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Great news
(May 21, 2024 - Oslo, Norway) Nel Hydrogen Electrolyser AS, a fully owned subsidiary of Nel ASA (Nel, OSE:NEL) has entered into a technology licensing agreement with Reliance Industries Limited (RIL). The agreement provides RIL with an exclusive license for Nel’s alkaline electrolysers in India and also allows RIL to manufacture Nel’s alkaline electrolysers for captive purposes globally.
“The signing of this agreement is a great milestone in Nel’s history. Reliance is an impressive company with enormous ambitions as a global producer of renewable hydrogen, and I am proud that they have selected Nel as their technology partner. In addition to supporting Reliance in achieving their global aspirations, Nel will through this agreement get a revenue stream from a rapidly growing market Nel could not have accessed on its own,” says Nel’s President and CEO, Håkon Volldal.
RIL is a Fortune 500 company and India's largest private sector corporation. The company is renowned for its capacity to execute large-scale projects and robust investments in technology and innovation. RIL is building a multi-GW fully integrated end-to-end new energy value chain, from photon to green molecules, paving the way for abundant and affordable access to sustainable energy for everyone, as per the vision set by RIL’s Chairman and Managing Director, Mr. Mukesh Ambani. Green hydrogen is a critical element of the new energy value chain – and the partnership between RIL and Nel in relation to alkaline electrolysers is an important milestone towards the sustainable energy future.
Through the agreement, Reliance gets access to Nel’s leading, proven technology platform for manufacturing electrolysers. RIL has successfully built multiple businesses of truly global scale. This partnership of Nel’s robust technology platform with RIL’s execution prowess – will further add to the success story for both partners.
Both partners will also collaborate on future performance improvements and cost optimization through research and development (R&D), value engineering, standardization and modularization to improve the competitiveness of the alkaline technology platform.
According to the agreement, Nel can procure equipment from Reliance for its own projects. Nel will continue to serve the Indian market with technology platforms that are not covered by the agreement.
ENDS
(May 15, 2024 - Oslo, Norway) Reference is made to the stock exchange announcement by Nel ASA (Nel, OSE: NEL) on 28 February 2024 regarding the potential spin-off of its Fueling division into a separate company and listing of this company on the Oslo Stock Exchange. The new company will be named Cavendish Hydrogen, a tribute to the English scientist Henry Cavendish, noted for the discovery of hydrogen.
The purpose of the spin-off is to create two independent pure-play companies aiming to become market leaders in their respective fields.
Furthermore, Nel is pleased to announce that the following have been elected as members of the board of directors of Cavendish Hydrogen
– Jon André Løkke (Chair)
– Mimi K. Berdal (Board Member)
– Vibeke Strømme (Board Member)
– Allan Bødskov Andersen (Board Member)
– Kim Søgård Kristensen (Board Member)
Robert Borin will act as CEO, and Marcus Halland will act as CFO of Cavendish Hydrogen.
Nel has also completed an internal reorganization whereby Nel’s assets, rights, and liabilities related to the Fueling division and shares in the relevant Fueling subsidiaries have been transferred from Nel to Cavendish Hydrogen. Subject to Nel’s decision to complete the spin-off and pursue the separate listing of Cavendish Hydrogen, the shares in Cavendish Hydrogen are intended to be distributed to the shareholders of Nel as dividend in kind.
The decision to spin off and separately list Cavendish Hydrogen has not yet been concluded, and no assurances can be given that it will be completed. However, if such a decision is made, the company plans to conduct the spin-off by the end of the second quarter of 2024. If completed, the shares of Nel (comprising its Electrolyser division) will remain listed on the OSE under the ticker "NEL".
