Market frozen.
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Yeah… the sun isn’t shining here. Hopefully, this isn’t related to some new preliminary information from the US. A week to go and Trump at the helm.
Big numbers are circulating in the media from India too, but not a single deal from Reliance.
The world is warming… oil, gas, and coal are going strong. Indeed, the mind of a decision-maker is strange.
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@Taitoo Well, I think this is mainly related to Nel’s management’s operations. It might have been a mistake to enter both the PEM and alkaline electrolyzer business with limited resources. Not many others seem to do that either. It exposes them to competition with the Chinese and to the wrong product portfolio:
“Nel also sees good near-term opportunities to sell containerized PEM systems.”
I commented in Plug’s thread a year ago that these containerized electrolyzers seem to be good products for the early stages of clean hydrogen. Nel probably should have selected what to focus on earlier.
Btw, Nel’s refueling equipment was apparently really bad. I’ve read retrospectively that they were problematic products. So selling that sector was a good solution.
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You may very well be right. We were also quite hopeful about the market development, or rather its speed… however… even though the global upheaval continues fiercely.
Europe in disarray… Germany is, France is, Italy is heading into disarray… the Prime Minister probably has too close ties with Musk, and that destroys the EU’s sensible, consistent, credible decision-making. Everything is shaky around Ukraine… there’s no firmness at all.
China is known for supporting its own companies, it’s in their DNA, global trade practices don’t interest them one bit, and then Trump… in two or three weeks, we’ll be a little wiser.
I expect a strong boost from India when it gets going, but those trade practices… we’ll see… hopefully, they’ll change in a smart direction.
In this situation, it feels like no schedules and no trade practices are certain.
The market doesn’t seem to calm down anytime soon, so trade will have to wait.
Frankly, I did expect something like this from NEL, because trade hasn’t been happening on a reasonable scale for a long time. And it probably won’t.
That product palette… it’s a risk, and it’s especially good that the hydrogen stations left.
Think about it… even considering them… by 2030, things should be in order, and for example, Finland and a large part of Europe are practically doing nothing.
When you consider the balance of supply and demand… by 2028, we are already well behind schedule.
Hopefully, the plans with sensible timetables are in order in EU countries 
Have a nice evening
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Indeed, Reliance Industries is a significant partner for NEL. Hopefully, this will materialize into deals of the company’s (RI) magnitude. The fiscal year appears to end at the end of March;
Indian company
Media Release
CONSOLIDATED RESULTS FOR QUARTER ENDED 31ST DECEMBER, 2024
QUARTERLY CONSOLIDATED REVENUE AT ₹ 267,186 CRORE ( 31.2 BILLION), UP 7.7% Y-O-Y RECORD QUARTERLY CONSOLIDATED EBITDA AT ₹ 48,003 CRORE ( 5.6 BILLION), UP 7.8% Y-O-Y RECORD QUARTERLY CONSOLIDATED PROFIT AFTER TAX^ AT ₹ 21,930 CRORE ($ 2.6 BILLION), UP 11.7% Y-O-Y RECORD QUARTERLY PROFIT AFTER TAX^ OF JIO PLATFORMS AT ₹ 6,857 CRORE, UP 25.9% Y-O-Y QUARTERLY PROFIT AFTER TAX^ OF RELIANCE RETAIL AT ₹ 3,485 CRORE, UP 10.1% Y-O-Y
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Nyt on liikaa sotkua NEL:n ympärillä. Ei hyvä;
Press Release
January 16, 2025 – Oslo, Norway
Nel ASA: Acquired equity stake in Cavendish Hydrogen
(January 16, 2025 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) has acquired a 4.85% stake in Cavendish Hydrogen to support the company strategically for its long-term success.
Reference is made to the filing made today by Cavendish Hydrogen calling for an Extraordinary General Meeting to replace the current Board of Directors. When Nel spun out and separately listed its Fueling business, the entity was set up to maximise its long-term potential. To be able to succeed, a highly competent and dedicated Board of Directors is needed.
“We have a long history together and it is strategically important for Nel to maintain a good and collaborative relationship with Cavendish and some of its customers. As such, we intend to vote in favour of the nomination committee’s proposals” says Kjell Christian Bjørnsen, CFO of Nel ASA.
