Nel names Morten Holum as its next chief executive, and Hexagon Purus makes the other half of the move
The hydrogen company will be led on an interim basis by its finance chief from Nov. 1 until Mr Holum arrives from Hexagon Purus by May 2027 at the latest, where Salman Alam steps in as interim chief executive the same day.
OSLO: Nel ASA, the Oslo listed hydrogen technology company, announced on Wednesday, Oct. 21 that its board has appointed Morten Holum as chief executive, succeeding Håkon Volldal. Mr Holum will take up the role no later than May 1, 2027, the company said in its stock exchange release.
The handover at Nel starts sooner than the arrival. The board has agreed with Mr Volldal that he will be relieved of his executive duties at the end of October 2026. From Nov. 1, Kjell Christian Bjørnsen, who has been Nel's chief financial officer since 2020, will serve as interim chief executive until Mr Holum starts, and Torbjørn Berg, the company's vice president for finance, will serve as interim chief financial officer.
Mr Holum comes from the same industry, and Nel's release credits him with seven years of hydrogen work around the world, spanning the technology itself, its end markets and its rules. He joins from Hexagon Purus, where he has been president and chief executive since March 2020. He arrived in the wider Hexagon group a year earlier, in 2019, as executive vice president and chief operating officer of Hexagon Composites. Earlier still he ran Saferoad Group, holding both the chief executive and chief financial officer roles there at different times, and his background also takes in Norske Skog, Norsk Hydro and American Airlines. His education runs from a bachelor's degree covering finance and psychology, taken at Østfold University College and the University of Oslo, to an MBA earned at Chapel Hill, at the University of North Carolina.
What the two boards said
"Morten brings the broad international experience, leadership and commercial mindset required at this stage of Nel's development," said Arvid Moss, the chair of Nel's board. Mr Moss pointed to recent orders with Collins Aerospace and a leading technology company in the United States, and said defence work, pointing to the recent Rheinmetall announcement, is becoming a more relevant source of future growth. Mr Holum said: "Nel has long been a company I have admired." He added: "I am excited to join the team and build on what has already been achieved."
The release also sets out the incoming chief executive's long term pay terms. On top of his salary, and alongside the company's long term incentive programme, Mr Holum has been awarded a programme valued at NOK 5 million, made up of restricted stock units worth NOK 3 million and a cash element of NOK 2 million, with the first performance share unit grant expected in 2028 and a value cap of NOK 25 million on the restricted stock unit awards.
Hexagon Purus published the other side of the move the same day. Its release said Mr Holum has decided to step down as chief executive to leave for a new opportunity elsewhere, that its board has appointed Salman Alam as interim chief executive effective Nov. 1, 2026, and that Mr Alam will also continue as chief financial officer. Mr Holum will take on a role as adviser to the chief executive after the transition and will be available over the coming months to support a handover. Mr Alam has been with Hexagon Purus since 2020. "On behalf of the Board, I would like to thank Morten for his leadership, dedication and commitment to Hexagon Purus," said Jon Erik Engeset, the chair of its board.
Nel describes itself as a pure play hydrogen technology company specialising in electrolyser technology, both PEM and alkaline, used to produce renewable hydrogen, with a history tracing back to 1927. Hexagon Purus works on zero emission mobility, supplying battery systems and vehicle integration work alongside its hydrogen Type 4 high pressure cylinders and systems.
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