Untitled

number one by nature

2021

ANNUAL

REPORT

The publication can be downloaded on

nelhydrogen.com

Title:

Annual report 2021

Published date:

22 March 2022

info@nelhydrogen.com

+47 23 24 89 50

Karenslyst allé 49, PB 199 Skøyen,

0212 Oslo, Norway

Table of contents

Annual report 2021

1 Letter from CEO .................................................................................... 5

2 Member of the board ............................................................................ 9

3 Management ......................................................................................... 10

4 Report from the Board of Directors ..................................................... 13

4,1 Financial development ................................................................ 16

4,2 Environment, Social and Governance reporting ........................ 29

4,3 Risks and opportunities ............................................................... 46

4,4 Outlook ......................................................................................... 47

5 Board of Directors’ report in relation to the

Norwegian code of practice for corporate governance ..................... 50

6 Consolidated financial statements 2021 Nel group ........................... 56

6,1 Notes to the consolidated financial statements ........................ 64

7 Parent company financial statements ................................................ 120

7,1 Notes to the parent company financial statements .................. 128

8 Alternative performance measures .................................................... 145

9 Auditor’s report ..................................................................................... 146

“The alarm bells are deafening, and the evidence is

irrefutable: greenhouse gas emissions from fossil fuel

burning and deforestation are choking our planet and

putting billions of people at immediate risk”.

These words belong to the UN Secretary-General

António Guterres and were uttered when the

Intergovernmental Panel on Climate Change (IPCC)

published its report on climate change in September

last year. Guterres also called the report, “A code red for

humanity”.

The message is clear and alarming. We must act now to

avert a climate catastrophe. At the same time the IPCC

leaves a small glimmer of hope and a reason to remain

optimistic. There is still time, but we need to act now.

We must work faster.

Even though the task is overwhelmingly huge, it feels

good to be part of an industry that has the potential to

become an important solution to the climate crisis.

Today, production of cement, steel and fertilizer

accounts for more than 17 percent of the world`s total

greenhouse gas emissions. Changing from fossil-based

fuels to green hydrogen will have a large and positive

eﬀect on the global emission figures. Similarly, the need

for zero emission solutions within the transport sector,

a sector that accounts for 15 – 20 percent of all climate

emissions, becomes more and more urgent and longed

for with each passing day.

Needless to say, I am not the only one who see this

picture. Politicians, investors, and businesspeople alike

have come to understand and accept that the energy

transition and global decarbonization will not happen

without hydrogen. As a result, we have seen more than

500 hydrogen projects announced in 2021, equivalent

to USD 160 billion in potential direct investments. This

represents an increase of 100% from 2020. Incentives

to accelerate the deployment of hydrogen are being

discussed and implemented almost everywhere. This

creates plenty of opportunities for Nel.

During the last year we have seen an unprecedented

growth in our pipeline of new projects, and we have an

organization of approximately 90 inhouse employees

and 50 people from various EPC-partners working day

and night to develop this pipeline into new contracts.

In just a couple of years we will see green hydrogen

projects that are much larger than the ones being

developed today. Today the biggest European hydrogen

plants are approximately 20 MW, but we will soon see

green hydrogen plants in new geographical markets,

with abundant resources of wind and solar, as big as

800 MW and beyond. We are therefore investing a lot of

capital in the development of large-scale concepts and

are now capable of delivering 20 MW building blocks

to 20, 200, 800 MW concepts and beyond. Customer

groups, project sizes and geographical markets will

become broader. This means that our independent

partnership model will provide a great advantage

because we can join forces with companies that have

world-class knowledge within their fields and tailor the

competence profile on each team to meet the individual

needs of each customer.

We have the wind at our back, which is good, when time

is of the essence. And I can assure you that we spend

every hour of the day contributing the best way we

can, which is to bring down the cost of production of

green renewable hydrogen to a level below the cost of

hydrogen produced from fossil fuel.

Today, close to all hydrogen, which amounts to dizzying

70 million tons per year, is being produced using fossil

sources. Outcompeting fossil fuel-based hydrogen is

therefore crucial for the necessary transition to a zero-

emission society. We are firm in our aim to reach this

milestone already in 2025 based on our target to oﬀer

technology that can produce green renewable hydrogen

at USD 1,5 per kilo.

A giant leap forward to this milestone was reached in

October last year when we started initial production at

our new manufacturing facility at Herøya in Norway.

Currently, this is the world’s largest production facility

for electrolysers, bringing significant eﬃciencies of

scale and automation to bear on our cost reduction

plans. We are looking forward to meeting again with

many key partners and stakeholders of Nel when we will

celebrate the opening of our new facility in the spring of

2022.

Similarly, we continue to take steps in our fueling

division. Our ultimate target is to make it easier,

cheaper, and more convenient to fill up a hydrogen

vehicle than one that runs on diesel or petrol, and at the

1 Letter from the CEO

Nel ASA

Annual report 2021

2021

2020

2019

2018

2017

2015

2014

2003

2001

1988

1974

1959

1953

1940

1927

Best regards,

Jon André Løkke, CEO

same time provide longer driving range. It is fair to say

that we still have some way to go, but we are definitely

moving in the right direction.

During 2021, we delivered a large number of fueling

stations intended for both small and large vehicles to

the European and US markets. In July, the Mayor of

London, Sadiq Kahn, proudly announced that the first

fleet of hydrogen buses were ready to hit the streets

of England`s capital fueled by our technology. Once

a day, twenty hydrogen double decker buses stop by

the brand-new hydrogen fueling station at Metroline`s

Perivale depot, delivered by Nel, for a five-minute break

to fill up their tanks.

Thanks for the ride, folks

In the very beginning of 2022, we announced that I will

resign as CEO in June. A new and highly qualified leader

will take over my current role. I am glad the nomination

committee has stated that it will recommend that I

continue to participate in the development of Nel, as a

member of the Board of Directors.

I have had the pleasure of being CEO of Nel for more

than six years, and the passion for our people and

solutions have grown bigger with the years. It has

been a fantastic journey. When I started, we were only

three people at the headquarter, just over a dozen

at Notodden, Norway, and around 30 in Herning,

Denmark. Today Nel is nearing 600 employees, who

have developed our company into a world leader within

a field that will be crucial in the transition to a zero-

emission society. I am extremely proud of what we have

created together.

Though there is a long way to go before we reach our

goals, I know that we have a strong organization with

competent and skilled people that have what it takes to

fulfill the full potential of Nel.

