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-96.2) following the global scale-up strategy to maintain the leadership
position in a market set to grow rapidly. The company had an order intake of NOK
418 million in the period ending the quarter with a record order backlog. The
addressable project pipeline doubled during the fourth quarter of 2021,
providing a strong long-term outlook.
“The fourth quarter concluded a year characterised by our massive scale-up to
maintain our leadership position in a market set to grow rapidly. During our
Capital Markets Day in January 2021, we outlined our growth strategy towards
2025 where investments in people and organization were key to target the all
-time-high pipeline of projects across the globe. In 2021 alone, we hired 114
new colleagues and have strategically expanded our cost-base and investments
ahead of the demand curve. With an addressable pipeline more than doubling to
USD 12 billion from the third quarter 2021, Nel is perfectly positioned with our
partners to execute on the opportunities,” says Jon André Løkke, Chief Executive
Officer of Nel.
Nel reported all time high revenues in the fourth quarter of 2021 of NOK 248.1
million (229.1) with an EBITDA of NOK -167.7 million. The reported operating
loss was NOK -196.7 million (-139.3), while the pre-tax loss ended at NOK -280.9
million (1 285.1) following the operating loss and a net negative unrealised
fair value adjustment from shareholdings of NOK 89.1 million. The backlog grew
25% and ended at record levels of approximately NOK 1.2 billion from the fourth
quarter of 2020, and the company holds over NOK 2.7 billion in cash.
The pipeline of potential orders continues to grow and stands at a record-high
amount of more than USD 12 billion. The pipeline represents more than 22 GW of
installed electrolyser capacity and over 1 000 projects.
"The projects are getting significantly larger, the customers will be more
diversified and the geographical market will broaden. Nel has scaled up to be
ready to accommodate this unprecedented pipeline and is effectively addressing
all growth segments with over 90 own employees developing the pipeline from
leads to execution, " Løkke adds.
Nel is leading the race towards fossil parity with the commencement of
production at Herøya, Norway, the world´s first and largest
fully automated electrolyser manufacturing facility. The plant is finished on
time and budget, and is running production at three shifts with new production
records every week. The company has initiated a site selection process for a
large PEM and alkaline facility in the US, with an ambition to develop a global
production capacity towards 2025 in the US, Europe and Asia.
“We have scalable solutions providing high quality and lower costs, are a
technology leader on both alkaline and PEM, and have a product portfolio
spanning from 2, 20, 200 and 800 MW hydrogen plants. With our leading technology
and capacity expansion capabilities, we are preparing to build production
facilities in the US, Europe and Asia totaling about 10 GW in 2025, pending the
market demand. With the record-high pipeline and our leadership position within
hydrogen technologies, we are well-positioned to be awarded significant
contracts in 2022 and we reiterate our strong long-term outlook,” Løkke
concludes.
EBITDA and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as a part of the APM section of the
fourth quarter 2021 report on page 24.
The fourth quarter 2021 report and presentation are enclosed and available
through www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com. Nel will host a
live pre broadcasted live at www.nelhydrogen.com and the event can also be
streamed at https://channel.royalcast.com/landingpage/hegnarmedia/20220216_5/.
The presenters will be Chief Executive Officer Jon André Løkke and Chief
Financial Officer Kjell Christian Bjørnsen. The presentation will be held in
English.
The presentation will be held at Hotel Continental, Oslo at 08:00 CET. The
presentation will be followed by Q&A based on submitted questions during the
call. As Covid-19 restrictions are lifted in Oslo, physical participation is
welcome.
ENDS
For further information, please contact:
Jon André Løkke, CEO, Nel ASA, +47 907 44 949
Kjell Christian Bjørnsen, CFO, +47 917 02 097
About Nel ASA | www.nelhydrogen.com
Nel is a global, dedicated hydrogen company, delivering optimal solutions to
produce, store and distribute hydrogen from renewable energy. We serve
industries, energy and gas companies with leading hydrogen technology. Our roots
date back to 1927, and since then we have had a proud history of development and
continuous improvement of hydrogen technologies. Today, our solutions cover the
entire value chain: from hydrogen production technologies to hydrogen fueling
stations, enabling industries to transition to green hydrogen, and providing
fuel cell electric vehicles with the same fast fueling and long range as fossil
-fueled vehicle, without emissions.
This information is subject to a duty of disclosure pursuant to Section 5-12 of
the Norwegian Securities Trading Act.
This information was issued as inside information pursuant to the EU Market
Abuse Regulation, and was published by Kjell Christian Bjørnsen, CFO at NEL ASA
on the date and time provided.
Kilde
