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Nel reports Q3 2020 results

Nel reports Q3 2020 results

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.”

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