Carnegie AS is acting as global coordinator, and Arctic Securities AS and Fearnley Securities AS as joint lead managers (together the “Managers”) to Nel and Cavendish Hydrogen, and Wikborg Rein Advokatfirma AS is acting as Nel and Cavendish Hydrogen's legal counsel. Advokatfirmaet Thommessen AS is acting as legal counsel to the Managers.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
About Hy Stor Energy
Hy Stor Energy is facilitating the transition to a fossil-free energy environment by developing and advancing renewable hydrogen at scale. Its large, fully integrated projects will produce, store and deliver carbon-free renewable energy, providing customers with cost-efficient, and reliable renewable energy on-demand. Developed as part of a scalable integrated hub, these projects are the solution to 24/7, dispatchable renewable energy and long-duration energy storage of carbon and methane free energy. Made up of a team that has deep knowledge and significant long-term experience in infrastructure development and the energy sector and led by energy storage industry and hydrogen technology expert Laura L. Luce, Hy Stor Energy is a pioneer in the renewable hydrogen revolution. For more information, please visit
www.hystorenergy.com
Trailblazing the development of the green hydrogen economy will require innovation and collaboration among industry first movers, and Hy Stor Energy is leading the charge in the production, storage and delivery of green hydrogen for emission-free manufacturing, transportation, and energy solutions. By pairing Nel’s technology with the Mississippi Clean Hydrogen Hub project, we're ready to deliver tangible results for our customers,” Luce added.
April 26, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) partners with Hy Stor Energy on the Mississippi Clean Hydrogen Hub (MCHH) and receives a capacity reservation for more than 1 gigawatt of alkaline electrolysers.
“We are thrilled to partner with Hy Stor Energy on the Mississippi Clean Hydrogen Hub. This project can enable significant carbon emission reductions and leave in its wake a blueprint for successful, large-scale green hydrogen projects,” said Nel’s President and CEO, Håkon Volldal.
As Hy Stor Energy’s exclusive electrolyser partner for phase one of the MCHH, Nel will provide alkaline and PEM technology at scale and contribute with its hydrogen expertise and experience. The parties signed a Front-End Engineering Design (FEED) contract in December, and today Hy Stor Energy has entered into a capacity reservation agreement with Nel to secure more than 1 gigawatt of alkaline electrolyser capacity for the project. Pending final investment decision, electrode production at Nel’s state-of-the-art plant at Herøya, Norway is expected to run through 2025, 2026, and the first part of 2027. In line with Nel’s accounting standards, the capacity reservation will not be considered as order intake or backlog until a firm purchase order has been received.
“Without ambitious pioneers, decarbonization at scale will not happen. Pioneers aim to do today what most people say can’t be done in years. To me, Hy Stor Energy is such a bold pioneer, and it makes me proud that the company has chosen Nel as its electrolyser partner on this game-changing project,” Volldal commented.
The Mississippi Clean Hydrogen Hub project will be the largest zero-carbon, off-grid hydrogen production and salt cavern storage hub in the U.S. With extensive storage and expansion capabilities, the MCHH project will help drive the growth of the domestic and global hydrogen economy to accelerate renewable hydrogen adoption at scale. Under a previously announced and recently extended exclusive Letter of Intent (LoI), Hy Stor Energy has agreed to supply zero-carbon renewable hydrogen from the MCHH in a direct offtake partnership to support production of green steel in the U.S. (reference is made to https://hystorenergy.com/hy-stor-energy-partner-steelmaker-ssab-selected-by-department-of-energy-for-award-negotiation-to-accelerate-industrial-decarbonization/). Schneider Electric has also entered into an LoI with Hy Stor Energy under which it will exclusively provide automation, electrical, and digital energy management solutions to be incorporated into the MCHH.
“Nel Hydrogen has proven electrolyser technologies and an automated manufacturing capability that fit perfectly with Hy Stor Energy’s plans to produce and deliver green hydrogen reliably and cost-effectively,” said Laura L. Luce, CEO and Founder of Hy Stor Energy.
In total, Nel has secured close to USD 170 million in accumulated support from the State of Michigan and the Department of Energy for its planned Michigan facility.
“The support we secured this quarter increases the attractiveness of investing and expanding our capacity and capability in the US,” says Nel’s President and CEO, Håkon Volldal.
The expansions of Nel’s existing electrolyser manufacturing facilities at Herøya and Wallingford are also moving ahead according to plan.
“We have a large pipeline of prospective projects that continues to mature, and we are ready and well positioned to scale up production capacity significantly as soon as the demand picks up,” says Volldal.
As communicated in the previous quarterly presentation, Nel has initiated a process to explore and prepare for a potential spin-off and separate listing of its Fueling division. These preparations are moving forward according to plan.
The first quarter 2024 report and presentation are enclosed and available on newsweb.no (Ticker: NEL) and nelhydrogen.com. The presentation will be a virtual event only, followed by a Q&A session, and can be accessed on the company’s website www.nelhydrogen.com/quarterly-presentation/ or by following this link. A recording of the presentation will be made publicly available following the event.
