Nel ASA reports second quarter 2019 results

Nel ASA reports second quarter 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.

“The root cause of the incident was identified as an assembly error of a specific plug in a hydrogen in the high-pressure storage units with similar plugs. We are happy to announce that stations in Korea, Denmark, and largely in the US, are back in operation, while we are progressing well with the verification programme in Europe.”

Nel also received several important purchase orders in Q2 and the order backlog ended at an all-time high NOK 568m ($63m) at the end of the quarter.

After the closing of Q2, Nel announced a purchase order for two hydrogen fuelling stations for HyNet for the value of €2.7m.

Two new hydrogen stations for Korea

“Korea has a national target of more than 30 hydrogen stations by 2022 and we are encouraged by having received a total of ten purchase orders so far in 2019.”

“We are happy that the efforts we have put in through several years of good dialogue, good partnerships and establishing a local presence in Korea, is bearing fruit. We can safely say we have had a breakthrough in this dynamic and important market, and I’m very proud of what our team has accomplished so far,” Løkke concluded.

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