Highlights of the quarter
• Nel ASA (Nel) reported revenues in the third quarter 2018 of NOK 116.0 million, up from NOK 111.7
million in the third quarter 2017:
o There was growth in the Fueling and Solutions segment, while the development in
Electrolyser was negative compared to the same quarter last year
• Order backlog amounts to NOK 365 million. The backlog does not include any orders under the
Nikola supply contract
• The quarter is influenced by non-recurring costs
• Cash balance of NOK 434.1 million (Q3 2017: 252.8)
• Raised NOK 46.8 million in gross proceeds in a subsequent offering
• Announced the construction of the world’s largest electrolyzer plant at Notodden
• H2BusEurope selected for proposed award of approximately EUR 40 million
• Received purchase order for first Power-to-Gas (P2G) project in Australia
• Invested USD 5 million into Nikola Motor Company ("Nikola") as part of their C-round financing
• Received a EUR 2 million contract by Uno-X Hydrogen AS to build the two next H2Station® hydrogen
fueling stations in Norway
• Received a EUR 2 million contract by H2 Mobility to build two H2Station® hydrogen fueling stations
in Germany
• Granted NOK 7.5 million in funding for hydrogen fueling stations in Denmark
• Officially opened new Nel H2Station® factory in Herning, Denmark, with nameplate capacity of 300
H2Stations per year
• Settlement in legal dispute with PDC Machines Inc.
Subsequent events
• Participation in H2-Consortium Westküste in Germany, being selected as a preferred partner of