Nel ASA has reported its third quarter (Q3) 2020 results, highlighting revenues of NOK 147.7m (€13.5m).
The Norwegian company reported adjusted EBITDA for the quarter of NOK -42.1m (€-3.8m) and order backlog of approximately NOK 940m (€86.3m).
Jon André Løkke, CEO of Nel, said, “The markets in which we operate continue to show high activity and strong growth momentum, in addition to significant governmental interest for developing green energy infrastructure and industries post Covid-19.”
“While our short-term operations, production and installations are affected by the pandemic, with the financial performance in the third quarter in line with our outlook, the adoption of green hydrogen and industrial hydrogen applications continues to accelerate.”
“Nel targets to have a strong financial position to execute on our strategic plans. We want to maintain and strengthen our leading position in a growing market through accelerated investments in technology and organisations and experience an increased importance of being a financially strong counterpart, especially for larger projects.”
After the closing of the quarter, the company also announced a letter of intent with Statkraft for the delivery of alkaline electrolysers, as well as a partnership with Iberdrola, through which it will be a preferred supplied of PEM systems.
Løkke added, “Nel remains committed to our growth strategy and has taken on additional employees and costs to prepare for future growth. Nel holds the workforce largely intact to maintain the momentum when the Covid-19 situation normalises. We remain confident in the long-term potential for the industry and reiterate the strong outlook.”