Nel ASA: First Quarter 2019 Results
(Oslo, May 8, 2019) Nel ASA ("Nel") reported revenues in the first quarter of
2019 of NOK 122.4 million, up from NOK 112.5 million in the first quarter of
2018, representing a growth of 9%. Nel has received several important purchase
orders ("PO's") during 2019, has an all-time high pipeline and reiterates the
strong market outlook.
"Nel has a solid order intake so far in 2019, reflecting the attractive market
opportunities provided by our leading technology across segments. The order for
a 4.5 MW alkaline electrolyzer solution from Hybrit is an important example on
how we're working to develop next generation electrolyzer technology for
industrial applications. The solution will be used for a pilot which aim is to
create a fossil free steel production for the future. Coupled with our focus on
ongoing technology development to accommodate the fast-growing heavy-duty
segment, we are well positioned for what lies ahead for new and existing
hydrogen markets, " says Jon André Løkke, Chief Executive Officer of Nel.
In the first quarter of 2019, Nel reported revenues of NOK 122.4 million,
compared to NOK 112.5 million in the same quarter of 2018. The Fueling segment
experienced a positive development during the quarter with a growth of 40
percent. The adjusted EBITDA ended at NOK -20.1 million (-15.8), adjusted for
non-recurring and other ramp-up costs of NOK 14.7 million.
The reported EBIT was NOK -52.0 million (-31.9) and the cash balance ended at
NOK 743.2 million at the end of the first quarter following the successful
private placement of 84 906 560 new shares. The net proceeds will be used for
continued investment in development, innovation and technology, in addition to
improve Nel's positioning to benefit from markets with high activity and growth
momentum. The cash balance does not include the NOK 68 million in gross proceeds
from the subsequent offering.
Nel has received several purchase orders in 2019. The order backlog ended at NOK
406 million at the end of the quarter and Nel has added close to NOK 200 million
in new orders primo May 2019. After the closing of the quarter, Nel received a
purchase order for a 4.5 MW alkaline electrolyzer solution from Hybrit
Development AB, a joint venture owned by SSAB, LKAB and Vattenfall. The steel
industry is currently one of the highest carbon emitting industries, accounting
for up to 7% of global CO2-emissions. If successful, the Hybrit project can lead
to a reduction of Sweden's CO2 emissions by 10% and will consume approximately
15 TWh of fossil-free electricity.
"Being chosen to supply electrolyzers to the first phase of the Hybrit project
is a true honor. It's encouraging to see the partners behind Hybrit leading the
way in the effort to decarbonize the steel industry; one of the most CO2
-intensive industries globally today. The market potential is massive and the
total potential for CO2-free steel is around 3x that of ammonia. Nel holds the
pole-position for these future markets", says Løkke and concludes:
"The interest in hydrogen solutions continues to be at all-time-high with large
opportunities ahead and we´re constantly optimizing between current business and
longer-term strategic positioning. We reiterate our strong market outlook by
maintaining a leadership position with a global presence, cost leadership and a
preferred-partner status for industry participants."
Nel will host a presentation at 08:00 CET at Hotel Continental in Oslo on May 8,
2019. A live webcast of the call will also be available on the company's
website,
www.nelhydrogen.com/webcast, and on
https://webtv.hegnar.no/presentation.php?webcastId=97815232.The first quarter 2019 report and presentation are enclosed and available
through
www.newsweb.no (Ticker: NEL) and
www.nelhydrogen.comENDS
For further information, please contact:
Jon André Løkke, CEO, Nel ASA, +47 907 44 949
Bent Skisaker, CFO, Nel ASA, +47 468 21 693
About Nel ASA |
www.nelhydrogen.comNel 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. Since its
origin in 1927 as part of Norsk Hydro, Nel has a proud history of development
and continuous improvement of hydrogen plants. Our hydrogen solutions cover the
entire value chain from hydrogen production technologies to manufacturing of
hydrogen fueling stations, providing all fuel cell electric vehicles with the
same fast fueling and long range as conventional vehicles today.