(Oslo, 15 February 2017) Nel ASA (Nel) reported revenues in the fourth quarter
2016 of NOK 50.6 million, compared to NOK 35.6 million in the same quarter in
2015. The company is on-track and well-positioned for the Californian market,
both related to fueling stations and renewable hydrogen production.
"The fourth quarter was a strong period for Nel, with record high revenue
growth, cash preservation and high business development activity in different
key markets. We see increased interest in the field of hydrogen from multiple
markets far outside our home base, and believe we are well positioned to take
advantage of these opportunities", says Jon Andrè Løkke, Chief Executive Officer
of Nel.
In the fourth quarter of 2016, Nel reported revenues of NOK 50.6 million, up
from NOK 35.5 million in the same quarter in 2015, representing the strongest
quarterly performance in 2016. The operating earnings were impacted by the full
2016 non-cash costs related to the company ?s stock option- and share incentive
program of NOK 10.2 million, resulting in a negative EBIT of NOK 16.0 million (
-5.4). The cash balanced increased NOK 1.8 million to NOK 225.5 million during
the quarter.
"The underlying project-development pipeline is strong, and the company
continues to experience a high activity level for its prospects and ongoing
tender processes. We are well-positioned for the Californian market, both
related to fueling stations and renewable hydrogen production", says Løkke.
The Energy Commission in California is expected to announce the Grant Funding
Opportunity (GFO) in the first quarter of 2017. The full GFO award is likely to
cover around 20 stations, to be installed and developed in 2017 and 2018.
"Nel has both a direct and indirect market penetration strategy for California,
were our US subsidiary Everfuel has applied directly for funding. In addition,
we are offering our H2Station technology to other GFO applicants which have
included our equipment into their proposals. California also represents an
opportunity within hydrogen production, as 33 percent of the hydrogen must be
renewable, compared with today's situation with no TRUE renewable hydrogen
available in this market", says Løkke.
Within renewable hydrogen production, Nel and SunPower Corp. have entered into a
framework agreement to develop solar based renewable hydrogen facilities in
California, US. The parties are exploring an initial facility in Davis,
California, but are also looking at other locations. The target is to market low
cost renewable hydrogen from the site at a price of around 4 USD/kg.
The presentation will be broadcast live at www.nelhydrogen.com/webcast and can
also be viewed at http://webtv.hegnar.no/presentation.php?webcastId=45446527
The fourth quarter 2016 report and presentation will be made available through
www.newsweb.no and www.nelhydrogen.com.
ENDS
Further information:
Jon André Løkke, CEO, +47 9074 4949
Bent Skisaker, CFO, +47 4682 1693
About Nel ASA | www.nelhydrogen.com
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.