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.
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