Nel’s pause in alkaline electrolyser production at its Herøya facility drove a 44% year-on-year revenue decline in Q1 2025, with the Norwegian hydrogen firm posting a net loss of NOK 179m ($17.2m).
The company logged revenues of NOK 155m ($14.9m) in Q1, down from NOK 276m ($26.5m) the year prior, primarily due to the Herøya production halt, which caused its alkaline revenues to drop by 69%.
Nel paused production in Herøya and announced job cuts in January due to project delays and cancellations. In its Q3 2024 results, Nel reported a 97% drop in alkaline electrolyser orders.
This was slightly offset by a 64% increase in PEM revenues from containerised electrolyser sales.
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