April 17, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) reported revenues of NOK 387 million in the first quarter of 2024, up 14% from NOK 341 million in the same quarter of 2023. Order intake was NOK 459 million, down 2% from NOK 467 million the previous year. At the end of the first quarter, the order backlog was NOK 2437 million, down 1% from the previous quarter. The cash balance was NOK 3 260 million at quarter end.
Quarterly highlights
Nel ASA (Nel) reported revenue in the first quarter 2024 of NOK 387 million, up 14% from the first quarter 2023 (Q1 2023: 341). Revenue was positively impacted by payments related to the renegotiation of the Nikola supply agreement and negatively impacted by a lack of major milestones on alkaline electrolyser customer projects in the quarter.
EBITDA in the quarter was NOK -16 million (Q1 2023: -121). The quarter included a positive impact of NOK 96 million from renegotiation of Nikola supply agreement.
Net loss was NOK -22 million (Q1 2023: -192). The improvement from the same quarter last year was mainly explained by the improved EBITDA and the same quarter last year included NOK -69 million fair value adjustment from shareholdings in Everfuel.
Order intake in the quarter amounted to NOK 459 million (87% from electrolyser), in line with the corresponding quarter last year (Q1 2023: 467).
Order backlog was NOK 2 437 million (87% related to electrolyser) at the end of the quarter, down 13% from the first quarter of 2023 and down 1% from previous quarter.
Cash balance was NOK 3 260 million at quarter end (Q1 2023: 4 621).
Subsequent to the quarter:
April 4th: Nel awarded up to USD 41 million in investment tax credits from DoE, bringing the total support for a Michigan expansion up to about USD 170 million
The first quarter 2024 results show that the company is on the right path towards a positive EBITDA, and the Alkaline electrolyser division achieved an important milestone reaching a positive EBITDA of NOK 106 million. The good results can partly be explained by Nel’s renegotiated supply agreement with Nikola.
“Our revenues and EBITDA continue to improve, showing that the business model works with scale,” says Nel’s President and CEO, Håkon Volldal.
In February, Nel announced that Fortescue had taken over Phoenix Hydrogen Hub from Nikola, including electrolyser stacks already delivered by Nel.
“I am happy we managed to renew our relationship with Nikola and that we are partnering up with Fortescue on their Phoenix Hydrogen Hub, which will become one of North America’s largest electrolyser systems,” he says.
In March, Nel was awarded USD 75 million from the US Department of Energy (DoE) and the State of Michigan to fund its planned electrolyser facility in Plymouth Charter Township, a suburb of Detroit, Michigan. After the first quarter of 2024, Nel was awarded an additional USD 41 million in investment tax credits as part of the Qualifying Advanced Energy Project Tax Cred
Yes I follow and am invested
Under water from the highs of 15-18 so sat on my hands for the moment!!
April 4, 2024 - Oslo, Norway, Nel, OSE:NEL). Nel has been awarded up to USD 41 million in investment tax credits for its planned manufacturing expansion in Michigan as part of the Qualifying Advanced Energy Project Tax Credit (48C) program.
“We continue to see strong support for our efforts to scale our US operations, both within advanced research and efficient manufacturing. The support now received increases the attractiveness of investing in expanding our capacity and capability in the US,” says Nel’s President and CEO, Håkon Volldal.
The 48C program is funded by the Inflation Reduction Act and managed by the US Department of Energy, the US Department of Treasury, and the Internal Revenue Service. A fully owned subsidiary of Nel ASA will receive up to about USD 41 million in tax credits, equivalent to 30 % of the value of qualifying investments. Receipt is subject to conditions, such as wage and apprenticeship requirements.
The tax credits come in addition to other grants communicated earlier. Nel has now secured close to USD 170 million in accumulated support from the Department of Energy and the State of Michigan for its planned Michigan facility. Approximately half of this amount is cash incentives.
Nel has been operational in Connecticut for decades, developing advanced applications for producing hydrogen based on its PEM electrolyser technology, and being a leader in advanced electrolyser research and development. The company has initiated a significant expansion and industrialization of its manufacturing capacity and is preparing for a future site in Plymouth Charter Township, a suburb of Detroit, Michigan. When fully developed, the facility will be among the world’s largest electrode facilities, where Nel will manufacture its next-generation pressurized alkaline and PEM technologies.
