(Oslo, 31 October 2017) Nel ASA ("Nel") reported revenues in the third quarter
of 2017 of NOK 111.7 million (Q3 2016: NOK 24.4 million), following the
integration of Proton OnSite and increased overall interest for integrated
hydrogen solutions. At the end of the quarter, the company had an all-time high
order backlog of approximately NOK 460 million.
"Nel experienced a satisfactory third quarter, following the integration of
Proton OnSite and a number of contract awards and project deployments that
provide a promising outlook for the company. Nel offers the full specter of
electrolyzers in terms of capacity and technology, and as experienced during the
quarter, we are well-positioned to support a growing market with both
electrolyzers and complete hydrogen refueling solutions," says Jon André Løkke,
Chief Executive Officer of Nel.
In the third quarter of 2017, Nel reported revenues of NOK 111.7 million, up
from NOK 24.4 million in Q3 2016. The underlying organic revenue growth was just
over 50 percent, excluding Proton Onsite, while on a like-for-like pro-forma
basis, the revenue growth was approximately 40 percent. The high activity level
within business development, investments and preparations for productions ramp
-up continues as planned. Also in the third quarter, the EBITDA was negatively
affected by the ramp-up costs and ended at NOK -10.5 million, when adjusting for
transaction costs related to the Proton acquisition and non-cash share options.
Nel's cash balance at the end of the third quarter was NOK 85.6 million. On 27
September, the company completed a private placement of 88,000,000 new shares at
a price of NOK 2.50 per share. The gross proceeds of NOK 220 million from the
private placement were transferred to the company after the closing of the
"The private placement was oversubscribed, with good interest from existing
shareholders and new, high-quality investors. Following the September private
placement, the company's current organic strategy and business plan is well
-funded", says Løkke.
During the third quarter, Proton OnSite received an additional order for an M
-Series, Megawatt scale, hydrogen electrolyzer from Guangdong Synergy Hydrogen
Power Technology Co. Ltd ("Synergy") in China. The order has a value of up to
USD 1.8 million, and is the fourth system under the previously announced
agreement between the two parties, a total value of more than USD 22 million and
13 MW of systems. The additional order confirms the partnership between
Nel/Proton, Synergy and the Guangdong province government.
The quarter further marked a strong start to Nel's hydrogen partnerships in
California, with a purchase order of USD 8.3 million on a combined PEM
electrolyzer and H2Station® fueling solution for SunLine Transit Agency
(SunLine), which will be the world's largest combined hydrogen production and
fueling facility currently being contracted. In addition, Nel received a second
purchase order of just over NOK 50 million under the previously announced
California framework contract with Shell. Delivery and installation is expected
to take place during 2018 for both orders.
"It has been an exciting third quarter that has highlighted how Nel and Proton
complement each other, both in terms of technology and market outreach. The new
contracts and repeat purchase orders received during the quarter showcase our
combined strength and cutting-edge technology solutions, " says Løkke.
At the end of the quarter, Nel had an all-time high order book of approximately
"The underlying project-development pipeline continues to grow, and the company
experiences a satisfactory activity level for its prospects and ongoing tender
processes. With an all-time high level of sales leads, both in traditional and
new markets, Nel is now working at further implementing synergies, targeting
continued technology leadership, global presence, cost competitiveness and being
the preferred partner for the hydrogen industry," says Jon André Løkke.
Nel will host a presentation at 08:00 CET at Hotel Continental in Oslo on
October 31, 2017. A live webcast of the call will also be available on the
company's website, www.nelhydrogen.com/webcast, and on
The third quarter 2017 report and presentation will be made available through
www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com
For further information, please contact:
Jon André Løkke, CEO, Nel ASA, +47 907 44 949
Bent Skisaker, CFO, Nel ASA, +47 468 21 693
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.