NEL ASA – update February 2016 Jon André Løkke, CEO
NEL ASA
- Established by Norsk Hydro in 1927
- First dedicated hydrogen company on the OSE* (NEL.OSE)
- Extensive competence in designing hydrogen energy systems and refuelling stations, through Norsk Hydro, Statoil and H2 Logic:
-
500 large scale electrolysers sold in >50 countries
- 28 hydrogen refuelling stations delivered to 7 countries
- Pure play company with long track record:
- Most energy efficient electrolysers, robust and proven technology
- Refuelling stations with highest uptime and lowest cost of ownership
- Long list of new technology developments that will secure a leading position
NEL ASA Q4 2015 – IN SHORT
Highlights of the quarter H2 Logic AS (unaudited)
- Entered into a letter of intent with Uno-X Gruppen AS (Uno-X), for the rollout of minimum 20 hydrogen refuelling stations covering all the major cities in Norway within 2020
- H2 Logic AS, was awarded a contract for one H2Station fueling station for H2 MOBILITY Deutschland GmbH & Co.KG with an option for multiple repeat-orders. The station will be one among the first in a planned staged expansion onwards 2023 of up to 400 stations in Germany and a total investment of around 400 million euro
- Raised NOK 111 million in gross proceeds through a private placement of 30 million new shares at a price of NOK 3.70 per share
- The cash balance at the end of the fourth quarter was NOK 313 million
|
2015 |
2014 |
2015 |
2015 |
2014 |
| (Unaudited figures NOK million) |
Q4 |
Q4 |
YTD |
$YTD**$ |
Full year |
| Operational revenue |
30.3 |
12.1 |
94.7 |
128.7 |
12.1 |
| Total operating cost |
39.2 |
19.1 |
116.4 |
144.7 |
25.2 |
| EBITDA* |
$-4.2$ |
$-3.5$ |
$-0.5$ |
7.0 |
$-9.5$ |
| EBIT |
$-8.8$ |
$-7.1$ |
$-21.7$ |
$-16.1$ |
$-13.2$ |
| Pre-tax profit |
$-7.8$ |
$-6.1$ |
$-19.5$ |
$-14.0$ |
$-11.6$ |
| Net profit |
$-6.3$ |
$-1.0$ |
$-15.3$ |
$-11.1$ |
$-6.5$ |
| Net cash flow from operating activities |
$-14.1$ |
$-14.5$ |
$-35.0$ |
|
5.5 |
| Cash balance end of period |
313.0 |
98.5 |
313.0 |
|
98.5 |
|
2015 |
2015 |
| (figures in NOK million) |
Q4 |
$Q3-Q4$ |
| Total operating revenue |
18.1 |
35.7 |
| Total operating cost |
19.6 |
35,6 |
| Operating profit |
$-1.4$ |
$-0.1$ |
| Net Financial income (expence) |
$-0.7$ |
$-0.8$ |
| Pre- tax profit (loss) |
$-2.1$ |
-0.9 |
NEL Group NEL Hydrogen AS (unaudited)
|
2015 |
2015 |
2014 |
| (figures in NOK million) |
Q4 |
$Q1-Q4$ |
Full year |
| Total operating revenue |
13.3 |
60.1 |
69.0 |
| Total operating cost |
14.6 |
56.7 |
54,5 |
| Operating profit |
$-1.3$ |
3.4 |
14.5 |
| Net Financial income (expence) |
0.7 |
0.2 |
0,6 |
| Pre- tax profit (loss) |
$-0.6$ |
3.6 |
15.0 |
PROUD HISTORY & EXTENSIVE HYDROGEN KNOWHOW SINCE 1927
World's largest hydrogen electrolyser plant – 135 MW / 30,000 Nm3/h
NEL ASA – CORPORATE STRUCTURE
5
FINANCING & OWNERSHIP
TECHNOLOGY
HYDROGEN REFUELLING TECHNOLOGY
HYDROGEN STATION OWNERSHIP AND OPERATION
Upstream Downstream
PRODUCTION DIVISION – NEL HYDROGEN
ABOUT THE PRODUCTS
- Global leader within large scale hydrogen electrolyser plants
- Highest uptime, lowest conversion cost, robust and reliable
- New technologies to be commercialized, NEL P60 pressurized electrolyser, operate at 60 Nm3/h
- Container solution, pre-assembled before delivery, reduced time for installation and commissioning
- Developing a game-changing technology named Rotolyzer
CUSTOMERS
LONG TRACK & HIGHLY SCALABLE
- World leading supplier of technology for hydrogen production
- Delivered >500 large scale electrolysers in >50 countries