So, thanks for the ride, folks. Even though I still will be

helping with the journey, I trust that our competent new

CEO and the knowledgeable and hard-working people

of our organization will take it from here.

Letter from the CEO

MORE THAN 90 YEARS OF HYDROGEN INNOVATION.

AND THAT’S JUST THE BEGINNING.

PIONEERING RENEWABLE HYDROGEN

FOR MORE THAN 90 YEARS

Starting up the Herøya plant, first line

Setting new record order sizes with orders from Nikola, Everfuel, Iberdrola and Iwatani

Corporation

Nel opens first H2Station™ in Korea

Nel announces construction plans for the world’s largest electrolyser

manufacturing plant to accommodate multi-billion NOK orders

Nel completes construction of the world’s largest manufacturing

plant for hydrogen fueling stations, with a capacity of 300 units per

year

Nel acquires Proton OnSite, adding world leading PEM

electrolysis technology to product portfolio, becoming the

world’s largest electrolyser company

Nel acquires H2 Logic, adding world leading hydrogen

fueling technology to the product portfolio

Nel becomes the first 100% dedicated hydrogen

company listed on the Oslo Stock Exchange

Nel opens the world’s first publicly available hydrogen

fueling station in Reykjavik, Iceland

Our first pressurised electrolyser introduced to the

market

The world’s first electrolyser supplier to provide non-

asbestos alkali electrolysers

Our renowned electrolyser technology made available for

other companies and other industries

Complete redesign of the electrolyser unit, forming the basis

for today’s atmospheric electrolyser from Nel

Starts up a second large scale hydropowered electrolyser plant

for supplying hydrogen to ammonia production, in Glomord,

Norway

The largest installation in the world of water electrolysers at Rjukan,

Norway, with a total hydrogen production capacity exceeding 30.000

Nm3/hour, from hydropower

The first small electrolyser installation at Norsk Hydro, Notodden, Norway.

Testing for pure hydrogen to fertilizer production

2021

2020

2019

2018

2017

2015

2014

2003

2001

1988

1974

1959

1953

1940

1927

OLE ENGER, CHAIR OF THE BOARD

Mr. Enger (born 1948) has worked

as CEO in Nordsilmel, Elkem, SAPA,

REC, REC Solar and has been in the

executive management of Norsk

Hydro and Orkla. Ole Enger has

an educational background from

Norwegian University for Environment

and Life Sciences, NHH (Norwegian School of Economics)

and IMDE Business School. He has board experience as

both chairman and board member of a number of private

and listed companies. Mr. Enger is a Norwegian citizen and

lives in Oslo. Mr. Enger has been a board member since

2017.

HANNE BLUME, BOARD MEMBER

Ms. Blume (born 1968) is the CHRO

in DOVISTA A/S and has previously

held the position as CHRO, vice

president in QHSE and diﬀerent

management positions in the energy

and renewables sector. This includes

being the CHRO of Ørsted for a

period of 11 years. Ms. Blume holds a master’s degree in

Business administration and commercial law from Aarhus

School of Business and Oregon State University. She has

management and board experience from both listed and

private companies. Ms. Blume is a Danish citizen and

resides in Juelsminde in Denmark.

CHARLOTTA FALVIN, BOARD MEMBER

Ms. Falvin (born 1966) has held

various management positions

in the tech industry, including e.g

COO of Axis AB and CEO of TAT The

Astonishing Tribe AB, with a focus on

international business development

and organizational growth. Since

2011, she has worked as a professional board member in

primarily public companies in the Swedish tech sector,

but also in academia, banking and regional incubators

for startups. Charlotta Falvin holds a Master of Science

in Business Administration and Economics from Lund

University in Sweden. She is a Swedish citizen and

resides in southern Sweden. Ms. Falvin has been a board

member since 2020.

FINN JEBSEN, BOARD MEMBER

Mr. Jebsen (born 1950) has worked

for Mars Inc. in the US and Norway

and later for 25 years at Orkla ASA,

where he held positions as Business

Development Manager, CFO, EVP

of Financial Investment Division,

EVP of Branded Consumer Goods

Division, and CEO. From 2005, he has been working as

a professional board member and chairman of several

private and listed companies. Mr. Jebsen holds a

master’s degree in business from NHH and a MBA from

UCLA. Mr. Jebsen is a Norwegian citizen and lives in Oslo.

Mr. Jebsen has been a board member since 2017.

BEATRIZ MALO DE MOLINA, BOARD MEMBER

Ms. Malo de Molina (born 1972)

has held various management and

advisory positions, including CFO of

Agilyx AS, SVP and Head of M&A at

Orkla ASA, as well as prior positions

in Norway and internationally within

Kistefos Private Equity, McKinsey &

Co., Goldman, Sachs & Co. and EY. She graduated from

Georgetown University and holds a master’s degree in

philosophy from UiO in Oslo. Ms. Malo de Molina currently

chairs the board of Crux AS, and Dynea AS and is a

member of the board of EMGS and the Oslo Philanthropic

Exchange, where she is also Founder. Ms. Malo de Molina is

a Spanish citizen and a Permanent Resident of Norway. Ms.

Malo de Molina has been a board member since 2017.

TOM RØTJER, BOARD MEMBER

Mr. Røtjer (born 1953). Former

Head of Projects at Norsk Hydro

ASA, where he held a number of

management positions from 1980 to

2018. He was member of Corporate

Management Board of Norsk Hydro

from 2007-2012. He is currently

a board member Hæhre & Isachsen Gruppen AS and

Hæhre & Isachsen Entreprenør AS. He has held previous

board positions in Aibel AS. He has previously held board

positions in Det norske oljeselskap ASA (Aker BP ASA),

Qatalum Ltd. Qatar, and Green Energy Geothermal

Ltd. Mr. Røtjer holds a master’s degree in Mechanical

Engineering from the University of Trondheim, Norway.

He is a Norwegian citizen and resides in Oslo. Mr. Røtjer

has been a board member since 2020.

2 Members of the board

JON ANDRÉ LØKKE, CEO

Jon André Løkke was appointed

Chief Executive Oﬃcer (CEO) in

2016. Mr. Løkke comes from the

position as CEO of Norsk Titanium

AS, developing and industrialising

3D printing technology for the

production of titanium components

for the aerospace and other industries. He has ten

years’ experience from the REC Group, including

positions as senior vice president in REC Wafer, investor

relations oﬃcer in REC ASA, and CFO in REC ASA. Mr.

