Slide 1: First quarter 2024 results presentation
First quarter 2024 results presentation 17 April 2024
Slide 2: Forward-looking information
Forward-looking information This Presentation includes and is based, inter alia, on forward-looking Although Nel ASA believes that its expectations, estimates and projections information and statements relating to the business, financial performance are based upon reasonable assumptions, it can give
Slide 3: Agenda
Agenda 1. Nel in brief 2. Q1 2024 highlights 3. Commercial developments 4. Fueling presentation 5. Summary 6. Q&A 3
Slide 4: Leading pure play hydrogen technology company with a global footprint
NEL IN BRIEF Leading pure play hydrogen technology company with a global footprint Listed on the Oslo Stock Exchange Leading electrolyser manufacturer, Leading manufacturer of Manufacturing facilities in (NEL.OSE) since 2014 with >3 500 units delivered in 80+ hydrogen fueling stations, with >140 Nor
Slide 5: 2. Q1 2024 highlights
©. Q1 2024 highlights nel°
Slide 6: Quarterly highlights
Q1 2024 Quarterly highlights Financial results and financing Key developments in Q1 2024 Revenue 10 MW electrolyser equipment purchase order from Samsung C&T NOK 387 million • • Renewed relationship with Nikola • Partnership with Fortescue on 80 MW Phoenix Hydrogen Hub EBITDA NOK -16 million • Explo
Slide 7: Group Financials
Q1 2024 Group Financials Q1 2024 Q1 2023 FY 2023 • Revenue recognition depends on (NOK million) contract milestones, of which there were few significant in the quarter Revenue 387 341 1 681 • Revenue and EBITDA include NOK 96 EBITDA -16 -121 -474 million from renegotiated Nikola supply agreement EBI
Slide 8: Alkaline Electrolyser financials
Q1 2024 - S EGM ENT F INANCIALS Alkaline Electrolyser financials ALKALINE ELECTROLYZER REVENUE AND EBITDA • 20% YoY revenue growth (NOK million) • NOK 118 million YoY EBITDA REVENUE improvement amid NOK 54 million in 254 238 224 positive impact from renegotiated 187 196 Nikola supply agreement • Bus
Slide 9: PEM Electrolyser financials
Q1 2024 - S EGM ENT F INANCIALS PEM Electrolyser financials PEM ELECTROLYSER REVENUE AND EBITDA • -33% YoY revenue growth due to (NOK million) phasing of project revenues REVENUE 175 • NOK 20 million YoY EBITDA reduction amid reduced revenue 117 108 77 52 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 EBIT
Slide 10: Fueling financials
Q1 2024 - S EGM ENT F INANCIALS Fueling financials FUELING REVENUE AND EBITDA • 45% YoY revenue growth (NOK million) • NOK 10 million YoY EBITDA improvement 111 due to NOK 42 million from renegotiated REVENUE 94 Nikola supply agreement, partly offset by 76 78 80 inventory adjustments for discontinue
Slide 11: Order intake and backlog
COMMERCIAL DEVELOPMENTS Order intake and backlog ORDER INTAKE ORDER BACKLOG (NOK million) (NOK million) 1 000 3 000 2 801 2 867 2 741 900 2 458 2 437 2 500 800 700 2 000 600 467 459 500 428 1 500 400 352 1 000 300 183 200 500 100 0 0 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2023 2024 2023 2024 PEM Alkaline Fue
Slide 12: 3. Commercial developments
3. Commercial developments 12
Slide 13: 10 MW order from Samsung C&T
COMMERCIAL DEVELOPMENTS 10 MW order from Samsung C&T • Client: Samsung C&T • Size: 10 MW • Value: EUR ~5 million • Location: South Korea • This is the clients first off-grid green hydrogen production project • Samsung C&T will do the EPC work internally • Samsung C&T has a significant pipeline of el
Slide 14: Renewed relationship with Nikola
COMMERCIAL DEVELOPMENTS Renewed relationship with Nikola • Old supply agreement from 2018 has been cancelled • Will enter into a new supply agreement for 110 stacks (~275MW) • Not a firm order, and thus not in the order backlog • Aligned with Nel’s preferred scope of supply (Stacks + BoS) • Nel has
Slide 15: Partnering with Fortescue on its Phoenix Hydrogen Hub
COMMERCIAL DEVELOPMENTS Partnering with Fortescue on its Phoenix Hydrogen Hub • Client: Fortescue • Scope: BoS equipment for an 80 MW electrolyser system and updated warrantees and guarantees for already delivered stacks • Value: USD 11 million • Location: Phoenix, USA • Fortescue has taken over the
Slide 16: Additional USD 116 million support for the planned electrolyser facility in Michigan
COMMERCIAL DEVELOPMENTS Additional USD 116 million support for the planned electrolyser facility in Michigan • On 13 March, Nel was awarded USD 50 million from the US Department of Energy (DoE) and USD 25 million in direct investment support from the State of Michigan • On 4 April, Nel was awarded U
Slide 17: Nel and partners granted USD ~90 million in support for R&D projects
