Nel reiterates strong long-term outlook; reaffirms $1.5/kg target for green hydrogen production

Nel ASA today reiterated its strong long-term outlook and reaffirmed its target of producing green hydrogen at $1.5kg by 2025 in its fourth quarter of 2020 results.

The Norwegian hydrogen technology firm reported revenues of NOK 229.1m in the quarter, up NOK 175.9m in the same quarter of 2019.

Nel said its order backlog ended at approximately NOK 980m, up 90%, and the company holds more than NOK 2.3bn in cash.

“The fourth quarter was another busy period for Nel with several important project awards and the preparation of the technology roadmap supporting our new target of producing green hydrogen at USD 1.5 per kilo by 2025,” said Jon André Løkke, CEO of Nel.

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