Member Info for Gardner

Recently, Nel signed a technology licensing agreement with India’s largest private corporation, Reliance Industries. Through this agreement, Nel will gain access to a rapidly growing market and cater to Reliance’s captive demand for electrolysers globally. Nel has also partnered with a handful of Engineering Procurement and Construction (EPC) companies to offer turnkey 100 MW building blocks. These will be available on the market shortly.

Gigawatts of annual production capacity

During the last year, Nel has taken large steps to prepare the company for further growth. The annual production capacity at the fully automated electrode manufacturing facility in Herøya, Norway, has doubled from 500 MW to 1 GW. In addition, Nel is scaling up its annual production capacity to 500 MW at its PEM manufacturing facility in Wallingford, Connecticut. As in Herøya, all major production steps at the Wallingford facility will be automated. Moreover, several production processes previously carried out by subcontractors will be insourced and optimized. The company has also secured about USD 170 million in support from the US Department of Energy and the state of Michigan for its planned gigafactory in Detroit, where Nel will manufacture next-generation PEM and pressurized alkaline electrolysers.

The company’s first quarter 2024 results showed that Nel is on the right path toward black numbers, and the alkaline division achieved an important milestone, reaching a positive EBITDA.

“Our revenues and EBITDA continue to improve, showing that the business model works with scale,” Volldal said when he presented the results.

The Oslo Stock Exchange has today approved Cavendish's application for Listing, conditional on, inter alia, Cavendish obtaining a minimum of 500 shareholders, each holding shares with a value of at least NOK 10,000, and having a free float of the shares of at least 25%. Nel and Cavendish expect that these conditions will be fulfilled through the distribution of the shares in Cavendish to the shareholders in Nel as further described below.

The Listing is expected to occur on or about June 12, 2024, subject to timely publication of a listing prospectus to be approved by the Financial Supervisory Authority of Norway, and satisfaction of the conditions for the Listing set by the Oslo Stock Exchange. No assurance can be given that the conditions for Listing will be satisfied in time or at all.

The Board of Directors of Nel has today resolved a distribution of dividend in kind of up to 33,618,145 shares in Cavendish ("Cavendish Shares") held by Nel, to the shareholders of Nel as of close of trading on the Oslo Stock Exchange on June 7, 2024 (and being registered as such in the Central Securities Depository Euronext Securities Oslo ("VPS") as of close of business on June 11, 2024 (the "Record Date"), pursuant to VPS' standard two days' settlement procedure. Shareholders of Nel will receive one Cavendish Share for every 50 shares held in Nel as of the Record Date, with rounding to the nearest whole share. Nel's 418,033 treasury shares will not be eligible for the distribution. Completion of the distribution is subject to satisfaction of the conditions for Listing set by the Oslo Stock Exchange.

Any Cavendish Shares that are not distributed due to downward rounding will be kept by Nel. Since fractions of shares represent a small value compared to the cost of distributing cash compensation for such fractions, these will not be compensated through cash payments to the affected shareholders. The Cavendish Shares are expected to be delivered to the VPS accounts of the relevant Nel shareholders on or about June 12, 2024. The distribution will be regarded as repayment of paid in capital by the shareholders of 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, and Wikborg Rein Advokatfirma AS is acting as Nel and Cavendish' legal counsel. Advokatfirmaet Thommessen AS is acting as legal counsel to the Managers.

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.

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.

This may be of interest, though not new.

I did read a while ago that when gas was made from coal it contained about 23% hydrogen.

https://eandt.theiet.org/content/articles/2021/01/gas-companies-share-blueprint-for-uk-s-hydrogen-economy/

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.

Nel ASA: Receives purchase order for 40 MW electrolyser equipment from Bondalti

(July 17, 2023 - Oslo, Norway) Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), has signed a contract for 40 MW of alkaline electrolyser equipment for about EUR 11 million with Bondalti for its first phase of the H2 Enable project in Estarreja, Portugal.

"We continue to experience good momentum for our electrolysers, and we are happy to partner with a quality company such as Bondalti, an exciting client committed to decarbonisation”, says Nel’s CEO, Håkon Volldal.

Bondalti is the largest company in the Portuguese chemical industry. The electrolyser plant, which is aimed to commence production in the beginning of 2026, will inject green hydrogen into the natural gas grid, supply long-haul transport and cater for Bondalti’s own hydrogen demand for chemical processes.

The client’s strategic objectives include a significant incorporation of green hydrogen into its value chain, with the aim of decarbonising current operations and, at the same time, contributing towards the climate and energy targets established at European level, specifically those of the “Fit for 55” initiative for the chemicals sector.

“Our commitment to decarbonisation is not new, we already incorporate 40% of renewable energy in our operations, and this value will be 100% by 2030. The H2 Enable project is another main milestone for the reduction of the carbon footprint in the Estarreja Chemical Complex, as well as a major contribution to decarbonize other hard-to-abate sectors”, says Bondalti’s COO, André de Albuquerque.

This is a firm purchase order for alkaline stacks. Wood has been contracted as EPC for the FEED study. The electrodes will be produced in the Herøya facility in Norway, the world’s first fully automated electrolyser production line.

