Press release

Nel ASA: Third quarter 2019 results

(Oslo, November 7, 2019) Nel ASA (“Nel”) reported all-time high revenues of NOK 148.9 million (116.0) in the third quarter of 2019, in line with company outlook, and an order backlog of NOK 575 million. The order backlog grew 58%, compared to the end of the third quarter of 2018, and Nel reiterates the strong market outlook.


“Nel experienced another busy quarter with a 28% topline growth, in line with company outlook, and a high level of new business development activities. In addition, the Nel team continued to build the solid pipeline of tenders and projects across segments and geographies. These initiatives contributed to another quarter of securing a record high backlog and together with a strong market outlook, this provide a solid foundation for 2020 and beyond”, says Jon André Løkke, Chief Executive Officer of Nel.

Nel reported revenues in the third quarter of 2019 of NOK 148.9 million, up from NOK 116.0 million in the corresponding quarter last year. The adjusted EBITDA was NOK -17.9 million, adjusted for non-recurring and other ramp-up costs, and the cash balance ended at NOK 651.0 million at the end of the third quarter.

"The quarter was characterised by not only the developments within industrial and heavy-duty applications, but also by the high interest in hydrogen electric solutions. An example is Korea with their national target of more than 300 hydrogen stations by 2022. We are encouraged by having received a total of ten purchase orders so far in 2019”, says Løkke.

The reported EBIT was NOK -48.4 million (-66.3) and the backlog grew to NOK 575 million, up 58% compared to the end of the third quarter in 2018, as Nel is positioned to benefit from markets with high activity and growth momentum. During the third quarter, Nel announced a purchase order for two H2Station® hydrogen fueling stations from HyNet, a separate purpose company established to establish 100 hydrogen fueling stations in Korea by 2022.


“The car industry has all eyes on the hydrogen electric developments, were the anticipated strong growth in fuel cell electric vehicles will spark the expansion of the fueling station networks in key markets like Korea, Japan, US and China. Leading car manufacturers unveiled major new hydrogen initiatives at the trade shows in Frankfurt and Tokyo and more models are expected from 2020 and beyond. Nel is well positioned to capitalise on these opportunities by being the technology front-runner with world class safety, cost leadership and a global presence. “


Nel will host a presentation at 08:00 CET at Hotel Continental in Oslo on November 7, 2019. A live webcast of the call will also be available on the company’s website,, and on


The third quarter 2019 report and presentation are enclosed and available through (Ticker: NEL) and



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