Slide 1: Q1 2022
Q1 2022 Jon André Løkke, CEO 11 May 2022
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 highlights 3. Commercial developments 4. Political events 5. Summary and outlook 6. Q&A 3
Slide 4: Leading pure play hydrogen technology company with a global footprint
THIS IS NEL Leading pure play hydrogen technology company with a global footprint Pure play hydrogen Manufacturing facilities in World’s largest electrolyser Leading manufacturer of technology company listed Norway, Denmark, and U.S., manufacturer, with >3,500 hydrogen fueling stations, on Oslo Stoc
Slide 5: Technology offering to enable the green transition
THIS IS NEL Technology offering to enable the green transition Hydrogen is compressed and cooled Hydrogen fueling is relevant for in the H2StationTM ready for fueling both light-duty vehicles (LDV) and through the dispenser heavy-duty vehicles (HDV) Electricity production Hydrogen production H2Stati
Slide 6: Strong field know-how and manufacturing capacity
THIS IS NEL Strong field know-how and manufacturing capacity PEM electrolysers Alkaline electrolysers Hydrogen fueling stations Wallingford, USA Notodden/Herøya, Norway Herning, Denmark Systems delivered: 2,700+ Systems delivered: 800+ Stations delivered: ~120 Production capacity: >50 MW/year Produc
Slide 7: 2. Q1 highlights
2. Q1 highlights nel:
Slide 8: Highlights
Q1 2022 Highlights Financial results and financing Key developments Revenues • Received purchase orders for: NOK 213 million • Multiple PEM electrolysers from a leader in sustainable food production. Value approx. USD 5 million Up 36% from NOK 157 million in Q1 2021 • Containerized electrolyser and
Slide 9: Financial highlights
Q1 2022 Financial highlights NOK million 2022 Q1 2021 Q1 2021 2020 2019 Operating revenue 213 157 798 652 570 Total operating expenses -400 -255 1 381 1 066 823 EBITDA -152 -74 -475 -252 -178 EBIT -187 -98 -583 -414 -253 Pre-tax income (loss)* 82 -580 -1 684 1 246 -277 Net income (loss)* 84 -578 -1
Slide 10: Negative effect on EBITDA and earnings
Q1 2022 Negative effect on EBITDA and earnings • EBITDA continues to be impacted by preparations and investments for the future • Projects are getting larger, and we continue to recruit to meet growing demand • Across the entire organization; in particular, within project execution • Tuning and ramp
Slide 11: Successful private placement completed, raising NOK 1.5 billion of new equity
FINANCIAL DEVELOPMENTS Successful private placement completed, raising NOK 1.5 billion of new equity • On March 23 2022 the NOK million cash capital raise, gross company completed a private 4 500 placement, raising gross 4 000 proceeds of NOK 1.5 billion at NOK 15.3 per share, the 3 500 largest in N
Slide 12: Order backlog continued to build in Q1 2022
FINANCIAL DEVELOPMENTS Order backlog continued to build in Q1 2022 • Order backlog continues to NOK million grow 1 400 • NOK 283 million added in Q1 1 200 2022 • Up 5% from Q4 2021 1 000 Up 19% from Q1 2021 800 • Order intake is expected to vary between quarters as order sizes increases 600 • The pi
Slide 13: Top 5 FEED study involvements currently ongoing
COMMERCIAL DEVELOPMENTS Top 5 FEED study involvements currently ongoing Americas Europe Asia ~0.2 GW >2 GW ~0.5 GW 13 FEED = Front-end engineering design
Slide 14: Top 5 FEED study involvements currently ongoing
COMMERCIAL DEVELOPMENTS Top 5 FEED study involvements currently ongoing • Announced involvement in Project Location MW the FEED study for EverWind Fuels’ Point Tupper project FEED 1 Europe 800 • Nel is involved in several FEED/pre-studies, giving a FEED 2 Europe 750 head start to compete for potenti
Slide 15: Positioned for capacity expansion
READY TO STEP UP PRODUCTION CAPACITY Positioned for capacity expansion • Decided to secure long-lead items for a new 500 MW alkaline production line • Site selection initiated in Europe and US • Europe: At Herøya or a new site outside Norway • US: Search for new sites for both technologies 4GW PEM/A
Slide 16: 3. Commercial developments
3. Commercial developments 16
Slide 17: Contract for containerized electrolyser and hydrogen fueling equipment
COMMERCIAL DEVELOPMENTS Contract for containerized electrolyser and hydrogen fueling equipment • Client: Undisclosed • Delivery: late 2022 - 2023 • Value: Approx. USD 5 million • Containerized PEM electrolyser and light-duty hydrogen fueling station package for a power and gas utility in the US • An
Slide 18: Contract for PEM electrolysers to be used in food production
