Nel ASA reported revenues in the Q2 of 2017 of NOK 39.1m ($5m) comparted to NOK 13.5m ($2m) in the second quarter of 2016, representing a growth of 190%.

The quarter was especially marked by finalisation of the acquisition of Proton Onsite on 30th June 2017, creating the world’s largest electrolyser company, as well as exclusive, industrial-scale framework agreement with H2V PRODUCT with an initial contract value of approximately NOK 450m ($57m).

Jon André Løkke, CEO of Nel, affirmed, “The second quarter was characterised by significant developments that provide a promising outlook for the rest of the year and the future of Nel. The key highlight was the successful closing of the Proton acquisition, meaning we have now created a world leading electrolyser company. The combined entity will be able to offer the full spectre of electrolysers in terms of capacity and technology, in addition to having a strong foothold in the US. Proton has a motivated and talented organisation, a solid backlog, a clear product roadmap and we expect a good demand for our PEM electrolysers going forward.”

”…we are stating that the revenues in the third quarter of 2017 will be more than twice that of the second quarter.”

Jon André Løkke, CEO of Nel


The quarter also marked Nel’s entry into the Korean market through a joint venture with Deokyang Co. Ltd, South Korea’s largest hydrogen supplier. The joint venture Nel-Deokyang Ltd. was established for exclusive sales and marketing of the Nel H2Station® in Korea, where the government targets to install around 100 fueling stations by 2020 and 230 stations by 2025.

The company also initiated the production of the fuelling stations for the Californian market in August, supporting the NOK 140m ($18m) purchase order received from Shell earlier this year. The stations will be produced at the new Herning facility, and the company expects to start shipments later this year.

Løkke concluded, “It has been an eventful second quarter with important partnership agreements, a milestone acquisition and an order backlog at the end of the period that is almost 3.5 times the revenue of last year. With an all-time high level of sales leads, both in traditional and new markets, we expect contribution from all business areas, including Proton. To provide the investors with a better understanding of the outlook going forward, we are stating that the revenues in the third quarter of 2017 will be more than twice that of the second quarter.”