Hydrogen posted another loss in the second quarter, but reported an 81 percent increase in order intake.
Nel reported a turnover of NOK 475 million in the second quarter, compared to a turnover of NOK 183 million at the same time last year.
The result before tax was minus NOK 345 million, compared to minus NOK 277 million at the same time last year.
At the same time, the number of orders received was NOK 428 million, up 81 percent from NOK 236 million over the second quarter of last year.
increasing of demands
The company records increased activity in the market and reports increased demand.
– Our portfolio, made up of increasingly large projects, continues to mature, says Håkon Volldal, CEO of Nel.
– With size comes complexity, which we are sure will benefit Neil as the need for experience and expertise increases accordingly.
The electrolyzer division reported a significant 202 percent increase in turnover compared to the same quarter last year.
As volumes increased, revenue from the alkaline electrolyzer showed a significant growth of 383 percent over the same period last year, while the PEM electrolyzer increased by 78 percent for the same period.
– We continue to see positive developments due to an increase in production volumes and income from contracts with significantly improved terms, says Fuldal.
new decade
Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA, signed on Monday evening a contract with Bondalti for the supply of 40 MW of alkaline electrolysis, worth about 11 million euros. The equipment will be used in the first phase of the H2 Enable project in Estarreja, Portugal.
– We continue to experience good momentum for our electricity analysts and are excited to collaborate with Bondalti, an exciting client committed to decarbonisation, says Nel CEO Håkon Volldal.
Analysts agreed
Ahead of the quarterly report, JP Morgan upgraded Nel to a Neutral recommendation, from previously underweight, with a price target of NOK 12 per share. From NOK 11.5, according to Reuters on Thursday.
Moreover, ABG Sundal Collier lowered its price target to NOK 12 per share. From 15 NOK, and repeated the comment recommendation.
Danske Bank also lowered its price target to NOK 13.5 per share. From NOK 15.5, and repeat recommendation to keep, according to figures obtained by Infront.
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