Nel ASA: Receives purchase order for 20 MW electrolyser equipment from Hyd’Occ

(July 14, 2023 - Oslo, Norway) Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), has signed a contract for 20 MW of alkaline electrolyser equipment for about EUR 9 million with Hyd’Occ for its project in Port-La-Nouvelle, France. Nel has already performed and delivered the front-end engineering and design (FEED) study on the project.

The 20 MW electrolyser will supply renewable hydrogen to local industry and transportation in southern France. Port-La-Nouvelle, where the electrolyser will be located, is expected to be a significant hub for hydrogen flows in the Mediterranean.

Hyd'Occ is backed by Qair, a leading French renewable energy and hydrogen producer, as the primary shareholder and developer, and AREC Occitanie the regional agency for energy transition (held by the Occitanie administrative region), as minority shareholder.

“We are thrilled to announce our collaboration with Hyd'Occ on this pivotal project in France, where our business footprint has been relatively modest so far. The project holds great potential for Nel being in one of the Mediterranean's future hydrogen hubs”, says Hans Hide, Chief Project Officer at Nel.

“We are pleased to count on Nel’s support in the development of the first high-capacity hydrogen production unit in France. This collaboration takes us a step further in making concrete the hydrogen ecosystem of the future” says Guirec Dufour, Chief Executive Officer at Qair France.

This is a firm purchase order for alkaline stacks and balance of stacks. The stacks are planned to be delivered to the client around year-end 2023. Nel will assist the client in the project's installation, commissioning, and start-up.

Nel ASA: Invitation to presentation of Q2 2023 results

(July 11, 2023 – Oslo, Norway) Nel ASA (Nel, OSE:NEL) will publish its second quarter 2023 report on 18 July 2023 at 07:00 CET, and host a presentation at 08:00 CET.

The presentation will be a virtual event, followed by a Q&A session.

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.

The report and presentation will be made available on www.newsweb.no and www.nelhydrogen.com.

Nel ASA: Receives additional funding from US Department of Defense, Engineer Research and Development Center- Construction Engineering Research Laboratory (ERDC-CERL)

(July 8, 2023– Oslo, Norway) Reference made to the press release dated October 4, 2022. Nel Hydrogen US, a subsidiary of Nel ASA (Nel, OSE: NEL), has been granted an additional USD 5.6 million in funding from the US Department of Defense (DoD) for accelerating advanced PEM electrolyser stack development, to enable low-cost hydrogen storage and resiliency applications, in collaboration with the Engineer Research and Development Center- Construction Engineering Research Laboratory (ERDC- CERL).

The purpose of the overall program is to accelerate low-cost electrolyser development with the aim to reduce both operating and capital costs. The additional funds will be leveraged for scale up of advanced materials and processes.

“We are excited to build on our existing program with ERDC-CERL to advance PEM electrolyzer technology” says Kathy Ayers, Vice President, Research and Development at Nel.

Nel ASA: Receives purchase order for 16 hydrogen fueling stations to California

(June 29, 2023 – Oslo, Norway) Reference made to the press release issued on December 20, 2022, regarding a Capacity Reservation Agreement (CRA). Nel Hydrogen Inc., a subsidiary of Nel ASA, (Nel, OSE:NEL) has now received a firm purchase order from the undisclosed US energy company for delivery of 16 hydrogen fueling stations to be deployed in California, US.

The total value of the purchase order is about USD 24 million, including the previously announced Capacity Reservation Agreement fee of about USD 7 million. The increase in total contract value from the CRA announcement in December relates to the inclusion of installation assistance and commissioning services, as well as service and maintenance agreements.

“We look forward to providing our hydrogen fueling equipment to this important client and contributing to the deployment of hydrogen fueling infrastructure in the US", says Robert Borin, Senior Vice President, Nel Fueling Division.

“This contract reflects a significant commitment to hydrogen in general, and to Nel in particular," says Håkon Volldal, CEO. "This record-size contract is a game changer for our Fueling division, amplifying the positive momentum throughout the entire Nel organization as we continue to execute our bigger-better-focused strategy".

Expected delivery of the first fueling equipment is scheduled in Q4 2023. In addition, Nel has entered into a framework agreement with the customer covering potential future purchase orders for fueling equipment.

This technology is critical in helping bring down costs, while also creating a more sustainable hydrogen supply,” he says.

When fully developed, the Michigan facility will have a production capacity of up to 4GW of Alkaline and PEM electrolysers. Going forward, Nel will build on its fully automated Alkaline manufacturing concept invented at Herøya in 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 PEM electrolysers.

Nel’s PEM electrolysers have been developed through decades of support from the US Department of Energy.

“Nearly two decades of research investment through the Department of Energy’s Hydrogen and Fuel Cell Office has led to technological advances that will now be transitioned to gigawatt scale in our Michigan facility”, says Volldal.

The factory will be built in steps to match supply with demand. A final investment will require a separate decision.

Sorry, seems like that link will not open so I will copy the release here.

