Nel ASA reports Q1 2019 results

Nel ASA has reported revenues in the first quarter (Q1) of NOK 122.4m ($14m), up from NOK 112.5m ($13.8m) in Q1 2018, representing a growth of 9%.

“Nel has a solid intake so far in 2019, reflecting the attractive market opportunities provided by our leading technology across segments. The order for a 4.5MW alkaline electrolyser solution from Hybrit is an important example on how we’re working to develop next generation electrolyser technology for industrial applications,” said Jon André Løkke, CEO of Nel.

“The solution will be used for a pilot which aim is to create fossil free steel production for the future. Coupled with our focus on ongoing technology development to accommodate the fast-growing heavy-duty segment, we are well positioned for what lies ahead for new and existing hydrogen markets.”

The fuelling segment experienced a positive development during Q1 with a growth of 40%. The adjusted EBITDA ended at NOK -20.1m (-$2.29), adjusted for non-recurring and other ramp-up costs of NOK 14.7m ($1.7m).

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