COMMERCIAL DEVELOPMENTS Contract for PEM electrolysers to be used in food production • Client: Undisclosed • Delivery: 2022 - 2023 • Value: Approx. USD 5 million • Leader in the commercialization of sustainable protein technology • A novel and exciting approach to addressing both climate change and
Slide 19: Contract for alkaline electrolyser to be used in food production for Solar Foods
COMMERCIAL DEVELOPMENTS Contract for alkaline electrolyser to be used in food production for Solar Foods • Client: Solar Foods • Delivery: 2022 / early 2023 • Value: Approx. EUR 2 million • Hydrogen for production of Solein® using a bioprocess where microbes are fed with gases and small amounts of n
Slide 20: Purchase order for an alkaline electrolyser in Europe
COMMERCIAL DEVELOPMENTS Purchase order for an alkaline electrolyser in Europe • Client: Kraftanlagen for Hy2B • Delivery: end of 2022 / 2023 • Value: Approx. EUR 3 million • The project will provide green hydrogen to the European market. The unit will mainly serve fueling of trailers and industrial
Slide 21: Purchase order for several H2Station modules in Paris, France
COMMERCIAL DEVELOPMENTS Purchase order for several H2Station modules in Paris, France • Client: HysetCo • Delivery: 2022 • Value: Undisclosed • Will be used for light-duty fuel cell electric vehicles in Paris • HysetCo owns the world’s largest fleet of hydrogen taxis, deployed in the Paris region •
Slide 22: Purchase order for fueling equipment from HTEC
COMMERCIAL DEVELOPMENTS Purchase order for fueling equipment from HTEC • Client: HTEC • Delivery: 2023 • Value: Approx. USD 1.5 million • HTEC, a market leader in clean hydrogen infrastructure in North America (17 stations in operation/development) • This is the third station sold to the client • Op
Slide 23: Purchase order for fueling equipment for Biproraf
COMMERCIAL DEVELOPMENTS Purchase order for fueling equipment for Biproraf • Client: Biproraf • Delivery: 2023 • Value: Undisclosed • The company’s first hydrogen fueling station to be used to fuel both light- and heavy- duty vehicles, and forklifts in Poland • Biproraf, provides technologies and sol
Slide 24: Purchase order for H2Station fueling systems from a European client
COMMERCIAL DEVELOPMENTS Purchase order for H2Station™ fueling systems from a European client • Client: Undisclosed • Value: Above EUR 3 million • The European fueling network continues to expand, and the units will mainly fuel heavy- duty vehicles with fast and reliable technology 24
Slide 25: Herøya movie
HERØYA – A GAMECHANGER HERØYA MOVIE HERE ? See video from opening of the Herøya facility on nelhydrogen.com 25
Slide 26: Automation: a key component for cost reductions
HERØYA – A GAMECHANGER Automation: a key component for cost reductions On track to reach the ambition to produce green hydrogen for $1.5/kg by 2025, target to reduce CapEx cost by ~75% Around half of this reduction relates to scale-up and cost-down through automation at sites like Herøya üHigher vol
Slide 27: Automated stacking process provides further cost reductions
HERØYA – A GAMECHANGER Automated stacking process provides further cost reductions • Planning to add an automated stacking station at Herøya • Reduce installation time and cost as stacking can be done in the factory • Faster and safer assembly process of the stacks • Easier transportation and instal
Slide 28: Safe, cost-efficient and hassle-free installation
HERØYA – A GAMECHANGER Safe, cost-efficient and hassle-free installation • Develop a skid that is easy to transport • Easy to unload • Easy to assemble • Ensures scalability from 20 to 800 MW plants and beyond 28
Slide 29: 4. Political events
“. Political events nel:
Slide 30: Committed to support RePowerEU
POLITICAL EVENTS Committed to support RePowerEU Target to make Europe independent from Russian energy a.s.a.p. and accelerate the green transition Nel will support this initiative and ramp-up production capacity when demanded by the market
Slide 31: RePowerEU ambitions
POLITICAL EVENTS RePowerEU ambitions • Produce 10 million tons of renewable hydrogen in Europe by 2030, and 10 million tons outside of Europe to support total demand • May 5th, the European Commission and European electrolyser industry signed a joint declaration to improve framework conditions for e
Slide 32: 5. Summary and outlook
5. Summary and outlook nel:
Slide 33: Nel a global leader within hydrogen technologies
SUMMARY AND OUTLOOK Nel a global leader within hydrogen technologies Proven track record and established market leader • Pure play, independent hydrogen technology company • Decades of experience in PEM and alkaline electrolyser platforms • Technology leadership, large-scale concepts ready to go Sca
Slide 34: number one by nature
number one by nature |