(Oslo, 25 August 2016) Nel ASA (Nel) reported revenues in the second quarter of
NOK 13.5 million, reflecting the fluctuating nature of Nel's project business,
as well as initiation of certain projects being postponed to the second half of
2016. The underlying project pipeline is strong and Nel has submitted a proposal
for the fourth quarter allocation of the governmental hydrogen program in
California.
"The second quarter was a busy period for Nel. We have introduced the next
generation fueling station, the CAR-200, with orders already being placed by
leading European customers. We also recently announced the new Nel C-range
containerised turn-key electrolyser solution, setting the benchmark for hydrogen
production efficiency and footprint. The establishment of Nel Hydrogen Solutions
business area enhances market opportunities across the group, initiatives are
already yielding results, and Nel is positioned at the forefront of a rapidly
growing hydrogen industry", says Jon Andrè Løkke, Chief Executive Officer of
Nel.
In the second quarter of 2016, Nel reported revenues of NOK 13.5 million (Q2'15:
MNOK 16.0), reflecting the fluctuating nature of the company's project business,
as well as initiation of certain projects being postponed to the second half of
2016. EBITDA ended at NOK -14.0 million (-5.3), impacted by the high activity
level within business development in new markets, investments, and preparation
for production ramp-up. Nel's cash balance at the end of the second quarter was
NOK 265.9 million, up from NOK 152.2 million at the end of the second quarter in
2015.
"Nel is a pure play hydrogen company with market leading technology, a strong
management team, a solid balance sheet, and is positioned to play a leading role
in a fast-moving industry. The underlying project development pipeline is strong
and the company experiences a high activity level in ongoing tender processes,"
says Løkke.
In California, the Energy Commission has doubled the Governmental Grant
Opportunities (GFO) hydrogen program to USD 33 million, with a target to reach
100 hydrogen fueling stations by 2020.
"Nel is taking both a direct and an indirect approach to the important
California market, leveraging on delivering leading hydrogen technology.
California represents an important opportunity for Nel as 33 percent of the
hydrogen must be renewable, today hardly any hydrogen is made from renewables.
We have submitted our California funding proposal and look forward to the
governmental allocation that should take place during the fourth quarter of
2016, " says Jon André Løkke.
The presentation will be broadcasted live at www.nel-hydrogen.com/webcast and
can also be viewed at http://webtv.hegnar.no/presentation.php?webcastId=36902334
The second quarter 2016 report and presentation will be made available through
www.newsweb.no and www.nel-hydrogen.com.
ENDS
For additional information, please contact:
Jon André Løkke, CEO, +47 90 74 49 49
About Nel
Nel is a global, dedicated hydrogen company, delivering optimal solutions to
produce, store and distribute hydrogen from renewable energy. We serve
industries, energy and gas companies with leading hydrogen technology. Since its
foundation in 1927, Nel has a proud history of development and continual
improvement of hydrogen plants. Our hydrogen solutions cover the entire value
chain from hydrogen production technologies to manufacturing of hydrogen fueling
stations, providing all fuel cell electric vehicles with the same fast fueling
and long range as conventional vehicles today. www.nel-hydrogen.com