(May 3 - 2023, Oslo, Norway) Today, Nel announced its plans to build a new automated gigawatt electrolyser manufacturing facility in Michigan. When fully developed, the facility will employ more than 500 people and be among the largest electrolyser manufacturing plants in the world.

The announcement was made at the SelectUSA Investment Summit in Washington with Department of Commerce Secretary Gina Raimondo, and the Governor of Michigan, Gretchen Whitmer.

“We’re thrilled to bring home up to $400 million in investment from Nel Hydrogen creating more than 500 good-paying, clean energy jobs right here in Michigan,” says Governor Whitmer.

“Earlier this year, I went on an economic mission to Europe to show the world what Michigan has to offer, and as a result of our efforts on the trip, we secured an investment from Nel to continue building on our leadership in cars, chips, and clean energy. As a major player in all three of these sectors, Michigan is serious about leading hydrogen development and winning today’s investment proves that the best manufacturing in the world happens right here in Michigan.” she says.

Over the past year, Nel has assessed a wide range of states for the location of its new manufacturing facility, and the company has now concluded that Michigan is the best option.

“The choice of Michigan is based on an overall assessment of what the state can offer in terms of financial incentives, access to a highly skilled workforce, and cooperation with universities, research institutions, and strategic partners. I will also highlight the personal engagement from Governor Whitmer and her competent and service-minded team”, says Nel’s CEO, Håkon Volldal.

Volldal emphasizes that the short distance to General Motors, headquartered in Detroit, has played a decisive role in the choice of state. The two companies collaborate to develop further and improve Nel’s PEM electrolyser technology.

“Having Nel’s new facility close to our home base of HYDROTEC development, in southeastern Michigan, will help us more quickly accelerate our electrolyzer collaboration,” says GM executive director of HYDROTEC Charlie Freese.

https://news.cision.com/nel-asa/r/nel-plans-gigafactory-in-michigan,c3763278

“Nel is observing a constant increase in interest and potential opportunities within the hydrogen industry. Our pipeline continues to improve and mature, and we continue to secure large-scale contracts. As a result, we shall keep on investing in the organization, improving our technology platforms, and scaling manufacturing capacity,” says Volldal.

The construction of Nel’s second production line at Herøya is progressing according to plan, bringing the total production capacity to 1 GW. In addition, the company is preparing to automate its PEM electrolyser technology's production process, and expand to ~500 MW manufacturing capacity at its facility in Wallingford, Connecticut.

Furthermore, the site selection process for Nel’s new gigawatt Alkaline and PEM manufacturing facility in the US is now in its very final stage, and the company will shortly communicate in which state this factory will be located.

The first 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.

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April 27, 2023 – Oslo, Norway

Nel ASA: First quarter 2023 financial results

(April 27 - 2023, Oslo, Norway) Nel ASA (Nel, OSE:NEL) reported revenues of NOK 359 million in the first quarter of 2023, up 68% from NOK 213 million in the same quarter of 2022. Order intake was NOK 580 million, up 105% year-on-year, positively impacted by purchase orders from HH2E (EUR 34 million) and HyCC (EUR 12 million). At the end of the first quarter, the order backlog was NOK 2 913 million, up 126% from Q1 2022. The cash balance was NOK 4 621 million at quarter end.

Quarterly highlights

Nel reported revenue and operating income in the first quarter of 2023 of NOK 359 million, up 68% from the first quarter of 2022 (Q1 2022: 213). 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 580 million (96% from electrolyser), up 105% from the same quarter last year (Q1 2022: 283).
At quarter end, Nel had a record high order backlog of NOK 2 913 million (88% related to electrolyser), up 126% from the first quarter of 2022 and up 12% compared to the previous quarter.
EBITDA of NOK -121 million (Q1 2022: -152) driven by high losses in Fueling, low margins on electrolyser projects signed in 2020/2021, and increased personnel expenses to prepare for large-scale projects.
Net loss of NOK -192 million (Q1 2022: 84), mainly related to loss from operations and a net negative unrealized fair value adjustment from shareholdings of NOK -76 million. The same quarter last year had a positive unrealized fair value adjustment from shareholdings of NOK 270 million.
Cash balance of NOK 4 621 million (Q1 2022: 3 940) following a successful private placement during the quarter which raised NOK 1 609 million in gross proceeds.
Nel had a good start to 2023 with robust growth for its Electrolyser division compared to the previous year’s first quarter. The production volumes at the company’s manufacturing facility at Herøya in Norway are increasing, and the company received two large purchase orders for its alkaline electrolyser equipment. The new contracts followed a solid second half of 2022, with the company improving terms and conditions on significantly larger contracts.

“Our results are improving as a consequence of increased production volumes and the fact that better margins on our newest contracts have started to impact our financial results,” says Nel’s CEO, Håkon Volldal.

At quarter-end, the cash balance was NOK 4 621 million (Q1 2022: 3 940) following a successful private placement on 6 March 2023. The capital raise puts Nel in a solid financial position as the company is committed to capitalizing on its position as a technology frontrunner.

Volldal says Nel will continue to invest in the organization, in technology development, and in scaling up the production capacity.

“Nel is observing a constant increase in