Løkke has also worked for the ABB Group and holds

an International MBA degree from Glasgow University

and a bachelor degree in business and economics from

Southampton University.

KJELL CHRISTIAN BJØRNSEN, CFO

Kjell Christian Bjørnsen joined Nel

as CFO on March 1, 2020. He served

as Chief Financial Oﬃcer of the

Kavli Group since 2014 and was

appointed Chief Financial Oﬃcer

of Nel from 1 March 2020. He has

held positions within business

development, strategy and finance in several global

industrial companies, including the CFO position of REC

ASA. He holds a MSc in Chemical Engineering from

the Norwegian University of Science and Technology

(NTNU).

ANDERS SØRENG, CTO

Anders Søreng joined Nel in 2016.

In addition to the role of CTO, he

held the post as SVP Nel Hydrogen

Electrolyser until February 2020. He

has previously served as Senior Vice

President in REC Solar, where he held

various management positions since

2008. Mr. Søreng has worked as SVP & CTO of Norsk

Titanium and holds a PhD from the Norwegian University

of Science and Technology (NTNU).

CAROLINE DUYCKAERTS, CHIEF HR OFFICER

Caroline Duyckaerts joined Nel ASA

as Chief Human Resources Oﬃcer

in January 2021. Mrs. Duyckaerts

comes from the position as head of

HR for one of Hydro’s business areas.

She previously also led the People &

Leadership development for Hydro

and has further HR and change management experience

from several well-known companies incl. Hydro, Deloitte,

Yara (Hydro Agri), Accenture. Caroline Duyckaerts is a

Belgian citizen and holds a Master of Engineering and

Business Administration from HEC Liège, complemented

with an education as executive coach.

JØRN ROSENLUND, CHIEF STRATEGY OFFICER

Jørn Rosenlund was appointed as

SVP Nel Hydrogen Fueling in 2016.

Previously, he held a position as

COO in H2 Logic. Mr. Rosenlund

has a background of 15 years in

senior management positions

on operations and supply chain

management in EagleBurgmann (2013-2015) and

Danfoss (2000-2013) with several years working in

Denmark, USA, Canada, and Germany.

FILIP SMEETS, CHIEF COMMERCIAL OFFICER

Filip Smeets was appointed SVP

Nel Electrolyser Division in February

2020. Mr. Smeets has been in

the electrolyser industry for more

than 10 years and comes from a

position as Managing Director for

Hydrogenics in Belgium where

he was responsible for the company´s electrolyser

activities. Prior to that he held senior positions in several

global industrial companies such as Cabot Corporation

and Cytec Industries. Mr. Smeets holds a master’s

degree in chemistry from the University of Antwerp,

Belgium.

3 Management

ROBERT BORIN, SVP FUELING

Robert Borin was appointed SVP Nel

Fueling Division in April 2021. Prior

to joining Nel, Mr. Borin held several

senior management positions in

Vestas and Siemens. He is also the

founder of Borin Industrial Advisors.

Mr. Borin holds a Master of Science

in Mechanical Engineering and Industrial Management

from KTH Stockholm.

STEIN OVE ERDAL, VP LEGAL AND GENERAL COUNSEL

Stein Ove Erdal joined Nel as Vice

President Legal and General Counsel

in May 2019. Erdal comes from a

position as an Associate General

Counsel in Nexans Norway AS where

he worked for nine years with complex

oﬀshore EPCI and EPC projects. He

also has experience from working as a lawyer in the oil and

gas division of Arntzen de Besche, as a deputy judge and as

a defence counsel. Erdal holds a Cand. Jur., Qualifying Law

Degree, from the University of Oslo.

HANS H. HIDE, CHIEF PROJECT OFFICER

Hans H. Hide joined Nel in March

2019. Mr. Hide has since 2012 held

management positions in some of

Kvaerner’s largest projects within the

oil and gas sector. He has previously

served as Project Portfolio Manager

in ALSTOM, and as Vice President

Projects in REC, where he also held several management

positions in the projects covering REC’s expansion

program within Solar and Silicon.

Report from the Board of Directors

2021 Highlights

• Revenue and other operating income increased by

22% from 2020 to 2021. Global travel restrictions,

supply chain disruptions and extraordinary measures

related to the Covid-19 pandemic have continued

to negatively impact progress on customer/partner

dialogue, order intake, supply chain costs and lead

time, installation, commissioning, and production

eﬃciency.

• Order intake in 2021 was NOK 967 million (2020:

NOK 1 043 million) which resulted in a record-high

order backlog at end of 2021 of NOK 1 230 million, up

25% from 2020.

• Year-end cash balance of NOK 2 723 million

(2020: 2 333).

• Expanded partnership network by entering

framework agreements with Wood and Aibel,

enhancing ability to address comprehensive projects

globally.

• Awarded a EUR 13.5 million contract by Iberdrola for

a 20 MW PEM solution for green fertilizer project in

Spain.

• Received purchase order for a 5 MW alkaline

electrolyser for delivery to SGN.

• Received purchase order for 20 MW alkaline

electrolyser from Ovako. The contract value is

approximately EUR 11 million.

• Received purchase order for multiple H2Station™

hydrogen fueling station modules in the United

States. The value is approximately USD 6.0 million.

SUBSEQUENT EVENTS

• On January 5, 2022, Nel appoints Håkon Volldal

as new Chief Executive Oﬃcer (CEO) from July 1,

2022. The Nomination Committee of Nel has, in its

recommendation to the General Meeting, proposed

that current CEO, Jon André Løkke, be elected as a

member of Nel’s Board of Directors.

• The war in Ukraine impacts commodity prices

relevant to Nel. The financial impact is uncertain.

Nel’s operational activities in Russia and Ukraine are

limited.

KEY FIGURES

PERFORMANCE MEASURES 2021 2020

Revenue and operating income

798 652

Total operating expenses

1 381 1 066

EBITDA

-475 -252

Operating loss

-583 -414

Pre-tax income (loss)

-1 684 1 246

Net income (loss)

-1 667 1 262

Net cash flow from operating activities

-449 -216

Cash balance end of period

2 723 2 333

Order intake

967 1043

Order backlog

1230 981

TRIF

4.9 11.2

Number of fatal accidents

0 0

Number of employees

507 393

Women in executive management

10.0% 12.5%

Total recordable injuries frequency (TRIF) is measured as total

recordable injuries per million hours worked.