COMMERCIAL DEVELOPMENTS Nel and partners granted USD ~90 million in support for R&D projects • U.S. Department of Energy has granted Nel and partners approximately USD 90 million in support for seven R&D projects • Nel is the leading partner on one of the projects, which is related to low- cost, cle
Slide 18: 4. Fueling presentation
-. Fueling presentation nel°
Slide 19: Nel Fueling
Nel Fueling 140+ station modules sold globally 20 years of experience Stations delivered: ~120 Production capacity: 300 station modules/year History: 16 years 19
Slide 20: Fueling's executive management
INTRODUCTION Fueling’s executive management 3+ 6+ Years Years with Nel with Nel [Picture] Robert Borin Marcus Halland Fueling ASA CEO Fueling ASA CFO 20
Slide 21: This is Fueling – 20 years of experience developing fueling solutions
INTRODUCTION This is Fueling – 20 years of experience developing fueling solutions Uniquely positioned to capture the hydrogen opportunity Geographical presence in key markets +20 +140 Years of legacy within H2StationTM units sold One of the largest hydrogen fueling hydrogen station factories global
Slide 22: Fueling plays a critical role in the hydrogen value chain
INTRODUCTION Fueling plays a critical role in the hydrogen value chain, enabling applications in transport Hydrogen is compressed and cooled Hydrogen fueling is relevant for Electricity is generated from a power Electricity is used to split water (H2O) in the H2StationTM ready for fueling both light
Slide 23: Offering fueling equipment and full scope of services from installation to operations
INTRODUCTION Offering fueling equipment and full scope of services from installation to operations Supply source Design and manufacturing Hydrogen storage Fueling station Dispenser Project Engineering Project Management Installation Commissioning Maintenance Operation Services Vehicles 23
Slide 24: Advantages of hydrogen mobility
INTRODUCTION Advantages of hydrogen mobility 10 min No emissions Long driving range Fueling time Grid connection An obvious prerequisite for A well-functioning truck must Where the battery electric Battery charging a truck all modern vehicles, making be able to drive 800 km on vehicle can not compet
Slide 25: Overall hydrogen market set to grow three-fold by 2050
HY DROGEN M ARKET Overall hydrogen market set to grow three-fold by 2050 with mobility being a key driver Global hydrogen demand by sector1 Mt per year Power generation Power Commercial heating Heating Industrial heating Mobility ~300 New industrial use 18 Aviation Existing industrial use 43 Maritim
Slide 26: Regulatory momentum is creating strong tailwinds for hydrogen adoption in mobility
HY DROGEN M ARKET Regulatory momentum is creating strong tailwinds for hydrogen adoption in mobility Selected multinational hydrogen regulations As of April 2024 2023 AFIR - Legislated Going forward Hydrogen refuelling 2024-2030 2023 2019 stations every 200km Continued regulation RED III EU Green De
Slide 27: Nel Fueling has the experience and building blocks needed to succeed
TECHNOLOGY Nel Fueling has the experience and building blocks needed to succeed Long history in a young market • 20 years of experience and learnings accumulated to propel product development and capture market share Technology protected by patents • Current technology and innovations are both prote
Slide 28: Well-invested production facilities with option to expand capacity if required
M ARKET POS ITION Well-invested production facilities with option to expand capacity if required Herning H2 Station production facility Herning, Denmark All-in-one facility – the complete value chain under the same roof +190 full-time employees 7 years in operation One of the world’s largest HRS pro
Slide 29: Developing the next generation hydrogen fueling concept for heavy-duty vehicles
TECHNOLOGY Developing the next generation hydrogen fueling concept for heavy- duty vehicles Current target values • Fueling capacity: ~260kg per hour (>3.200km range for heavy trucks) • Filling time: 65kg in 10 min (~800km in 10 min) • Dispensers: Up to 6 dispensers • Standardization: Compliant with
Slide 30: Fueling's roadmap and ambitions
S TRATEGY Fueling’s roadmap and ambitions 2023 2025 15% Initiated development of Capitalize on insights The next-generation Ambition to capture 15% of high-capacity stations for derived from the light-duty hydrogen fueling stations the high-capacity market heavy-duty transportation market to standar
Slide 31: 5. Summary
5. Summary nel°
Slide 32: Summary
Summary Positive EBITDA in Alkaline Highest quarterly order intake since NOK 3.3bn in cash reserves, Electrolyser segment Q1-23 no near-term need to raise additional cash USD 170 million in accumulated Exploring spin-off and separate listing support for the planned electrolyser of Fueling division f
Slide 33: number one by nature
number one by nature.