Today, Nel and its partners received around 90 USD million from the Department of Energy (DoE) for seven research and development projects. Nel is the leading partner on one of the projects. About 10 % of the work under the R&D programs will be undertaken by Nel.
“We are thankful for the support from the Department of Energy, which will help accelerate our research and development while solving key challenges for the future of the hydrogen industry,” says Nel’s Vice President for Research and Development, Kathy Ayers.
DoE has awarded funding to the following projects in which Nel is one of the partners:
Low-Cost, Clean AEM Electrolysis through Transport Property Understanding, Manufacturing Scale-up, and Optimization of Electrodes and Their Interfaces (Nel in lead)
Advanced Porous Transport Layer Design and Manufacturing for PEM Electrolyzers
Durable, Low-Cost, Manufacturable AEM Electolyzer Components
Oxygen Evolution Reaction Catalyst Scale-Up and Validation for Proton Exchange Membrane Water Electrolyzers
Precious-Metal Free Coatings for PPG PTL Assemblies
High Performance non-PFSA Membranes for Next-Generation Proton Exchange Membrane (PEM) Electrolyzers
H2CIRC: Circular Recycling for the Hydrogen Economy
The US Department of Energy (DOE) and the state of Michigan have awarded a collective USD 75 million in cash incentives and grants for Nel’s next electrolyser production facility in Michigan.
“The support from the Department of Energy and the state of Michigan is crucial for realizing our factory, which will create new green industrial jobs and be a significant contribution to the energy transition,” says Nel’s President and CEO, Håkon Volldal.
“It is encouraging to see the Department of Energy taking these strategic steps to stimulate a clean energy economy, and we appreciate their long-time support to take our products from R&D to commercial products,” he says.
On 13 March, the Department of Energy announced that they have granted Nel USD 50 million in direct investment support for the company’s planned new US gigafactory and workforce development initiatives in the Detroit region. Partnering with General Motors, Macomb Community College, Wayne State University’s College of Engineering, and others, DOE’s investment will further enhance domestic electrolyser manufacturing production capacity while building a robust clean hydrogen value chain and an industrialized manufacturing training program.
In parallel, the state of Michigan awarded USD 25 million in direct investment support to lead the nation in the clean energy transition.
“By harnessing our Make it in Michigan Competitiveness Fund and partnering with the Biden-Harris Administration, we are creating more than 500 good-paying, high-tech jobs in Plymouth,” says Governor Whitmer. “Today’s investment in Nel Hydrogen will create a hydrogen production facility and ensure we stay on the cutting-edge of clean energy production and advanced manufacturing. Let’s keep working together to bring jobs and projects home as we grow our economy and deliver for Michigan families.”
“Today’s announcement is another example of how Michigan is leading America’s technology and clean energy future,” says Lieutenant Governor Garlin Gilchrist II. “Because of a matching investment from the Michigan Competitiveness Fund, this federal grant will enable our partners to create more than 500 good-paying, high-tech jobs in Plymouth. Governor Whitmer and I will keep working to create jobs and win projects that will grow our economy and help more people ‘make it’ in Michigan.”
Nel has previously been awarded approximately USD 50 million from the state of Michigan in support of this electrolyser production facility (see the press release issued on 8 July 2023). Total support from federal and state authorities amounts to approximately USD 125 million.
Fully built out, the Michigan site is expected to have an annual nameplate production capacity of 4 GW. In the planned new facility, Nel will manufacture its next-generation electrolyser technologies: the PEM stacks currently being developed together with General Motors, and pressurized alkaline stacks.
Thanks Sam, appreciate it, i did look at the site but couldn't see anything from today. But yes ill sign up for news letters.
If you go to nels website you can sign up to there news letter. That way you’ll have it emailed to you when any relative news gets released.
February 2, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) and Nikola have realigned their previous agreement, and at the same time Nel will become Fortescue’s supplier for their 80 MW electrolyser, for a total consideration of about USD 20 million.