4 Report from the

Board of Directors

Nel ASA

Annual report 2021

WHERE WE ARE

Nel consists of electrolyser production facilities in Norway and Connecticut, USA, and one fueling station production

facility in Denmark, supported by headquarters in Norway. Nel has a sales and support network with global reach,

including service organizations close to the main markets for fueling stations – the U.S. West Coast, South Korea, and

Northern Europe (based out of Denmark).

Nel has historically delivered a few electrolyser systems in Russia. We have sold electrolyser systems to Ukraine during 2021.

Business is currently limited in these geographical areas.

MARKETS WE SERVE  A PURPLE WORLD

In total, we have delivered over 3500 electrolyser solutions to over 80 countries, and more than 120 H2Station™

solutions delivered, or in progress to be delivered, to 14 countries.

FUELING STATION

SERVICE AND MAINTENANCE

San Leandro, CA, USA

PEM ELECTROLYSER

Wallingford, CT, USA

FUELING STATION

SERVICE AND MAINTENANCE

Seoul, South Korea

FUELING STATION

Herning, Denmark

HEADQUARTER AND

ALKALINE ELECTROLYSER

Oslo, Norway

Report from the Board of Directors

4.1 Financial development

Income statement

Nel reported revenue and operating income in 2021

of NOK 798.0 million, up 22% from NOK 651.9 million

in 2020. The growth can mainly be attributed to Nel

Hydrogen Electrolyser’s revenue increasing 38%.

Electrolyser constituted 58% of Nel’s total revenue in

2021, up from 52% in 2020.

Order intake in 2021 was NOK 967 million (2020: NOK

1 043 million) which resulted in a record-high order

backlog at end of 2021 of NOK 1 230 million, up 25%

from 2020. The backlog only includes firm purchase

orders with agreed price, volume, timing and terms and

conditions.

Raw materials expenses totalled NOK 551.7 million

(394.0), an increase of 40% from 2020. The increased

raw materials expenses are related to the 35% increase

in revenue from contracts with customers, while the

margins have been negatively impacted by increase in

project size, commodity prices, and introduction of next

generation products.

Personnel expenses amounted to NOK 472.0 million

(329.4), the 43% increase compared to 2020 is mainly

the result of increases in employees, up from 393

employees by the end of 2020 to 507 at the end of

2021. Other operating expenses also increased 39%

and totalled NOK 249.5 million for the year (180.0). The

high level of personnel and other operating costs are the

results of Nel’s strategic decision to pursue growth and

higher activity levels.

EBITDA ended at NOK -475.2 million (-251.5), negatively

impacted by ramp up costs. Nel’s customer projects

often include new geography, customer segments,

technological components and/or products leading to

additional costs and risk.

Depreciation, amortisation and impairment decreased

to NOK 107.6 million (163.0), mainly driven by 2020

including impairments of NOK 71.7 million.

The operating loss amounted to NOK -582.9million

(-414.5).

Net financial items amounted to a loss of NOK



1 101.0

million (1 660.0) and was driven by a negative fair value

adjustment of shareholdings in Everfuel and Nikola, in

total NOK 1 120.8 million. Pre-tax loss totalled NOK -1

683.8 million (1 245.5) and the net loss for the year was

NOK -1 666.9 million, compared to an income of NOK 1

261.9 million in 2020.

Financial position

Total assets were NOK 6 007.0 million at the end of 2021,

compared to NOK 6 136.7 million at the end of 2020.

Total equity was NOK 5 038.7 million. Thus, the equity

ratio was 84 percent.

Cash ow

Net cash flow from operating activities in 2021 was NOK

-449.5 million, compared to NOK -215.9 million in 2020.

The development is mainly due to higher personnel

expenses driven by increase in full-time employees.

Net cash flow from investing activities was NOK -373.6

million (-294.4). Nel has purchased property, plant

and equipment for NOK 258.3 (148.5) million in 2021,

mainly related to the expansion at Herøya, Norway, in the

electrolyser division.

Nel’s cash balance at the end of 2021 was NOK



2 722.8

million. The increase from end of 2020 is mainly due

to raising net proceeds of NOK 1 209.7 million from the

share capital increase in February. This is partly oﬀset by

negative cash flow from operations and investments.

Report from the Board of Directors

Segments

NEL HYDROGEN ELECTROLYSER

Financial review

Amounts in NOK million

2021 2020

Revenue and operating income

466 338

EBITDA

-210 -84

Total assets

1 842 1 256

Order intake

763 791

Order backlog

937 621

Number of employees

240 178

Revenue and operating income increased by 38% from

2020. Revenue from Electrolyser Norway decreased

by 40% due to lower sales of alkaline electrolysers and

revenue from Electrolyser US increased by 68% due

to higher sales of PEM electrolysers. Nel Hydrogen

Electrolyser has been particularly negatively impacted

by the general business slow down and delay in closing

orders resulting from Covid-19.

EBITDA was NOK -209.7 million in 2021, a decrease

from NOK -84.2 million in 2020. The reduction of NOK

125.5 million was mainly due to ramp-up costs and lower

margins in Norway and US.

Employees in Nel Hydrogen Electrolyser has increased

from 178 employees by the end of 2020 to 240 at

the end of 2021, driven by an increase in project and

production personnel.

Total assets have increased by 47% from 2020, which is

mainly related to investments in the new manufacturing

facility at Herøya, Norway, and increased inventories.

DEVELOPMENT AND KEY PROJECTS

Technology development

Nel invests in development of large-scale

industrialisation of Electrolyser products. Work is in

progress to develop a pressurized alkaline Electrolyser

targeting 1000Nm3/h single cell stack to support

and meet the demand of our customers. In addition,

also development of the current atmospheric alkaline

technology into larger capacity solutions are on-going.

Finally, in order to meet new large-scale opportunities

within the PEM portfolio, Nel is developing a larger single

cell-stack PEM platform. All these three development

activities are targeting to reduce total cost of ownership

for our customers.

Production capacity development

New manufacturing facility, Herøya, Norway

Nel has expanded its electrolyser production to

accommodate large-scale projects by constructing a 500

MW fully automated manufacturing facility at Herøya,

Norway. The factory represents the first industrial-scale

production of electrolysers on the market.

Installation and tests of installed equipment has been

completed to plan in the third quarter of 2021. Initial

production commenced in the fourth quarter as the

operational team focused on tuning the line and verifying

the high product quality. The capacity utilization will be

closely aligned with commercial oﬀtake.

The carrying amount for the Herøya expansion is NOK

322.0 (114.0) million as of 31 December 2021. Total

contractual commitments beyond December 2021 are

NOK 11.6 million.