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Välillä jotain positiivistakin;
OSE FILING
January 21, 2025 – Oslo, Norway
Nel ASA: Receives purchase order for 5 MW of containerized PEM electrolysers
(January 21, 2025 - Oslo, Norway) Nel Hydrogen US, a subsidiary of Nel ASA (Nel, OSE:NEL), has received a purchase order for two containerized PEM electrolyser units for about USD 7 million. The two MC500 electrolysers, 2.5 MW each, will be used to produce hydrogen for a new steel mill in the US.
The undisclosed customer, one of the largest US steel producers, already uses Nel’s PEM electrolysers to generate hydrogen at two other sites in the US.
“We are delighted to receive a purchase order from an existing customer, as it signifies their satisfaction with the performance of our electrolysers,” says Nel’s Chief Commercial Officer, Todd Cartwright.
“We continue to see an increasing demand for our containerized PEM electrolysers for smaller installations as this reliable turn-key concept offers easy outdoor installation and operation,” he says.
This is a firm purchase order for two PEM MC500 units that will be produced Nel’s manufacturing facility in Wallingford, Connecticut.
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Here’s more positive news;
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Here’s a story from India, and according to it, NEL will get business from there this year, and if and when the product is pleasing, there’s good potential in the future. Read the story to the end
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Tulosinfoaikataulu;
OSE FILING
February 19, 2025 – Oslo, Norway
Nel ASA: Invitation to Q4 2024 results presentation
(February 19, 2025 – Oslo, Norway) Nel ASA (Nel, OSE:NEL) will publish its fourth quarter 2024 report on 26 February 2025 at 07:00 CET, and host a presentation at 08:00 CET.
The quarterly report and presentation will be made available on newsweb.no and nelhydrogen.com.
The presentation at 08:00 CET will be a virtual event, followed by a Q&A session.
The live presentation can be accessed on the company’s website nelhydrogen.com/quarterly-presentation/ or by following this link. Please make sure to register early. A recording of the presentation will be publicly available following the event.
ENDS
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Tässä NEL:n tulosyhteenveto;
OSE FILING
February 26, 2025 – Oslo, Norway
Nel ASA: Fourth quarter 2024 financial results
(February 26, 2025 - Oslo, Norway) Nel ASA (Nel, OSE: NEL) reported revenues from contracts with customers of NOK 416 million in the fourth quarter of 2024, in-line with the same quarter last year. EBITDA in the quarter was NOK -36 million, an improvement from NOK -78 million in Q4 2023. The Alkaline division contributed positively with a reported EBITDA of NOK 19 million, while the PEM division reported an EBITDA of NOK -22 million. Order intake for the quarter was NOK 148 million (Q3 2023: 131 million). At the end of the quarter the order backlog stood at NOK 1 614 million, and the cash balance at NOK 1 876 million.
Quarterly highlights
- Revenue from contracts with customers (continuing operations) in the fourth quarter 2024 was NOK 416 million, in line with the fourth quarter 2023 (Q4 2023: 412). Revenue was positively impacted by delivery of alkaline electrolyser equipment whereas revenue from sale of PEM electrolyser equipment was low due to timing of project deliveries.
- Total Revenue and income in the fourth quarter 2024 was 450 million (Q4 2023: 437)
- EBITDA in the quarter was NOK -36 million (Q4 2023: -78). Alkaline had a positive EBITDA driven by higher revenues, solid gross margins on equipment deliveries and technology license milestone payments, but this was more than offset by the negative contribution from PEM.
- Net loss from continuing operation was NOK -64 million (Q4 2023: -50). The development was mainly explained by increased EBIT of NOK 17 million, more than offset by NOK 30 million decreased net financial items.
- Order intake in the quarter amounted to NOK 148 million, an 13% increase from the corresponding quarter last year (Q4 2023: 131).
- Order backlog was NOK 1 614 million at the end of the quarter, down 23% from the fourth quarter of 2023 and down 14% from the previous quarter.
- Cash balance was NOK 1 876 million at quarter end (Q4 2023: 3 363).
“I am pleased that our business results in 2024 maintained an upward trajectory. Since 2022 we have nearly doubled revenues, cut EBITDA losses by 60%, and significantly reduced cash burn,” says Håkon Volldal, President & CEO of Nel.
“We expect a stronger order intake this year compared to 2023 and 2024, and I am convinced Nel will end up as one of the winning electrolyser OEMs based on our strong legacy platforms and our breakthrough next-generation platforms,” says Volldal.
