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corresponding divisions. Order intake was NOK 270 million, up 18% YoY from NOK
229 million. At the end of the quarter the order backlog was NOK 2 071 million,
down 13% YoY. The cash balance was NOK 2 228 million at quarter end, impacted by
the spin-off and separate listing of the Fueling division.
As the fueling division was spun out and separately listed in the second quarter
of 2024, its financial impact is now only reported under net income (loss) from
discontinued operations. Historical P&L numbers have also been restated.
Quarterly highlights
· Revenue from continuing operations in the second quarter 2024 was NOK 332
million, down 10% from the second quarter 2023 (Q2 2023: 371). Revenue was
negatively impacted by lower volume delivery of Alkaline electrolyser equipment
in the quarter.
· EBITDA in the quarter was NOK -79 million (Q2 2023: -69).
· Net loss from continuing operation was NOK -118 million (Q2 2023: -228). The
improvement from the same quarter last year was mainly explained by the same
quarter last year including NOK -166 million fair value adjustment from
shareholdings in Everfuel.
· Order intake in the quarter amounted to NOK 270 million, an 18% increase
from the corresponding quarter last year (Q2 2023: 229).
· Order backlog was NOK 2 071 million at the end of the quarter, down 13% from
the second quarter of 2023 and down 2% from the previous quarter.
· Cash balance was NOK 2 228 million at quarter end (Q2 2023: 4 122). Cash
balance was reduced by NOK 625 million connected to the spin-off of Cavendish
Hydrogen.
· Subsequent to the quarter, Nel received on July 1st a follow-on equipment
order of more than EUR 7 million.
Following the successful spin-off and listing of its former Fueling division as
Cavendish Hydrogen in June 2024, Nel once again became a dedicated electrolyser
company, solely focusing on making reliable and energy-efficient electrolysers,
a key enabler of the renewable energy transition.
“This is a natural consequence of our business strategy, which is to spend all
our resources on what we do best: making the most energy-efficient and reliable
electrolysers in the world,” says Nel’s President and CEO, Håkon Volldal.
“With this strategic move we are also taking a large step towards
profitability,” Volldal says.
Another significant event in the second quarter was the signing of the
Technology Licensing Agreement with India’s largest privately owned company,
Reliance Industries. With this agreement Reliance is allowed to manufacture
Nel’s atmospheric alkaline electrolysers for captive purposes globally and non
-captive purposes in India. Reliance and Nel will also collaborate on future
performance improvements and cost optimization through R&D, value engineering,
standardization, and modularization.
“I am extremely proud that Reliance, among all the world’s electrolyser OEMs,
has selected Nel as its partner. The combination of Nel’s technology leadership
and Reliance’s execution power will significantly improve the competitiveness of
this platform to the benefit of all Nel customers globally. Moreover, with this
agreement we expect to generate a very attractive revenue stream from a rapidly
growing market we would not have been able to access on our own,” says Volldal.
The second 500MW production line at the Herøya facility was completed and
commenced commercial operations in Q2 2024, bringing the total annual Alkaline
production capacity to 1 GW. Furthermore, the expansion program for the
company’s Wallingford facility, which aims to increase annual capacity from 50MW
to 500MW, remained on track.
The development of a next generation pressurized alkaline electrolyser is
progressing according to plan. Full-size electrodes were successfully tested at
Nel’s test centre in Notodden, Norway, in the first half of 2024. Nel will now
start the construction of a turnkey 6.25 MW prototype system in Herøya, Norway.
Development of the next-generation PEM electrolyser, in collaboration with
General Motors, is also progressing as scheduled.
The Alkaline segment reported an order backlog at the end of the quarter of NOK
1 689 million, up NOK 22 million from the previous quarter. Second quarter order
intake and backlog for Alkaline included agreed milestone payments under the
technology licensing agreement with Reliance. For the PEM segment the order
backlog ended at NOK 383 million, down NOK 75 million from the previous quarter
due to low order intake. In recent quarters Nel has secured several paid front
-end engineering design (FEED) studies for projects above 100 MW.
The second quarter 2024 report and presentation are enclosed and available on
newsweb.no (http://www.newsweb.no) (Ticker: NEL) and
nelhydrogen.com (http://www.nelhydrogen.com). The presentation will be a virtual
event only, followed by a Q&A session, and can be accessed on the company’s
website www.nelhydrogen.com/quarterly-presentation/ or by following this
link (Microsoft Virtual Events Powered by Teams
-db217bba473d@76311e5d-2c31-404e-a148-a4c38d285e9e). A recording of the
presentation will be made publicly available following the event.
ENDS
For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02 097
Wilhelm Flinder, Head of Investor Relations, +47 936 11 350
About Nel ASA | www.nelhydrogen.com
Nel has a history tracing back to 1927 and is today a leading pure play hydrogen
technology company with a global presence. The company specializes in PEM and
Alkaline electrolyser technology for production of renewable hydrogen. Nel’s
product offerings are key enablers for a green hydrogen economy, making it
possible to decarbonize various industries such as transportation, refining,
steel, and ammonia.
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
Wilhelm Flinder, Head of Investor Relations, at NEL ASA on the date and time
provided.
Kilde