Nel has initiated site selection process for large-scale

technology production facility (PEM and alkaline) in the

United States.

Key commercial activities

Nel received a purchase order for a 20 MW PEM

electrolyser from Iberdrola

Nel was awarded a EUR 13.5 million contract by Iberdrola

for a 20 MW PEM solution for green fertilizer project in

Spain.

Nel launched the MC250 and MC500 containerized

large-scale PEM electrolysers

Nel oﬃcially launched the MC250 and MC500,

representing automated MW-class on-site hydrogen

generators utilizing a modular containerized design for

ease of installation and integration. The containerized

MC250 and MC500 will be delivered as standard 1.25

and 2.5 MW configurations, respectively.

Nel entered an MoU with Haldor Topsoe

Nel entered an MoU with Haldor Topsoe with the

intent to oﬀer customer end-to-end green ammonia

and methanol solutions, based on globally leading

technologies from the two companies. Under the MoU,

Haldor Topsoe will supply engineering, proprietary

hardware, catalyst and technical service for its ammonia

and methanol technologies.

Nel ASA

Annual report 2021

Nel received a purchase order for a 2 MW MC 400

PEM electrolyser from H2 Energy

The 2 MW PEM electrolyser is the second system to be

delivered as part of the green hydrogen infrastructure

network in Switzerland that is currently supplying

hydrogen to the first 46 Hyundai trucks already

operating, aiming to reach a fleet of 1 600 by 2025. The

system will be filling 350 bar trailers directly at site to

dispatch the hydrogen to the Hydrospider network in

Switzerland.

Nel expanded its partner network

Nel entered into framework agreements with Wood and

Aibel. These internationally renowned EPC companies

will leverage their capabilities to work with Nel to develop

large scale, complex hydrogen projects anywhere in the

world. These partnerships add significant value to Nel’s

global delivery and project execution abilities.

In addition, Nel announced the collaboration with

leading solar company First Solar Inc to develop PV-

hydrogen power plants and development partnership

with SFC Energy AG to jointly develop the world’s first

integrated electrolyser and hydrogen fuel cell system for

decentralized energy generation and storage.

Nel announced the collaboration for a fossil-free steel

rolling facility in Hofors, Sweden

Nel announced the collaboration for a fossil-free steel

rolling facility in Hofors, Sweden, together with partners

Ovako, Volvo, Hitachi ABB Power Grids Sweden and H2

Green Steel. The conversion to green hydrogen in the

production process will reduce CO2-emissions from

the facility by 50% from current levels. The plant can be

used flexibly and can therefore support the stability of

the electrical grid, which in turn will permit more use of

renewable energy sources.

Nel signed frame agreement with Howden for supply

of hydrogen compressors

The non-exclusive frame agreement with Howden is

an important step towards achieving Nel’s cost target

of green hydrogen production at USD 1.5/kg. The two

companies will work closely together to develop cost

competitive hydrogen compressor systems for Nel’s

industry leading electrolysers.

Nel joins PosHydon consortium

Nel joined the consortium agreement for the PosHydon

project, which aims to validate the integration of

oﬀshore wind, natural gas, and hydrogen, oﬀshore on the

Neptune Energy-operated Q13a-A platform in the Dutch

North Sea. Nel will provide a 1.25 MW containerized PEM

electrolyser for the project. The aim of the pilot is to

gain experience of integrating working energy systems

at sea and the production of hydrogen in an oﬀshore

environment.

Nel received a purchase order for a 1.25 MW MC 250

PEM electrolyser from a leading US utility

Nel received a contract for a 1.25 megawatt (MW)

containerised PEM electrolyser from a leading utility in

the US. The purchase order has a value of approximately

USD 2.6 million, and the electrolyser will be delivered in

2022.

Nel received a purchase order for a 5 MW alkaline

electrolyser for delivery to SGN

The 5 MW alkaline electrolyser will deliver up to 2,093kg/

day of green hydrogen to SGN’s H100 Fife project in

Levenmouth, Scotland. This project is the first ever 100%

hydrogen network of scale supplying green hydrogen from

electrolysis to customers for the purposes of heating

and cooking. The system will be powered by a nearby

oﬀshore wind turbine and grid electricity. The newly built

hydrogen gas distribution network will supply up to 300

households initially with zero carbon heat, however both

the electrolyser and network have been sized to have

the capacity to supply up to 900 homes as part of the

planned future expansion of the H100 Fife project.

The H100 Fife project is a ground-breaking

demonstration in evidencing the role that hydrogen plays

in decarbonizing heat as an alternative to natural gas.

SGN is one of the UK’s largest gas distribution network

companies, operating across Scotland, southern

England and Northern Ireland and is supplying gas to 5.9

million homes and businesses.

Nel received a purchase order for PEM electrolyser

equipment

Nel Hydrogen US received a contract for PEM

electrolyser equipment from a leading global stationary

fuel cell company. The purchase order has a value of

approximately USD 2.6 million, and the equipment

will be delivered between 2022 and 2024. Nel will also

be providing design consulting services as part of the

project.

Nel received a purchase order for 20 MW alkaline

electrolyser from Ovako

Nel has received a purchase order for a 20 MW alkaline

electrolyser system from Ovako, a leading European

manufacturer of engineering steel. The electrolyser will

be installed at Ovako’s existing plant in Hofors, Sweden,

the first plant in the world to use hydrogen to heat steel

Report from the Board of Directors

prior to rolling and hot forming. The fossil-free hydrogen

will replace the use of fossil propane gas currently used

in heating furnaces at the site. The contract value is

approximately EUR 11 million and the equipment is

expected to be delivered at the end of 2022, with the first

hydrogen production in 2023. The conversion to hydrogen

will enable Ovako to reduce its CO2 emissions for steel

production in Hofors by 50 percent from already low levels.

Nel received a purchase order for alkaline electrolyser

system

Nel has received a purchase order for an alkaline

electrolyser system from a new, European customer. The

value of the contract is approximately EUR 3.0 million.

The equipment is expected to be delivered in 2022, with

the first hydrogen production in 2023. The electrolyser

will produce hydrogen that will be mixed with natural gas

for combustion in a rotary kiln.

SUBSEQUENT EVENTS

Nel received purchase orders for multiple PEM

electrolysers from an innovation leader in sustainable

food production in the U.S.

