‘Satisfactory’ third quarter for Nel ASA


Nel ASA reported revenues in the third quarter of 2017 of NOK 111.7m ($13.7m) compared to NOK 24.4m ($3m) in the Q3 of 2016, following the integration of Proton OnSite and increased overall interest for integrated hydrogen solutions.

At the end of the quarter, the company had an all-time high order backlog of approximately NOK 460m ($56.3m).

Nel’s CEO Jon André Løkke affirmed, “Nel experienced a satisfactory third quarter, following the integration of Proton OnSite and a number of contract awards and project deployments that provide a promising outlook for the company.”

The Norwegian-based company said underlying organic revenue growth was just over 50%, excluding Proton Onsite, while on a like-for-like pro-forma basis, the revenue growth was approximately 40%. The high activity level within business development, investments and preparations for productions ramp-up continues as planned.

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