: 4.7%
Sustainable Use and Protection of Water and Marine Resources: 0%
Transition to a Circular Economy: 0%
Pollution Prevention and Control: 0%
Protection and restoration of biodiversity and ecosystems: 0%
How much revenue does Nel earn from selling climate-related solutions ?
In 2025, Nel reported that NOK 918.81 million of its total revenue was associated with activities contributing to the EU taxonomy climate-related objectives (Climate Change Mitigation and Climate Change Adaptation). This accounted for 95.4% of the company's total revenue,indicating that Nelprimarily focuseson solutions that support climate action through its commercial activities.a
Insights into Nel's CAPEX from Sustainable Activities
In 2025, Nel reported that 99% of its total CAPEX was EU Taxonomy-eligible. Of this, 0% was classified as EU Taxonomy-aligned, indicating that these investment activities substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).a
Insights into Nel's OPEX from Sustainable Activities
In 2025, Nel reported EU Taxonomy-eligible OPEX of NOK 385.97 million,representing 73% of its total operating expenses (OPEX). Of this amount, NOK 385.97 million of Nel's OPEX was classified as EU Taxonomy-aligned, indicating that 73.1% of the company's operating expenses were directed toward economic activities that substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).a
How much of Nel's operational expenditure (OPEX) is eligible under the EU Taxonomy?
In 2025, Nel reported that NOK 385.97 million of its operational expenditure (OPEX) was eligible under the EU Taxonomy, representing 73% of the company's total OPEX. Of this amount, NOK 385.97 million (73.1% of total OPEX) was classified as Taxonomy-aligned. This means that -0.1% of Nel's OPEX is eligible but not aligned, indicating that these expenditures either did not meet the technical screening criteria, failed to comply with the Do No Significant Harm (DNSH) requirements, or lacked evidence of meeting the Minimum Safeguards (MSS).a
How much of Nel's eligible OPEX is aligned with the EU Taxonomy?
In 2025, Nel reported that NOK 385.97 million of its OPEX was aligned under the EU Taxonomy, representing 73.1% of its total operational expenditure.a
This strong alignment suggests that Nel is allocating a significant share of its operating budget to environmentally sustainable activities, signaling a strategic emphasis on day-to-day sustainability performance.
Nel's Eligibility & Alignment Overview
Nel's Contribution to Environmental Objectives
Total Taxonomy Aligned Opex
How is Nel's taxonomy-aligned OPEX distributed across the EU environmental objectives?
In 2025, Nel reported that its taxonomy-aligned operational expenditure (OPEX) was distributed across the following EU environmental objectivesa:
Climate Change Mitigation: 73%
Climate Change Adaptation: 0.1%
Sustainable Use and Protection of Water and Marine Resources: 0%
Transition to a Circular Economy: 0%
Pollution Prevention and Control: 0%
Protection and restoration of biodiversity and ecosystems: 0%
How much of Nel's operational budget supports climate-related solutions?
In 2025, Nel allocated NOK 386.81 million of its OPEX to activities contributing to the EU Taxonomy's climate-related objectives (Climate Change Mitigation and Climate Change Adaptation). This represented 73.1% of the company's total OPEX,indicating that Nelis focusing a significant share of its operational spending on supporting climate action through its day-to-day activities.a
b
b
c
a
a
b
c
a
a
b
c