Nel Hydrogen US has received a contract for PEM

electrolysis hydrogen production units to be delivered to

a leader in the commercialization of sustainable protein

technology. This application for green hydrogen is a

novel and exciting approach to addressing both climate

change and food production for the developing world.

The purchase orders have a value of approximately

USD 5.0 million, and deliveries of the equipment will be

staggered over the remainder of 2022, and into 2023.

Nel received a purchase order with a value of about

5 MUSD for containerized electrolyser and hydrogen

refueling equipment from a leading power and gas

utility in the U.S.

Nel Hydrogen US has received a contract for a

containerised PEM electrolyser to be integrated with

its 700 bar H2Station™ hydrogen fueling equipment

package at a power generating site in the U.S. The project

will demonstrate several use cases for green hydrogen,

including cooling of the turbine generators, direct injection

of hydrogen into the natural gas fuel stream at the plant,

and for fueling a fleet of light duty fuel cell vehicles to be

operated by the utility. The purchase order has a value of

approximately USD 5.0 million, and the equipment will be

delivered in late 2022 and early 2023

The war in Ukraine

• The war in Ukraine impacts commodity prices

relevant to Nel Hydrogen Electrolyser segment.

The financial impact is uncertain. Nel’s operational

activities in Russia and Ukraine are limited.

Nel ASA

Annual report 2021

NEL HYDROGEN FUELING

Financial review

Amounts in NOK million

2021 2020

Revenue and operating income

332 314

EBITDA

-169 -107

Total assets

1038 884

Order intake

205 252

Order backlog

293 360

Number of employees

240 200

Revenue and operating income increased by 6% from

2020 due to strong order backlog at the end of 2020

increasing deliveries in 2021. Nel Hydrogen Fueling

delivered 24 H2Station™ during 2021, which represents

an increase of 4% from 2020.

EBITDA was NOK -169.0 (-106.9) million in 2021,

negatively impacted by increase in organisation and

decreased margins on customer contracts through

slightly higher cost levels and COVID-19 resulting in

lower productivity.

Employees in Nel Hydrogen Fueling has increased from

200 employees by the end of 2020 to 240 at the end

of 2021, driven by increase in service technicians and

development personnel.

Total assets have increased by 17%, mainly driven by

increased inventory, trade receivables and contract

assets through higher sales and activity.

DEVELOPMENT AND KEY PROJECTS

Technology development

Nel Hydrogen Fueling has seen a large increase in the

utilisation of many of the stations already installed, and

this enables accelerated learnings and improvements

both within product maturity and overall reliability.

Fueling a hydrogen vehicle (passenger or heavy duty)

needs to be as easy and reliable as fueling a gasoline or

diesel vehicle. A hydrogen fueling station is a complex

and relatively new technology and the hydrogen industry,

including Nel, still has some way to go in maturing

the technology as well as investing in service and

maintenance, robustness and reliability. Nel will continue

to incur costs related to these activities in an eﬀort to

advance hydrogen-fueled transportation as a viable and

reliable option across the globe.

2019 2020 2021

100

125

150

175

200

Asia USA Europe

110

163

169

126

TONNES OF H2 FUELED FROM NEL H2STATION

Nel continues to see the market of Heavy-Duty

transportation move fast towards hydrogen. Therefore,

the fueling division will continue to invest significantly

in the development of next generation HDV equipment

such as high-capacity station modules and dispensers.

This is to serve customers who have a need for large

capacity dispensing capability, enabling fueling of a

heavy-duty truck in 10-15 minutes, to achieve a range of 1

000 km. In addition, there will be ongoing investments in

factory and laboratory to be able to accommodate HDV

fueling equipment.

We believe that we are still at the very beginning of the

development of hydrogen as a viable fuel for passenger

and heavy-duty vehicles and other methods of transport.

We intend to keep our position as one of the world’s

leading innovators and equipment providers in this

important sector.

Key commercial activities

Nel received a purchase order for an additional four

H2Station™ hydrogen fueling stations from Iwatani

Nel received a PO for an additional four H2Station™

hydrogen fueling stations for fueling of light-duty

vehicles in California from Iwatani Corporation of

America. The value of the purchase order is more

than NOK 40 million for the four H2Station™ modules

which will be delivered in addition to the 14 H2Station™

modules ordered from Iwatani in 2020.

Nel received a purchase order from HTEC for one

H2Station™ hydrogen fueling station

Nel received a PO for one H2Station™ hydrogen

fueling station. This project will build on the existing

collaboration between HTEC and Nel, by adding an

Report from the Board of Directors

70MPa CAR Dispenser

additional station and expanding the HTEC network of

hydrogen fueling stations in Quebec, Canada.

Nel received a purchase order from Everfuel for one

H2Station™ fueling station for fleet of taxis in Aarhus,

Denmark

The H2Station®will be installed in Aarhus during 2022

and will be used as a prototype for a movable station

solution to serve light duty vehicles and as a demo for

fueling of heavy-duty vehicles.

Nel received a purchase order with value of

approximately EUR 1.0 million from the Community

of cities “Touraine Vallée de l’Indre (CCTVI)” for one

H2Station™ fueling station to be located in the region

of Tours in France

The H2Station®will be installed in the Centre Val de

Loire region, within the framework of the COSMHYC

DEMO project. The H2Station™ is partly funded by the

European Fuel Cells and Hydrogen 2 Joint Undertaking

and is scheduled to be operational by third quarter

of 2022. The solution is planned to serve fueling of

hydrogen garbage trucks.

Nel received a purchase order from MaserFrakt AB for

one H2Station™ fueling station for heavy-duty fuel

cell electric vehicles in Borlänge, Sweden

The H2Station®will be installed in Borlänge and is

scheduled to be operational by fourth quarter 2022. The

solution will serve fueling of hydrogen for heavy-duty

vehicles.

Nel received a purchase order for multiple

H2Station™ hydrogen fueling station modules in the

United States

Nel Hydrogen Fueling has received a purchase order

from a U.S.-based fuel supplier for multiple H2Station™

hydrogen fueling stations. The multiple station modules

will be located in the United States and will expand the

fueling coverage for hydrogen powered fuel cell electric

light and heavy-duty vehicles. The H2Station™ units will

be manufactured and installed during 2022 and 2023.

The purchase order has a value exceeding USD 6.0

million.

Nel ASA

Annual report 2021

CORPORATE DEVELOPMENTS

Nel raised NOK 1 225.1 million through a private

placement

Nel completed a successful private placement of 49.5

million new shares in February 2021, at a price per

share of NOK 24.75, raising NOK 1 225.1 million in gross

proceeds.

