27/02-2019 07:00:22: (NEL) Nel ASA: Fourth Quarter 2018 Results
(Oslo, February 27, 2019) Nel ASA ("Nel") reported revenues in the fourth
quarter of 2018 of NOK 124.9 million, up from NOK 115.6 million in the fourth
quarter of 2017, representing a growth of 8%. The figures are in line with the
guidance and trading update provided in connection with the announcement
regarding the contemplated private placement on January 30, 2019. Nel received
several purchase orders during the quarter, has an all-time high pipeline and
reiterates its strong market outlook.

"The fourth quarter reflects Nel's focus on staying at the technological
forefront across segments and our ambition moving forward to take advantage of
attractive market opportunities. The green fertilizer project with Yara is just
one example of how we're working to develop next generation electrolyzer
technology for industrial applications, such as ammonia and refineries. Coupled
with our focus on ongoing technology development to accommodate an exciting and
fast-growing heavy-duty segment, we are well positioned for what lies ahead for
new and existing hydrogen markets," says Jon André Løkke, Chief Executive
Officer of Nel.

In the fourth quarter of 2018, Nel reported revenues of NOK 124.9 million,
compared to NOK 115.6 million in the same quarter of 2017, in line with the
guidance and trading update released together with the announcement regarding
the contemplated private placement on January 30, 2019. The Fueling and
Solutions segments experienced a positive development during the quarter, while
the Electrolyser segment was negatively impacted by certain project delays. The
adjusted EBITDA ended at NOK -18.3 million (-23.9), adjusted for non-recurring
and other ramp-up costs of NOK 23.6 million. The reported EBIT was NOK -60.7
million (-43.5). The order backlog amounted to NOK 350 million.

After the closing of the quarter, Nel entered into a contract of more than USD 6
million with Shell for the delivery of a H2Station® solution for fueling of
heavy-duty vehicles (HDV) in the U.S. Nel also received notice on bid winner for
two hydrogen fueling stations in South Korea with a proposed value of EUR 2.8
million. Further, Nel was awarded a purchase order for a 2 MW PEM electrolyser,
and entered into a 30 MW framework contract in Switzerland with Hydrospider AG,
an affiliated company of H2 Energy.

"Freight activities are projected to grow significantly in the coming years.
With hydrogen being the most promising zero emission fuel for heavy trucks,
we're now gearing up our efforts and technology towards offering solutions that
can accommodate growth in this segment. The trend is underlined by the high
market activity we're experiencing," says Løkke.

The net cash balance at the end of the quarter ended at NOK 349.7 million,
excluding the NOK 462.7 million in gross proceeds from the January 2019 share
issue. The net proceeds will be used for continued investment in development and
innovation across segments and technologies and to improve Nel's positioning to
benefit from markets with high activity and growth momentum.

"The activity within hydrogen across the globe has never been higher. We are all
hands-on-deck to the meet the vast opportunities ahead, leveraging the fast
-growing HDV opportunities and developing the next-generation electrolyzer, and
constantly balancing between current business and longer-term strategic
positioning. We target to maintain a leadership position with a global presence,
cost leadership, and preferred-partner status for industry participants," Løkke
concludes.

Nel will host a presentation at 08:00 CET at Hotel Continental in Oslo on
February 27, 2019. A live webcast will also be available on the company's
website, www.nelhydrogen.com/webcast, and on

http://webtv.hegnar.no/presentation.php?webcastId=97605448.

The fourth quarter 2018 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 tod
Ekstern link: https://newsweb.oslobors.no/message/470640

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