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NEL ASA: Third quarter 2015 results

(Oslo, 29 October 2015) NEL ASA ("NEL") reported EBITDA of NOK 2.3 million in the third quarter of 2015 on revenues of NOK 30.8 million. Through the recent acquisitions and private placements, the company has strengthened it´s strategic position to take part in the expected growth of the hydrogen market.

NEL had a pre-tax loss of NOK 1.5 million in the third quarter, compared to a pre-tax loss of 7.6 million in the second quarter of 2015. The loss in the second quarter included transaction costs of NOK 5.3 million related to the acquisition of H2 Logic A/S. Comparisons are made with the preceding quarter as the business transformation in 2014 makes comparisons to the third quarter of 2014 valueless.

Revenues in the third quarter were NOK 30.8 million, compared to 16.0 million in the second quarter. H2 Logic was not consolidated in the profit and loss figures in the second quarter, but is included in the third quarter. EBITDA was NOK 2.3 million in the third quarter, compared to zero in the second quarter, when adjusting for the H2 Logic transaction costs.

On a pro forma basis including H2 Logic, NEL would have had accumulated revenues of NOK 98.3 and adjusted EBITDA of 11.3 million for the first three quarters of 2015.

- In the third quarter, NEL acquired RotoLyzer, a compact water electrolyser that provides an ideal solution for hydrogen refuelling stations. This comes in addition to the acquisition of H2 Logic AS, an international leader within solutions for hydrogen refuelling stations. By combining NEL’s traditional business within hydrogen electrolyser and the acquired companies, NEL is positioned to take advantage of the major push in the hydrogen industry, as car manufacturers are now introducing fuel cell electric vehicles, says acting chief executive officer Lars Christian Stugaard in NEL ASA.

NEL’s cash balance at the end of the third quarter was close to NOK 225 million, following successful private placements in the second and third quarter.

For additional information, please contact:

Lars Christian Stugaard, acting chief executive officer, +47 47 63 05 22

About NEL

NEL ASA is the first dedicated hydrogen company on the Oslo Stock Exchange. Since its foundation in 1927, NEL Hydrogen has a proud history of development and continual improvement of hydrogen plants. NEL is global a supplier of hydrogen solutions, covering the entire value chain from hydrogen production technologies to hydrogen refuelling stations for fuel cell electric vehicles. H2 Logic A/S is a leading manufacturer of H2Station® hydrogen refuelling stations that provides fuel cell electric vehicles with the same fast fuelling and long range as conventional vehicles today.

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