Norwegian hydrogen company Nel saw its stock soar by nearly 20 percent on Thursday following the announcement of a major order. According to a press release, its subsidiary Nel Hydrogen has received an order valued at over $50 million for the HyFuel and Kaupanes projects in Norway.

The order concerns PEM electrolyzer systems with a total capacity of 40 megawatts, marking Nel's largest order to date in PEM technology.

The projects, which are receiving government support via Enova, will be constructed in Florø and Eigersund and are scheduled to become operational in 2028. The order is expected to strengthen Nel's financial performance and market position in Europe.