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ended at approximately NOK 940 million and the company holds approximately NOK
2.5 billion in cash. Nel reiterates the strong long-term outlook.
“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 continuous to build the organization and capabilities to
leverage on these opportunities going forward,” says Jon André Løkke, Chief
Executive Officer of Nel.
Nel reported revenues in the third quarter of 2020 of NOK 147.7 million (148.9)
with an EBITDA of NOK -42.1 million. The reported EBIT was NOK -116.3 million (
-48.4), while the pre-tax loss ended at NOK -628.6 million (-34.3) following a
negative fair value adjustment of Nel´s shareholding in Nikola Corporation of
NOK 513.3 million. The backlog was approximately NOK 940 million at the end of
the quarter, up 60% from the end of the third quarter last year, and the company
holds NOK 2.5 billion in cash.
“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 organization, and
experience an increased importance of being a financially strong counterpart,
especially for larger projects,” Løkke comments.
After the closing of the quarter, Everfuel successfully completed a private
placement with gross proceeds of NOK 290 million, valuing Everfuel to NOK 1
610.4 million at the offer price of NOK 22. Everfuel was subsequently listed on
Merkur Markets and Nel has a shareholding of 16.86% of the company after the
private placement. Nel also announced a letter of intent (LoI) with Statkraft
for the delivery of 40 - 50 MW of alkaline electrolysers to support green steel
production by Celsa at Mo Industripark in Norway, and announced that Nel has
been selected by Iberdrola as a preferred supplier for a 20 MW PEM system to
support green fertilizer project in Spain.
“Through our electrolyser scale-up program we have not only identified ways to
manufacture our alkaline electrolysers more efficiently, we have also identified
a number of measures which can be implemented to improve the electrolyser
performance even beyond today’s industry leading standard. We have also worked
on larger scale solutions for our PEM platform, and there is no better way of
demonstrating such improvements than through realizing actual large-scale
projects,” says Jon André Løkke, and concludes:
“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 normalizes.
We remain confident in the long-term potential for the industry and reiterate
the strong outlook.”
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
third quarter 2020 report on page 25.
The third quarter 2020 report and presentation are enclosed and available
through www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com. Nel will host an
open investor presentation 08:00 CET at Hotel Continental, Stortingsgaten 24/26,
Oslo, Norway, and the presentation will be broadcasted live at
www.nelhydrogen.com and can also be streamed at
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20201105_1. The
presenter will be Jon André Løkke, CEO, and the presentation will be held in
English.
Due to Covid-19 restrictions, the number of participants that can attend the
physical presentation will be limited. If you would like to attend the physical
presentation in person, registration is still possible by email to
OsloOffice@nelhydrogen.com.
An online question and answer-session aimed at the analyst community will be
held on 5 November at 15:30 CET at https://bit.ly/35CCosW.
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.
Kilde