- Scalable production capacity for industrial and energy/transport applications
100-1.000kg/day module Flexible upgrade
Multiple modules plant Unlimited capacity
ROBUST, EFFICIENT & LARGE SCALE
1. Efficient
Efficient balance of plant + non -patented, active layer on electrodes → 3 – 15% more efficient than competitors*
2. Robust
Uncomplicated & reliable operation, stack replacement after 7 -8 years
3. Large & cost efficient
By increasing plant size from 250kW to 2.5MW, capex for production capacity reduced by >60%
GAME CHANGING TECHNOLOGY - ROTOLYZER
Rotating electrolyser – several advantages:
Optimal production and flow of hydrogen and oxygen
- Cost efficient & Compact
- Dramatically increased active area on electrodes → less material needed → more compact
- Increased gas-lye separation and less distance between electrodes → increased efficiency
Pressurized stack
- Higher pressure → more compact & no need for 1st stage compression downstream
- Works as a centrifugal pump no need for lye pumps
*cell stack, compared to atmospheric alkaline
ABOUT THE PRODUCTS
- World leading supplier of, H2Station®, hydrogen refuelling stations for vehicles
- Highest uptime and low cost of ownership
- More than 28 H2Station® solutions delivered in countries across Europe
- Standardized and module based design
- Preparing for release next generation refuelling station
- Industrial production based in lean production principles
- Basis for continuous improvements
- Offer planning & procurement, delivery & installation, operation & maintenance incl. online live monitoring
H2STATION CAR-100 FOR CARS
- One-module system with installation in 48 hours
- 70MPa fuelling, up to 200kg/day capacity or ~400 vehicles in a network
- Flexible hydrogen supply integrated onsite electrolyser or delivered
- Patented technology
H2STATION MH-100 FOR INDUSTRIAL VEHICLES
- Easy and fast installation
- 35MPa fuelling, up to 200kg/day or full tank for ~7- 10 industrial vehicles or buses
- Flexible hydrogen supply
- Patented technology
HYDROGEN REFUELLING DIVISION – H2LOGIC
- Operational partners include Shell, Air Liquide and leading car manufactures such as Daimler, Hyundai, Toyota, Honda and BMW
- More than 14.000 fuelings / 29 tons of hydrogen (6.000 fuelings / 15 tons 70MPa SAE-J2601 T40)
- Strategic collaboration with Mitsubishi for Japan
- Currently developing market entry strategy for California
DELIVERED THE ENTIRE DANISH NETWORK
The world's first country wide network in daily operation:
- H2 Logic services and operates the entire network
- Operated in collaboration with leading oil, energy and gas companies*
- 100% of hydrogen sold in Denmark is from electrolysis
- 6 Hydrogen stations has onsite electrolysis
- 5 Hydrogen stations will get supplied hydrogen from central NEL electrolysis
- All stations approved by OEM's
- Same approach in other markets
- * Partners: Air Liquide, OK, Strandmøllen, Vestforsyning ** Under planning/construction
NEL FUEL NORWAY AS
FCEVS ARE BEING INTRODUCED
- Hyundai, Toyota, Honda, BMW, Daimler, GM, Nissan, Ford, Audi, and Volkswagen have all launched, or announced launch, of FCEVs
- Formidable cost reductions enable introduction: "The Toyota Mirai's powertrain is 95% cheaper to build than the fuel-cell system in the 2008 Highlander fuel cell SUV" 1
COST OF PRODUCING HYDROGEN
Delivered at vehicle. Includes electrolysis, compression and cooling
Production cost versus electricity price Example: 24hr period in Germany (excess)
MAIN DRIVER WITH INCREASE IN RENEWABLES