In 2018, Nel entered into a supply agreement with Nikola, followed by a firm purchase order for 85 MW of electrolyser equipment in 2020 that has been delivered. The two parties have now agreed to cancel the old supply agreement (which also included Balance of Plant and fueling stations) and will agree to a new agreement for 110 alkaline stacks and related Balance of Stack equipment only (not included in the order backlog before a firm purchase order is made). As a compensation for the changed scope Nel will receive about USD 9 million.
“We are pleased to have initiated a plan with Nikola that reflects Nel’s preferred scope of supply, and look forward to continuing our relationship with the company,” says Håkon Volldal, President and CEO of Nel.
At the same time, Fortescue’s acquisition of Nikola’s Phoenix Hydrogen Hub includes the installation of 80 MW of electrolyser equipment previously delivered by Nel to Nikola. In return for updated guarantees and warranties for the equipment and changes in the scope of delivery, Nel will receive approximately USD 11 million from Fortescue.
“Nel is thrilled to partner with yet another solid and committed company such as Fortescue to develop the Phoenix Hydrogen Hub project. We look forward to installing the equipment and supporting Fortescue on this important project, which reached FID last year,” says Volldal.
ENDS
Anyone any idea why the price increase today ? thanks.
This might be useful for those who have not researched Nel.
https://www.credit-suisse.com/media/assets/microsite-ux/docs/2022/energy/nel-2022.pdf.
Nel ASA: Mandatory notification of trade by primary insider
(November 2, 2023 – Oslo, Norway) Hans Hide, CPO of Nel ASA (“Nel”), has today bought 10,000 shares in Nel ASA at an average share price of NOK 8.014. After the transaction, Mr. Hide holds a total of 30,000 shares and 626,000 options in the company.
A long way to go before I get my money back but definitely hopeful of doing so with more in the long run.
Nel ASA: Mandatory notification of trade by primary insider
(November 2, 2023 – Oslo, Norway) Charlotta Falvin, Board Member of Nel ASA (“Nel”), has today bought 46,000 shares in Nel ASA at an average share price of NOK 8.01. After the transaction, Ms. Falvin holds a total of 46,000 shares and 0 options in the company.
This information is subject to the disclosure requirements in articles 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.
October 18, 2023 – Oslo, Norway) Nel ASA (Nel, OSE:NEL) will publish its third quarter 2023 report on 25 October 2023 at 07:00 CET, and host a presentation at 08:00 CET.
The quarterly report and presentation will be made available on www.newsweb.no and www.nelhydrogen.com.
The presentation at 08:00 CET will be a virtual event, followed by a Q&A session.
Hopefully the results will lead to some improvement in the sp. I am well inthe red on this one.
The live presentation can be accessed on the company’s website nelhydrogen.com/quarterly-presentation/ or by following this link. Please make sure to register early. A recording of the presentation will be publicly available following the event.
Which looks like good news…so why is it dying on its ass these last few days.. -11% today. :-(
Nel ASA: Nel has selected Plymouth in Michigan for its next gigafactory
(September 26, 2023 - Oslo, Norway) Nel has selected Plymouth Charter Township, a suburb of Detroit, Michigan, as the location for its next gigafactory. Fully developed, the factory will be among the world’s largest electrode manufacturing facilities, with a total annual capacity of 4 GW Alkaline and PEM technology.
“Plymouth Charter Township is an ideal location for Nel. Here, we have access to a highly educated workforce, universities and research institutions, and we are close to our collaborating partner, General Motors. In addition, the Government and the authorities of Michigan have provided a very attractive financial support package for us,” says Nel’s CEO, Håkon Volldal.
The Michigan Strategic Fund (MSF) has today decided to support the project with a USD 10 million Michigan Business Development grant. The MSF board also approved a 15-year, 100% State Essential Services Assessment (SESA) Exemption Request, valued at up to USD 6.25 million to support the project. Nel has so far secured more than USD 50 million in support for its Michigan site. Pending approval of additional state and federal applications, this amount could increase to around USD 150 million.
“We are thrilled to welcome Nel Hydrogen and its new gigafactory to Southeast Michigan,” says the Governor of Michigan, Gretchen Whitmer.
“This investment will bring good-paying jobs to the region and build on our leadership in cars, chips, and clean energy. We know the best manufacturing in the world happens right here in our state, and we were proud to share our vision for a clean energy future during our economic mission to Europe earlier this year. We will continue to let the world know about our state’s attractive business climate, talented workforce, and commitment to clean hydrogen development as we work to bring these transformational investments home to Michigan,” says Whitmer.
