Nel ASA: First quarter 2017 results

(Oslo, 11 May 2017) Nel ASA (Nel) reported revenues in the first quarter of 2017 of NOK 35.7 million, compared to NOK 26.0 million in the first quarter of 2016, representing a growth of 37.3 per cent. The acquisition of Proton OnSite will create the world's largest hydrogen electrolyser company with a global footprint and a combined backlog of close to NOK 400 million.

”The first quarter of 2017 was naturally characterised by the milestone agreement for the Californian hydrogen network and the acquisition of Proton OnSite. Size matters, both commercially and financially, and now that Nel is becoming the world's largest hydrogen electrolyser company, we are optimally positioned to benefit from the global opportunities arising within renewable energy storage and hydrogen fueling,” says Jon André Løkke, Chief Executive Officer of Nel.

In the first quarter of 2017, Nel reports revenues of NOK 35.7 million, compared to NOK 26.0 million in the first quarter of 2016, following an increased interest in hydrogen solutions as fueling stations, electrolysers, and integrated systems. The high activity level within business development, investments and preparations for production ramp-up continued as planned, but also had a negative EBIT contribution, which ended at NOK -15.6 million (-5.4). The cash balance increased to NOK 368.4 million during the quarter, following the successful private placement of NOK 176.7 million in gross proceeds at a price per share of NOK 2.72.

During the first quarter, Nel entered into a framework contract for the supply, construction and maintenance of H2Station® hydrogen fueling stations in California for Royal Dutch Shell Plc. in a partnership with Toyota Motor Corp. The total value depends on the number of H2Stations ordered and the scope of equipment and services. The first purchase orders were received after the closing of the quarter, with a value in excess of NOK 140 million.

Nel also announced the acquisition of the Connecticut-based hydrogen technology company, Proton Energy Systems Inc. ("Proton"), thus creating the world's largest hydrogen electrolyser company with a global footprint and combined pro forma FY 2016 revenues of NOK approximately NOK 345 million. There is a strong strategic fit between Nel and Proton, with synergies related to sales and commercialisation, product portfolio, R&D and best practices across the combined company.

“The exceptional energy density of hydrogen makes this energy carrier relevant for an expanding range of markets. Within transportation, hydrogen will not only be relevant in cars, but increasingly in busses, trucks, ferries and ships. Nel has a leading technology positon within each of its technology areas, and is cooperating with leading players on other relevant technologies, placing us in the pole position to address the market opportunities going forward,” says Løkke.

The presentation will be broadcast live at and can also be viewed at

The first quarter 2017 report and presentation will be made available through and


Further information:

Jon André Løkke, CEO, +47 9074 4949

Bent Skisaker, CFO, +47 4682 1693

Bjørn Simonsen, VP Market Development and Public Relations, + 47 9717 9821

About Nel ASA |      

Nel 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 foundation in 1927, Nel has a proud history of development and continual 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.

About Us

NEL ASA is a leading global supplier of hydrogen technology for industrial / energy purposes, and has made over 500 deliveries in more than 50 countries. The company's main products are hydrogen production plants based on water electrolysis, complete hydrogen stations for transport and renewable energy storage solutions. The company has its roots from the hydrogen activities of Norsk Hydro, which dates back to 1927. The company also has a number of patents related to tests for early detection and diagnosis of diseases.