Brief: Nel Adjusts Capacity To Market Demand

Nel ASA

13/01/2025 13:29

Jan 13 (Reuters) - Nel ASA  NEL.OL :
    * NEL ASA: ADJUSTS CAPACITY TO MARKET DEMAND
    * REDUCING WORKFORCE AND TEMPORARILY HALTING PRODUCTION AT
ALKALINE PRODUCTION FACILITY IN HERØYA
    * MARKET FOR RENEWABLE HYDROGEN PRODUCTION TECHNOLOGY HAS
BEEN
SLOWER THAN EXPECTED FOR INDUSTRY IN GENERAL, INCLUDING NEL
    * ORDER INTAKE IN 2023 AND 2024 FELL SHORT OF EXPECTATIONS
    * SEVERAL CUSTOMER PROJECTS ARE SIGNIFICANTLY DELAYED OR ARE
AT
RISK OF BEING CANCELLED
    * PLANNED REDUCTIONS WILL AFFECT ROUGHLY 20% OF FULL-TIME
EMPLOYEES REPORTED AT END OF Q3 2024
    * HALF OF REDUCTIONS HAVE ALREADY BEEN EXECUTED IN Q4 OF
2024
    * INITIATED A PROCESS TO RETAIN CONTROL OVER DELIVERED
EQUIPMENT
AS COMPENSATION FOR MORE-THAN-ONE-YEAR OVERDUE RECEIVABLES
    * SEES GOOD NEAR-TERM OPPORTUNITIES TO SELL CONTAINERIZED
PEM
SYSTEMS

Source text:  ID:nWkr5pqVCc 
Further company coverage:  NEL.OL 

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