The manufacturing facility in Plymouth will build on Nel’s fully automated electrolyser concept, which the company has developed at its production facility in Herøya, Norway. Similarly, the company’s expansion of the facility in Wallingford will play a critical role in creating a blueprint for scaling up the production of Nel’s PEM electrolysers.
The factory will be built in steps to match supply with demand. A final investment decision for constructing this facility has not been made yet.
If only that fool could either keep his mouth shut or be better educated, we’d see more days like with with H2. U.K. likely to get left behind once again- and us residents will be the ones to suffer!
Continued…
Our pipeline, consisting of increasingly larger projects, continues to mature. With size comes complexity, which we are confident will play out favourably for Nel as the need for competence and experience increases accordingly” says Håkon Volldal.
Nel will continue to add production capacity in-line with market demand. Michigan, US, was in the second quarter selected as the home state for Nel’s new electrolyser Gigafactory. The company is looking to build up to 4 GW of production capacity (in phases), split between PEM and alkaline. No final investment decision has been made yet.
For the Fueling division, revenues remained low in the second quarter due to limited order intake in previous quarters. However, the division received a record-big purchase order for 16 fueling stations to be deployed in California, US, driving the order backlog to NOK 493 million.
“The record size fueling contract from a quality US energy company is a testament to the positive development following the strategic changes made in our Fueling division, focusing on a few high-quality clients with a significant pipeline of projects” says Nel’s CEO, Håkon Volldal.
The second quarter 2023 report and presentation are enclosed and available on www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com. The presentation will be a virtual event only, followed by a Q&A session. The live presentation can be accessed on the company’s website www.nelhydrogen.com or by following this link. A recording of the presentation will be publicly available following the event.
Nel ASA: Second quarter 2023 financial results
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(July 18 - 2023, Oslo, Norway) Nel ASA (Nel, OSE:NEL) reported record-high quarterly revenues of NOK 475 million in the second quarter of 2023, up 159% from NOK 183 million in the same quarter of 2022. Order intake was NOK 428 million, up 81% year-on-year, positively impacted by the large fueling contract for 16 stations to be deployed in the US. At the end of the second quarter, the order backlog was at NOK 2 964 million, up 106% from Q2 2022. The cash balance was NOK 4 122 million at quarter end.
Quarterly highlights
Nel ASA (Nel) reported revenue and income in the second quarter 2023 of NOK 475 million, up 159% from the second quarter 2022 (Q2 2022: 183). All segments, Fueling, PEM electrolysers and alkaline electrolysers experienced strong growth compared to the same quarter last year.
Order intake in the quarter amounted to NOK 428 million (54% from electrolyser), up 81% from the same quarter last year (Q2 2022: 236).
At quarter end, Nel had an order backlog of NOK 2 964 million (83% related to electrolyser), up 106% from the second quarter of 2022, and in line with the previous quarter.
EBITDA of NOK -138 million (Q2 2022: -197) driven by high losses in Fueling, low margins on electrolyser projects signed in 2020/2021 and increased personnel expenses to prepare for large-scale project execution.
Net loss of NOK -342 million (Q2 2022: -275), mainly related to loss from operations and a net negative unrealised fair value adjustment from shareholdings of NOK -198 million. The same quarter last year had a net negative unrealised fair value adjustment from shareholdings of NOK -97 million.
Cash balance of NOK 4 122 million (Q2 2022: 3 646).
Subsequent to the quarter,
Received purchase order from Bondalti with a value of approximately EUR 11 million.
Received purchase order from Hyd’Occ with a value of approximately EUR 9 million.
Granted USD 5.6 million in funding from the U.S. Department of Defense.
The Electrolyser division reported a significant 202% increase in revenue compared to the same quarter last year, which was one of the first quarters of deliveries from Herøya. As volumes have increased, alkaline revenues have shown a substantial growth of 383% from the same period last year, while PEM was up 78% for the same period.
“We continue to see positive developments due to increased production volumes and revenues from contracts with significantly improved terms,” says Håkon Volldal, CEO of Nel.
Electrolyser projects are becoming increasingly larger and order intake is therefore expected to vary between quarters. However, overall demand is growing, and customers are increasingly looking towards suppliers with available capacity and a track record for delivering reliable, high-quality equipment.