Nel reported revenues from customer contracts in line with the same quarter last year, while EBITDA improved by NOK 26 million compared to fourth quarter 2023 driven by higher revenues, solid gross margins on equipment deliveries and technology license milestone payments. The Alkaline division showed 10% revenue growth compared to the same quarter last year. The division also delivered positive EBITDA both for the quarter and FY at NOK 19 million and 127 million, respectively. PEM revenues from customer contracts in the quarter was NOK 153 million, down 12% compared to Q4 2023, while EBITDA from the division was NOK -22 million, an improvement from NOK -39 million for the corresponding quarter last year.
Following the spin-off of its former Fueling division (now Cavendish Hydrogen), the operational cash burn-rate has been significantly reduced, and the company is adapting its capacity utilization and the size of its organization to market demand, with some delays caused by implementation time. Furthermore, Nel will reduce investments by about 50% in 2025 compared to 2024. This can be achieved without compromising on technology investments and strategic position. The company already has significant annual production capacity available from the beginning of 2025 and can harvest prior investments.
The fourth quarter 2024 report and presentation are enclosed and available on newsweb.no (Ticker: NEL) and nelhydrogen.com. The presentation will be a virtual event only, followed by a Q&A session, and can be accessed on the company’s website www.nelhydrogen.com/quarterly-presentation/ or by following this link. A recording of the presentation will be made publicly available following the event.
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Norwegian electrolyser manufacturer Nel said today it is confident that major orders will materialise this year after a “disappointing” 2024, as hydrogen firms are securing equipment later in the project development process because of reduced concerns about availability.
Nel registered a higher order intake in January alone than in the final quarter of last year, chief executive Hakon Volldal said during the company’s results call today, adding that “2024 was a disappointment” but that “2025 is expected to be much better.”
Lupaa kyllä ihan hyvää.
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I was actually thinking the same thing. It’s very positive to have a down-to-earth, realistic management team. They don’t daydream, and their answers in the Q&A session come off the shelf like from a pharmacy.
A few business matters;
It is essential that capacity is in our own hands. Expansion plans are clear, but there is free capacity so that smooth additional construction is possible, and basic planning for new facilities is ready.
Strong new product planning. We are genuinely building future competitiveness.
Great potential in, for example, India. Reliance’s cash won’t run out. Samsung is also a strong partner. I can’t say about Saipem. Of course, the USA and Europe are important.
Cash in order.
The jungle of subsidies is starting to clear up, enabling faster FIDs.
For these basic reasons, among others, I believe that 2025 will already be better 
P.S. If anyone knows Saipem, they could comment on the forum
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Not enough for them:
Kepler Cheuvreux lowers target price for Nel to 2 Norwegian kroner (2.50), reiterates reduce
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Well, there’s probably deeper knowledge there. As I stated earlier, in my opinion, NEL’s position is now different compared to previous years. For example, fueling stations are rolled out, capacity management and potential are good. Korea and India are future regions, cash is in order, and I repeat about the company management… it will certainly have a positive impact. In 2025/2026, the situation will turn around, and recommendations along with it. I am quite convinced of that.
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Yksinkertaisesti, tämä on hyvä juttu;
OSE FILING
March 11, 2025 – Oslo, Norway
Nel ASA: Signs collaboration agreement and conducts private placement with SAMSUNG E&A
(March 11, 2025 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) has signed an EPC collaboration agreement that allows SAMSUNG E&A to offer its customers complete hydrogen plants of its own design using Nel’s electrolysers. In a separate transaction, SAMSUNG E&A will purchase 10% of newly issued Nel ASA shares through a direct placement, implying a post transaction ownership of 9.1%. As a result of this transaction, SAMSUNG E&A will become the largest single shareholder in Nel.
Nel is a global leader within both alkaline and PEM electrolyser technology, working with clients both directly and through EPC partners. With the SAMSUNG E&A EPC collaboration agreement, Nel continues to widen its global delivery capabilities and strengthen its overall competitiveness.
“Our strategy is to focus on electrolyser stack and balance of stack technology. Therefore, we need to work with EPC companies who can provide balance-of-plant solutions and increase our global market reach. It is an honor that a highly reputable and solid company like SAMSUNG E&A has decided to partner with Nel because of our technology and manufacturing leadership” says Håkon Volldal, President and CEO of Nel ASA.
