Nel Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Hakon Volldal

Chief executive officer

NOK 5.2m

Total compensation

CEO salary percentage	84.7%
CEO tenure	1.8yrs
CEO ownership	n/a
Management average tenure	1.8yrs
Board average tenure	4yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Hakon Volldal's remuneration changed compared to Nel's earnings?
Date	Total Compensation	Salary	Company Earnings
Mar 31 2024	n/a	n/a	-NOK 685m
Dec 31 2023	NOK 5m	NOK 4m	-NOK 855m
Sep 30 2023	n/a	n/a	-NOK 1b
Jun 30 2023	n/a	n/a	-NOK 2b
Mar 31 2023	n/a	n/a	-NOK 1b
Dec 31 2022	NOK 5m	NOK 2m	-NOK 1b

Compensation vs Market: Hakon's total compensation ($USD463.07K) is below average for companies of similar size in the UK market ($USD1.33M).

Compensation vs Earnings: Hakon's compensation has increased whilst the company is unprofitable.

CEO

Hakon Volldal (47 yo)

1.8yrs

Tenure

NOK 5,154,000

Compensation

Mr. Hakon Rypern Volldal serves as Chief Executive Officer of Nel ASA since July 1, 2022. He joined the Nel ASA in July 2022. He served as President of Q-Free ASA since August 1, 2016 and had been its Chie...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Hakon Volldal	Chief Executive Officer	1.8yrs	NOK 5.15m	no data
Kjell Bjornsen	Chief Financial Officer	4.2yrs	NOK 3.33m	0.0012% NOK 105.2k
Esa Laukkanen	Chief Operating Officer	1.8yrs	NOK 3.02m	no data
Marius Løken	Chief Technical Officer	less than a year	NOK 2.97m	no data
Stein Erdal	Senior VP of Legal & General Counsel	5yrs	NOK 2.70m	no data
Hans Hide	Chief Project Officer of Electrolyser	5.2yrs	NOK 2.55m	0.0018% NOK 157.8k
Robert Borin	Senior Vice President of Fueling Division	3.1yrs	NOK 3.64m	no data
Wilhelm Flinder	Head of Investor Relations	no data	no data	no data
Lars Nermoen	Head of Communications	no data	no data	no data
Anne Liberg	Chief Human Resources Officer	less than a year	no data	no data
Tomas Tronstad	Managing Director of Hyon	no data	no data	no data
Todd Cartwright	Chief Commercial Officer	less than a year	no data	no data

1.8yrs

Average Tenure

Experienced Management: NELO's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.

Board Members

Name	Position	Tenure	Compensation	Ownership
Ole Enger	Independent Chairman	7.3yrs	NOK 737.00k	0.0089% NOK 783.6k
Arvid Moss	Independent Director	1.1yrs	NOK 234.00k	no data
Charlotta Falvin	Independent Director	4yrs	NOK 446.00k	0.0027% NOK 241.1k
Tom Rotjer	Independent Director	4yrs	NOK 366.00k	no data
Beatriz de Molina	Independent Director	7.3yrs	NOK 481.00k	no data
Jens Staff	Independent Director	1.1yrs	NOK 234.00k	no data
Hanne Blume	Independent Director	5yrs	NOK 461.00k	no data

4.0yrs

Average Tenure

57yo

Average Age

Experienced Board: NELO's board of directors are considered experienced (4 years average tenure).

Nel Management

Management criteria checks 2/4

Key information

Recent management updates

High number of new directors

Recent updates

Nel ASA(OB:NEL) dropped from Oslo OBX Total Return Index

Nel ASA to Report Q3, 2025 Results on Oct 29, 2025

Nel ASA completed the Spin-Off of Cavendish Hydrogen ASA (OB:CAVEN).

ITOCHU Corporation (TSE:8001) and Osaka Gas Co., Ltd. (TSE:9532) agreed to acquire 13.56% stake in Everfuel A/S (OB:EFUEL) from Nel ASA (OB:NEL) for NOK 120 million.

Nel ASA to Report Q3, 2024 Results on Oct 16, 2024

High number of new directors

First quarter 2023 earnings released: kr0.12 loss per share (vs kr0.057 profit in 1Q 2022)

Full year 2022 earnings released: kr0.76 loss per share (vs kr1.14 loss in FY 2021)

An unknown buyer acquired a 17.64% stake in Hyon AS (OB:HYON) from Nel ASA (OB:NEL) for NOK 7 million.

Nel ASA to Report Fiscal Year 2022 Results on Feb 28, 2023

Third quarter 2022 earnings released: kr0.17 loss per share (vs kr0.35 loss in 3Q 2021)

Second quarter 2022 earnings released: kr0.18 loss per share (vs kr0.21 loss in 2Q 2021)

First quarter 2022 earnings released: EPS: kr0.057 (vs kr0.45 loss in 1Q 2021)

Nel ASA to Report Q2, 2022 Results on Aug 11, 2022

Full year 2021 earnings released: kr1.14 loss per share (vs kr0.92 profit in FY 2020)

Full year 2021 earnings: EPS in line with expectations, revenues disappoint

Third quarter 2021 earnings released: kr0.35 loss per share (vs kr0.47 loss in 3Q 2020)

Second quarter 2021 earnings released: kr0.21 loss per share (vs kr0.45 profit in 2Q 2020)

Investor sentiment improved over the past week

Investor sentiment deteriorated over the past week

First quarter 2021 earnings released: kr0.45 loss per share (vs kr0.003 loss in 1Q 2020)

Full year 2020 earnings released

New 90-day low: kr23.39

Nel ASA has completed a Follow-on Equity Offering in the amount of NOK 1.225125 billion.

Investor sentiment deteriorated over the past week

Full year 2020 earnings released: EPS kr0.92 (vs kr0.22 loss in FY 2019)

Revenue beats expectations

New 90-day high: kr32.70

Everfuel Signs Contract with Nel for Delivery of 20 MW Electrolyser

New 90-day high: kr26.55

New 90-day high: kr24.35

Nel ASA Announces Nel Hydrogen Fueling Receives A Purchase Order for Multiple H2station Units for Fueling of Light-Duty Vehicles in California

Nel ASA to Report Fiscal Year 2020 Final Results on Mar 25, 2021

Nel ASA Receives First H2Station Order in Poland

Nel ASA has completed a Follow-on Equity Offering in the amount of NOK 125.7984 million.

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Board Members

Average Tenure

Average Age