Nel ASA

Earnings Release • Nov 7, 2019

Nel ASA: Third quarter 2019 results

Nel ASA: Third quarter 2019 results

(Oslo, November 7, 2019) Nel ASA ("Nel") reported all-time high revenues of NOK

148.9 million (116.0) in the third quarter of 2019, in line with company

outlook, and an order backlog of NOK 575 million. The order backlog grew 58%,

compared to the end of the third quarter of 2018, and Nel reiterates the strong

market outlook.

"Nel experienced another busy quarter with a 28% topline growth, in line with

company outlook, and a high level of new business development activities. In

addition, the Nel team continued to build the solid pipeline of tenders and

projects across segments and geographies. These initiatives contributed to

another quarter of securing a record high backlog and together with a strong

market outlook, this provide a solid foundation for 2020 and beyond", says Jon

André Løkke, Chief Executive Officer of Nel.

Nel reported revenues in the third quarter of 2019 of NOK 148.9 million, up from

NOK 116.0 million in the corresponding quarter last year. The adjusted EBITDA

was NOK -17.9 million, adjusted for non-recurring and other ramp-up costs, and

the cash balance ended at NOK 651.0 million at the end of the third quarter.

"The quarter was characterised by not only the developments within industrial

and heavy-duty applications, but also by the high interest in hydrogen electric

solutions. An example is Korea with their national target of more than 300

hydrogen stations by 2022. We are encouraged by having received a total of ten

purchase orders so far in 2019", says Løkke.

The reported EBIT was NOK -48.4 million (-66.3) and the backlog grew to NOK 575

million, up 58% compared to the end of the third quarter in 2018, as Nel is

positioned to benefit from markets with high activity and growth momentum.

During the third quarter, Nel announced a purchase order for two H2Station®

hydrogen fueling stations from HyNet, a separate purpose company established to

establish 100 hydrogen fueling stations in Korea by 2022.

"The car industry has all eyes on the hydrogen electric developments, were the

anticipated strong growth in fuel cell electric vehicles will spark the

expansion of the fueling station networks in key markets like Korea, Japan, US

and China. Leading car manufacturers unveiled major new hydrogen initiatives at

the trade shows in Frankfurt and Tokyo and more models are expected from 2020

and beyond. Nel is well positioned to capitalise on these opportunities by being

the technology front-runner with world class safety, cost leadership and a

global presence. "

Nel will host a presentation at 08:00 CET at Hotel Continental in Oslo on

November 7, 2019. A live webcast of the call will also be available on the

company's website, www.nelhydrogen.com/webcast, and on

https://webtv.hegnar.no/presentation.php?webcastId=98164395.

The third quarter 2019 report and presentation are enclosed and available

through www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com

ENDS

For further information, please contact:

Jon André Løkke, CEO, Nel ASA, +47 907 44 949

Bent Skisaker, CFO, Nel ASA, +47 468 21 693

About Nel ASA | www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to

produce, store and distribute hydrogen from renewable energy. We serve

industries, energy and gas companies with leading hydrogen technology. Since its

origin in 1927 as part of Norsk Hydro, Nel has a proud history of development

and continuous improvement of hydrogen plants. Our hydrogen solutions cover the

entire value chain from hydrogen production technologies to manufacturing of

hydrogen fueling stations, providing all fuel cell electric vehicles with the

same fast fueling and long range as conventional vehicles today.