SAMSUNG E&A, formerly Samsung Engineering, is a Korean total solutions provider, that offers comprehensive solutions for the global energy industry. The company provides a full range of engineering services including feasibility studies, design, procurement, construction, and commissioning across multiple industries with a special focus on smart manufacturing, energy systems, and infrastructure. The company is already involved in several large-scale hydrogen projects globally.
“SAMSUNG E&A will provide integrated electrolyser solutions with competitive value and bankability to green hydrogen project owners with Nel. Green hydrogen is a core technology in clean tech with carbon-neutral technologies and has a high value not only as itself but also as a basic ingredient for green ammonia, green methanol, SAF, and e-fuel,” says Hong Namkoong, CEO of SAMSUNG E&A.
"Nel is a market-leading electrolyser company and the only company that has competitive technology in both Alkaline and Proton Exchange Membrane electrolyser with a 100-year history. We are very glad to announce our partnership with Nel”, Namkoong says.
The collaboration agreement will enable SAMSUNG E&A to develop and offer its customers complete design packages for hydrogen plants based on Nel’s Alkaline and PEM electrolysers. In addition, the two companies will work on a larger consolidated Balance of Stack (BoS) system for Nel’s Alkaline electrolysers.
In a separate transaction, Nel ASA will issue 167,132,530 shares to SAMSUNG E&A for NOK 2.1125 per share, representing the arithmetic average of the last seven-day volume weighted average prices as of March 10th 2025, for a total, all cash, consideration of about NOK 353 million. The transaction is subject to approval by the Board of Directors pursuant to an authorization to increase the share capital granted by Nel ASA’s annual general meeting held on 23 April 2024. Post transaction, SAMSUNG E&A will have a 9.1% shareholding in Nel ASA. SAMSUNG E&A has agreed to a two-year lock-up and standstill arrangement subject to customary exceptions. The Nel ASA Board of Directors is supportive of SAMSUNG E&A nominating a member to Nel’s Board of Directors for the upcoming 2025 Annual General Meeting. Morgan Stanley & Co. International plc acted as financial advisor to Nel ASA in connection with the private placement.
“We appreciate the commitment SAMSUNG E&A demonstrates to the future success of our partnership by becoming a cornerstone investor in Nel,” Volldal says.
“SAMSUNG E&A is currently securing hydrogen and carbon-neutral technologies through strategic investments and partnerships to commercialize new technologies and build a technology licensing model. The company is now also exploring new market opportunities based on business development with flagship projects where we work to expand the business model from primarily EPC to more technology-based," Hong Namkoong says.
ENDS
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The short volume is large, and unsurprisingly, there is squeeze pressure today on this most shorted stock in Norway.
The number of shorted shares is so high that when compared to the average daily trading volume, short sellers will have to work long days for the next month if they wish to close their positions. They are therefore likely trying to reverse the current +30% rise.
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** Nordea analyst Andreas Nibe Nygård says, “We think this is positive for Nel as a cornerstone investor has long been needed in the company”
** Adds orders will likely come in from Samsung soon
** Elliott Jones from Danske Bank says investment takes Nel’s cash balance to over NOK2 bln, buys co another 5 months of cash runway
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Tässä yksi juttu yhteistyökumppani Saipemista. Kelluvaa tuulivoimaa;
Saipem at KEY - The Energy Transition Expo 2025, Rimini – Italy.
During this three-day event, we had the opportunity to connect with industry leaders, investors, and developers, driving forward the conversation on offshore renewables and energy transition solutions.
At the conference sessions, our experts shared key insights into the future of floating offshore wind and solar energy, contributing to the dialogue on innovation and sustainability.
A highlight of the event was our workshop, where we welcomed distinguished guests to explore the prospects, challenges, and opportunities for floating wind power in Italy. During the panel, we proudly presented #STAR1, our proprietary floating wind technology featuring a DNV-certified design.
A special thank you to Divento Energia, DNV - Energy Systems, and all the industry players who participated in our workshop on STAR1 and the evolving landscape of floating wind in Italy. Together, we’re shaping the future of sustainable energy.
#Saipem #EngineeringForASustainableFuture #KEY2025
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As said, a complete removal of shorts would be a difficult task. Now a decrease of about one percentage point. But I wonder if there will be an increase again today.
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