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Nel ASA announced a framework agreement with Wood for collaboration on large-scale green hydrogen projects globally. This partnership aims to enhance project management capabilities as the industry evolves towards complex renewable solutions. Jon André Løkke, CEO of Nel ASA, expressed enthusiasm about this long-term commitment, which is expected to bolster competitiveness in the growing green hydrogen sector. The integration of Wood into ongoing projects is already in progress, signifying an immediate impact on operations.
Nel ASA has signed a Memorandum of Understanding (MoU) with Haldor Topsoe to develop end-to-end solutions for green ammonia and methanol. This partnership aims to leverage both companies’ technologies, enhancing their positions in the growing market for carbon-free fuels. Nel will utilize its expertise in alkaline and PEM electrolysis, while Haldor Topsoe will provide its catalysts and engineering support. The collaboration is set to deliver innovative low-carbon solutions to meet increasing market demand. A formal collaboration agreement is expected later this year.
Nel ASA reported Q4 2020 revenues of NOK 229.1 million, up from NOK 175.9 million in Q4 2019. Despite this revenue growth, the company faced an EBITDA loss of NOK 96.2 million. Its order backlog increased by 90% to approximately NOK 980 million, while cash reserves exceeded NOK 2.3 billion. The company aims to produce green hydrogen at USD 1.5 per kilo by 2025, emphasizing a strong long-term outlook.
Nel Hydrogen Fueling, a subsidiary of Nel ASA, has secured a purchase order valued at approximately EUR 3.2 million from ZE PAK SA for H2Station™ hydrogen fueling stations. These stations will support both passenger vehicles and buses in Poland.
This marks Nel's entry into the Polish market, highlighting attractive opportunities in the region. Delivery of the fueling stations is expected in 2021.
Nel ASA reported second-quarter 2020 revenues of NOK 148.6 million, a 21% increase from NOK 122.5 million in Q2 2019. Adjusted EBITDA was negative NOK 22.3 million. The order backlog surged 75% to over NOK one billion, supported by a strong cash position exceeding NOK 2.5 billion. Despite challenges from COVID-19, Nel aims to capitalize on growth opportunities in green energy and has increased production capacity targets at its Herøya facility. The company maintains a positive long-term outlook amidst ongoing market activity.
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