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.”

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