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.
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