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Q2 Figures: Nel ASA Increases Turnover - EBITDA Negative - Growth Strategy Continues

Oslo, Norway - Nel ASA has presented its figures for the second quarter of 2022. The hydrogen company was able to increase sales significantly, EBITDA decreased compared to the same quarter last year.

Nel ASA achieved sales of NOK 183 million (EUR 18.5 million) in Q2 2022, up 12 per cent from NOK 164 million (EUR 16.6 million) in Q2 2021. The reason for the increase in sales is the scheduled increase in deliveries of electrolyser systems, Nel ASA said. However, analysts had expected significantly higher sales of NOK 245 million (24.8 million euros). Order intake in the second quarter was NOK 236 million (€23.9 million), up 61 per cent year-on-year (Q2 2021: NOK 147 million / €14.9 million). At the end of the quarter, the order book has grown to its highest level ever, NOK 1.439 billion (145.6 million euros). Compared to Q2 2021, this is an increase of 33 per cent and compared to Q1 2022, this is an increase of 12 per cent.

Operating profit before depreciation and amortisation (EBITDA) decreased significantly in Q2 2022 compared to the same quarter last year to a negative NOK 197 million (-€19.9 million) (Q2 2021: NOK -120 million / -€12.15 million). According to Nel ASA, this is due to the company's continued expansion as part of its growth strategy and the associated impact on profitability.

Second production line for electrolysers to strengthen Nel's leading role

The Nel ASA board is positive about the company's further development. This is helped by the recent successes the company has achieved and reported in the third quarter now underway.

These include a record order for the delivery of electrolysers with a capacity of 200 megawatts (MW). The order is a firm contract worth over €45 million. Production of the stacks is planned from February 2023 to mid-2024 at Nel's electrolyser production facility on Herøya. Depending on an ongoing technical study, Nel could also be given the opportunity to supply additional equipment for the project.

Nel has now announced its decision to build a second electrolyser production line at the Herøya site, resulting in a total capacity of approximately 1,000 MW. "The expansion means that Nel is strengthening its position as a global frontrunner for development and industrialization of green hydrogen technology", Nel CEO Håkon Volldal said of the investment decision.

Nel also reported an order from an unnamed European customer for several hydrogen refuelling stations with an order volume of around 8 million euros. The H2Station™ units will be used for refuelling light and heavy fuel cell vehicles.



Source: IWR Online, 12 Aug 2022