Nel reports Q2 2019 results

Nel reports Q2 2019 results

Nel has reported revenues of NOK 122.5m ($13.6m) for the second quarter (Q2) 2019, and an all-time high order backlog of NOK 586m.

Adjusted EBITDA of the quarter ended at NOK -26.3m (-2.9m), adjusted for non-recurring and other ramp-up costs, in addition to a provision of NOK 35m ($3.9m), net of estimated insurance coverage, related to the incident at the Kjørbo hydrogen station.

“Nel has an unwavering ambition: No incidents at sites with our technology. The Kjørbo incident was extremely serious and we deployed our full resources to resolve the situation,” said Jon André Løkke, CEO of Nel.

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