Brief: Nel Says Further Developments Needed To Increase Profitability
17/04/2024 06:08
April 17 (Reuters) - Nel ASA NEL.OL :
* NEL ASA - EXTERNAL AND INTERNAL ANALYSES SUPPORT A MARKET
VIEW
THAT MULTIPLE GIGAWATTS OF ELECTROLYSER PROJECTS WILL REACH
FINAL INVESTMENT DECISION BEFORE 2025
* NEL ASA - NEL IS IN A GOOD POSITION TO MAINTAIN A LEADING
POSITION IN ELECTROLYSERS
* HIGHER REVENUE IN COMBINATION WITH MORE EFFICIENT
EXECUTION IS
EXPECTED TO YIELD GREATER PROFITABILITY IN THE ELECTROLYSER
BUSINESS
* Q1 PURCHASE OF PROPERTY, PLANT AND EQUIPMENT TOTALLED NOK
113
MILLION (Q1 2023: 77)
* CONTINUES TO EXPLORE AND PREPARE FOR A POTENTIAL SPIN-OFF
AND
SEPARATE LISTING OF THE NEL HYDROGEN FUELING DIVISION
* SAYS THERE ARE NO SIGNIFICANT CHANGES IN THE RISKS AND
UNCERTAINTY FACTORS DESCRIBED IN OUR ANNUAL REPORT 2023
* CHANGES IN NET WORKING CAPITAL DECREASED CASH BY NOK -122
MILLION (Q1 2023: 22) IN THE QUARTER
* SAYS NEL IS COMMITTED TO BUILDING THE ORGANIZATIONAL AND
PRODUCTION CAPACITY IN LINE WITH MARKET GROWTH, WHILE
SIMULTANEOUSLY DELIVERING ON LARGER AND MORE COMPLEX PROJECTS
* SAYS WHILE THE COMPANY HAS MADE NOTABLE IMPROVEMENTS,
FURTHER
DEVELOPMENTS ARE NECESSARY TO INCREASE PROFITABILITY
* SAYS DESPITE BEING THE COMPANY WITH THE MOST EXPERIENCE
IN THIS
FIELD, BOTH FUELING AND ELECTROLYSER FACE THE EXECUTION
CHALLENGES OF THIS NEXT STAGE IN THE COMPANY’S
INDUSTRIALIZATION
Source text for Eikon: ID:nWkr2pQ4JG
Further company coverage: NEL.OL
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