SUBSEQUENT EVENTS

On January 5, 2022, Nel announced the appointment

of Håkon Volldal as new Chief Executive Oﬃcer (CEO),

replacing the current CEO Jon André Løkke from July 1,

2022. Mr Løkke will continue as CEO until said time.

The Company’s Nomination Committee has in its

recommendation to the General Meeting proposed that

the current CEO, Jon André Løkke, is elected as a board

member of Nel ASA with eﬀect from the date the CEO

transition becomes eﬀective.

Report from the Board of Directors

SHAREHOLDERS AND FINANCING

Nel’s shares are listed on the Oslo Stock Exchange under the

ticker “NEL”. At the end of 2021, the company had 1 460 799

288 issued shares, consisting of 1 460 395 774 outstanding

shares and 403 514 treasury shares, held by 31 010 known

shareholders. The nominal value of the Nel share is NOK 0.20

per share.

The company estimates it has suﬃcient working capital for

the 12 months following the balance sheet date. In accordance

with section 3(3a) of the Norwegian Accounting Act, the

board of directors, therefore, confirms that the going-concern

assumption is met and that the annual accounts have been

prepared in accordance with this assumption.

The company has placed considerable emphasis on providing

shareholders, stakeholders and investors in general, with

timely and relevant new information about the company and its

activities in compliance with applicable laws and regulations.

Nel is committed to increasing awareness of the share in

Norway and abroad. The list of 31 010 known shareholders

includes a considerable number of Nordic institutional

investors and private investors.

Distribution of shareholders

Nominee 66,1%

Others 2,9%

Switzerland 0,8%

Luxembourg 1,1%

United King

dom 1,3%

Germany 1,7%

Sweden 2,0%

United States 9,5%

Norway 14,6%

United States

Sweden

Nominee

Norway

United States

Sweden

Germany

United Kingdom

Luxembourg

Switzerland

Others

source: Modular Finance AB

Photo: Ferenc Horvath

Report from the Board of Directors

STRATEGY

Nel is a leading pure play hydrogen technology company

with a global footprint, developing optimal solutions to

produce, store and distribute hydrogen from renewable

energy.

We have a proud history of technology improvement that

goes all the way back to 1927 when Norsk Hydro started

its development of hydrogen technologies. Our hydrogen

solutions address the zero-emission strategies of some

of the world’s most energy-intensive industries: cement,

steel and fertilizer production. In addition, we deliver

fueling systems that provide fuel cell electric vehicles with

the same fast fueling and long driving range as fossil-

fuelled vehicles - without any emissions.

STRATEGIC SEGMENTS

Nel Hydrogen Electrolyser

Production and installation of electrolysers for

hydrogen production.

Nel Hydrogen Electrolyser is the world’s largest

electrolyser manufacturer, oﬀering both alkaline and

PEM (proton exchange membrane) technology globally.

Nel’s electrolyser technology has been delivered

across the world, and has set the industry standard for

continuous improvements in both performance and

total cost of ownership. The electrolyser business area

has manufacturing facilities in Herøya, Norway, and in

Wallingford, Connecticut, USA. Nel has global reach

through its in-house sales operation as well as a network

of agents internationally.

Today, Nel has a complete product portfolio of both

alkaline and PEM electrolysers and is also continuously

developing and improving both technologies. Initiatives

include a next generation large scale, pressurised

alkaline electrolyser as well as larger PEM stacks, and

large-scale solutions for both technologies which are

expected to allow for significant cost reductions on a

system level.

Nel Hydrogen Fueling

Production of hydrogen fueling stations for cars,

buses, trucks, forklifts and other applications.

Nel Hydrogen Fueling is a leading manufacturer of

hydrogen fueling stations that provide FCEVs (Fuel Cell

Electric Vehicles) with the same fast fueling and long

range as conventional fossil fuel vehicles. Since Nel

began manufacturing hydrogen fueling stations in 2003,

we have invested significantly in R&D. Today, Nel is one

of the global leaders on hydrogen fueling stations for

mobility applications. The H2Station™ technology is

now being utilized on a daily basis in several European

countries as well as in South Korea and California, US,

providing hydrogen to forklifts, passenger vehicles,

buses and trucks, driving the transition to zero emission

mobility.

Nel was among the first to achieve compliance with

the international hydrogen fueling standard (SAE

J2601) required by major car manufacturers. With the

H2Station™ technology, Nel’s ambition is to maintain

its position as a preferred supplier for international

hydrogen fueling infrastructure operators.

STRATEGIC ACTIVITIES

An important part of our strategy is to continue to

develop and improve our products, to increase eﬃciency

in both operations and costs. In an increasingly

competitive global market, our product leadership

will enable Nel to win additional contracts in both

existing and new markets.Our analysis of the market

indicates that projects will grow significantly larger in

size during just the next few years. This is the result of

increasing amounts of investment into green hydrogen,

but also a result of increasing acceptance of hydrogen

as an alternative fuel in the global energy transition.

While some of Europe’s largest hydrogen plants today

are approximately 20 MW in size, we expect to see

production plants as big as 200 to 800 MW and beyond

during the first half of this decade. Many of the largest

projects are expected to be located in geographical areas

with abundant wind and solar energy, thereby ensuring

low electricity prices and a green production profile.

We have invested significantly in developing large-scale

concepts and can deliver from 20 MW building blocks to

50, 100 and 200 MW concepts. We have also completed

the design of an 800 MW green renewable hydrogen

production plant for one of our customers. Our scalable

design provides solutions that utilize synergies and

reduce total cost of ownership.

We have also developed a concept that makes it easy for

customers to put our building blocks together into one

large hydrogen production plant. Pre-assembled skid-

solutions with pipes, stacks and separators would be

transported directly to customer’s site, ensuring hassle-

free installation in a safe and eﬃcient way, while reducing

time and cost for our customers.

Nel ASA

Annual report 2021

During 2021, we increased our eﬀorts in product

development by 50% compared to last year and we will

continue to increase eﬀorts in this area also during 2022.

Despite the fact that Nel has been in this market for

many years, the hydrogen industry is still at its infancy,

and we are at the very beginning of a significant global

shift towards hydrogen as an important energy carrier.

We have therefore invested significantly in developing

a strong organisation on the basis of our longstanding

focus, commitment and experience in the sector. In 2021

we strengthened important parts of the organization,

increasing FTEs by 114 to a total of 507 at year end. We will

continue to strengthen and build our organisation also in

the coming years.

Nel’s continued focus on organizational and technology

development will continue to require substantial

resources the coming years, and we strongly believe this

is the right strategy for long-term value creation at Nel.

Up until now, Nel has engaged in the hydrogen value chain

on its own, i.e. as the sole counterparty to a customer in

delivering a hydrogen production system. As the industry

is still maturing, customers frequently request that Nel

take on a broad scope of activity in relation to projects,

from engineering to commissioning. Meanwhile, the

opportunities, new markets and applications for hydrogen

are also growing and becoming more complex. Nel will

therefore accelerate our partnership model with leading

companies within fields that are related to the hydrogen

production industry. This partnership model provides

best-in-class expertise, applied to our electrolysers,

ensuring that our customers achieve their green hydrogen

milestones as expected.

At Nel, sustainability is an integral part of our identity.

Our vision is to empower generations with clean energy

forever. This vision is driving our ambitions and priorities.

Combating climate change is high on our corporate

agenda and we always incorporate sustainability into our

strategic decision-making processes.

The green hydrogen industry is experiencing an all-time

high interest as the world begins turning ambitious

sustainability objectives, such as the UN Sustainable

Development Goals, into action. Countries and companies

alike are unveiling energy transition roadmaps and for

many, green hydrogen is an integral part of the strategy.

Nel is working to meet this rising demand for reliable,

eﬃcient, and aﬀordable energy solutions that support

environmentally sustainable activities.

PARTNERSHIP STRATEGY

Cooperation is vital in a rapidly growing industry.

Combining resources, expertise and knowledge is

a key enabler that allows Nel to improve the entire

value chain eﬀectively and rapidly, from procurement

and engineering to service and aftersales. Strategic

alliances can help shorten the timeline to achieving full

competitiveness for our technologies. We are engaged

in numerous strategic alliances, both domestically and

internationally, and are actively pursuing new alliances in

all areas of our business. Our manufacturing facilities are

working towards ambitious product development goals

and optimizations throughout the value chain.

Some of our alliances include:

• EPC-partners: Optimize our hydrogen turnkey

solutions. Predictable project execution from Final

Investment Decision to commissioning.

• Energy sources: Working with solar, wind and other

technology providers to optimize the link between

renewable energy and electrolysis

• Downstream technology partners: Optimizing the

total oﬀering through technical collaboration with

specialists in key customer segments such as

ammonia, methanol and local back-up power.

MEMBERSHIPS AND ASSOCIATIONS

Nel is member of a number of associations with a

national, European and global footprint. Our presence

in these associations enables us to communicate

our positions, market our technology and ultimately

influence the ongoing development of hydrogen

legislation which is key for creating a business case

and a market and for the uptake of our solutions and

renewable hydrogen.

Some of our memberships include:

• Hydrogen Europe

• Renewable Hydrogen Coalition (RHC)

• Hydrogen Council

• Australian Hydrogen Council

• CHBC

• Norsk Hydrogenforum

(Norwegian Hydrogen Association)

• Renewable Hydrogen Alliance (RHA)

• California Fuel Cell Partnership

Report from the Board of Directors

UN SUSTAINABLE DEVELOPMENT GOALS

Nel supports the UN Sustainable Development

Goals, and we strive to document the actions we

are taking to meet them. Presented in 2015, the 17

goals were developed to address the most prominent

sustainability concerns we are facing as a society at

large. The Sustainable Development Goals are the

most unifying and universally accepted set of goals

and aspirations that are to be met by 2030, to protect

our planet and the people who inhabit it. Nel continues

its commitment through the right investments and

organisational changes to optimise our contribution to

this transformative agenda. We will contribute to the

industrialisation of the green hydrogen economy, pathing

the way for the development of a global hydrogen

economy and the trading of hydrogen as a global

commodity. Nel is fully committed to the promotion

and implementation of the United Nations Sustainable

Development Goals and limiting global warming to 1.5

degrees Celsius. Furthermore, Nel is actively engaged

in making the European Union’s ambition to achieve

2X40GW in electrolyser capacity a reality, delivering the

objectives of the EU Green Deal and achieving net zero

emissions within the European Union by 2050.

We support all the sustainability goals outlined by the

UN; however, we have chosen to focus on those where

we have determined we will have the greatest impact:

Our selected goals are:

Sustainability report

At Nel, we provide clean energy alternatives to a vast range of industries

and applications. In doing so, we contribute to increasing the share of re-

newables in the total energy consumption. Our main contribution towards

Goal 7 was unveiled at our first capital markets day, where we outlined our

strategic ambitions to 1) capitalise on the rapid development in the indus-

try by an extensive expansion of our organizational capabilities, and 2) an

ambitious target cost of 1.5$/kg that will significantly decrease total cost

of ownership and consequently increase the applicability of our solutions.

UN Sustainable Development Goals

Nel supports the UN Sustainable Development Goals and we strive to document the actions we

are taking to meet them. Presented in 2015, the 17 goals were developed to address the most

prominent sustainability concerns we are facing as a society at large. The Sustainable Develop-

ment Goals are the most unifying and universally accepted set of goals and aspirations that are

to be met by 2030, to protect our planet and the people who inhabit it. Even though we support

all of the sustainability goals outlined by the UN, we have chosen to focus on a few where we have

determined that we will have the greatest impact.

All Nel sites have management systems in place that safeguard our

employees’ health and safety. Ensuring that employees work in a safe

and healthy environment is the key to any successful business. Nel aims

to provide a workplace for everyone that is free of incidents and injuries,

and to promote a culture of hazard identification and awareness through

incident reporting and self-accountability. We have set a QHSE target of

zero incidents, including for sites with Nel equipment. Further, we have a

zero-tolerance for discrimination of any kind, and grievance mechanisms

are present if such a case should emerge.

Our vision is to empower generations with clean energy forever. Our bu-

siness model is built on facilitating the transition towards a more sustai-

nable society with our fully-integrated solutions to produce, store, and

distribute hydrogen from renewable energy. The prominence of green

hydrogen solutions in company and governmental strategies is rapidly

growing, and it requires that Nel is capable of delivering solutions tailored

to project-specific needs.

Our selected goals are:

Sustainability report

At Nel, we provide clean energy alternatives to a vast range of industries

and applications. In doing so, we contribute to increasing the share of re

newables in the total energy consumption. Our main contribution towards

Goal 7 was unveiled at our first capital markets day, where we outlined our

strategic ambitions to 1) capitalise on the rapid development in the indus