Slide 1: Q1 2020
Q1 2020 Jon André Løkke Chief Executive Officer Strictly private & confidential
Slide 2: Forward-looking information
Forward-looking information Nel ASA Q1 2020 This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectatio
Slide 3: 1. Q1 highlights 2. Financial review 3. Nel in brief
1. Q1 highlights 2. Financial review 3. Nel in brief 4. Key Nel developments 5. Jorgo Chatzimarkakis, Hydrogen Europe – 2x40 GW initiative 6. Summary/outlook 7. Q&A 3
Slide 4: Covid-19 actions, effects and potential recovery
. Covid-19 actions, effects and potential recovery Nel ASA Q1 2020 Safety as priority #1 Transparency A green Covid-19 recovery Frequent updates to the capital Significant governmental interest in Immediate implementation of strict markets with in-depth status developing and supporting major regulat
Slide 5: Q1 highlights
Q1 highlights Nel ASA Q1 2020 Financial results and financing Operations and sales • Nel ASA (Nel) announced Covid-19 updates 22 and 26 March, in • Kjell Christian Bjørnsen appointed CFO effective 1 March 2020 addition to general comments 21 April, underlining that revenues and • Filip Smeets appoin
Slide 6: Financial review
nel: Financial review
Slide 7: Financial highlights
Financial highlights Nel ASA Q1 2020 2020 2020 2019 2019 2019 2018 (NOK million) Q1 Adj* Q1 Q1 Q4 Operating revenue 126.5 126.5 122.4 175.9 569.7 489.0 Total operating expenses 190.6 213.4 174.4 239.3 824.3 685.1 EBITDA -41.7 -64.6 -34.8 -42.7 -179.1 -131.6 EBIT -64.1 -86.9 -52.0 -63.4 -254.6 -196.1
Slide 8: Cash position (MNOK)
Strong cash position of ~ NOK 1.35 billion Nel ASA Q1 2020 Raised 127 MNOK in subsequent offering in April 2020 Cash position (MNOK) • Nel targets to have a strong financial position to 1400 Subsequent offering of 127 execute on the strategic plans 1200 MNOK • January 2020 issue was 2.5x oversubscri
Slide 9: Nel in brief
nel: Nel in brief
Slide 10: Nel ASA
Nel ASA Nel ASA Q1 2020 • Pure play hydrogen technology company listed on Oslo Stock Exchange (NEL.OSE) w/>25,000 shareholders • Manufacturing facilities in Norway, Denmark, and U.S., and a global sales network • World’s largest electrolyser manufacturer, with >3 500 units delivered in 80+ countries
Slide 11: Strong field know-how & manufacturing capacity
Strong field know-how & manufacturing capacity Nel ASA Q1 2020 Wallingford, USA Notodden/Herøya, Norway Herning, Denmark PEM electrolysers Alkaline electrolysers Hydrogen refuelling stations 2 700+ systems delivered 800+ systems delivered 50+ stations delivered Production capacity: Production capaci
Slide 12: Key Nel developments
nel: Key Nel developments
Slide 13: Received purchase order for containerized PEM Electrolyser
Received purchase order for containzerized PEM Electrolyser Nel ASA Q1 2020 Key Nel developments Green hydrogen for 12 fuel cell electric buses in US • Nel Hydrogen US received purchase order of 1 MW containerized PEM electrolyser from Trillium Transportation Fuels, LLC (Trillium) • Will be used to
Slide 14: Signed strategic collaboration agreement with Kværner
Signed strategic collaboration agreement with Kværner Nel ASA Q1 2020 Key Nel developments Projects and standardization for large scale hydrogen production plants • Kvaerner has extensive experience from large projects all over the world • Supports larger projects with increased complexity • Contrib
Slide 15: Awarded grant by the Department of Energy (DOE)
Awarded grant by the Department of Energy (DOE) Nel ASA Q1 2020 Key Nel developments Enabling a higher efficiency, low cost hydrogen generation • Proton Energy Systems, Inc. awarded 1.85 MUSD grant • For development of a novel electrolyser cell stack approach to enable higher efficiency, low cost hy
Slide 16: Received purchase order for PEM electrolyser cell stacks
Received purchase order for PEM electrolyser cell stacks Nel ASA Q1 2020 Key Nel developments Cell stacks for oxygen production on submarines • Nel Hydrogen received purchase order for PEM electrolyser cell stacks from United Technologies' Collins Aerospace Division • ~1.6 MUSD contract value • Will
Slide 17: Entered into framework agreement for delivery of electrolysers in France
Entered into framework agreement for delivery of electrolysers in France Nel ASA Q1 2020 Key Nel developments The choice of preference for Lhyfe • Delivery of up to 60 megawatt of electrolysers to Lhyfe Labs SAS (Lhyfe) in France • Follows a 1 MEUR purchase order for an A150 alkaline electrolyser in
Slide 18: 2x40 GW Initiative
2x40 GW Initiative Jorgo Chatzimarkakis Secretary General Hydrogen Europe Separate slide deck
Slide 19: Summary/Outlook
nel: Summary/Outlook
Slide 20: Covid-19 priorities and impact
Covid-19 priorities and impact Nel ASA Q1 2020 The global outbreak of Covid-19 will continue to cause disruptions in Nel´s operations and financial performance as "stay home – stay safe" polices and the general business slowdown Safety as priority #1 impacts production, order intake, customer dialog
Slide 21: Creating a rapidly growing billion NOK company
Creating a rapidly growing billion NOK company Nel ASA Q1 2020 Levering on the arising opportunities within energy storage and hydrogen fueling Global presence World-class safety Strong financing Cost leadership Preferred partner Technology front-runner 21
Slide 22: Outlook for core business – beyond Covid-19
Outlook for core business – beyond Covid-19 Nel ASA Q1 2020 Q1 2020 Strong momentum within mobility – The hydrogen market is expected to Increasing adoption of industrial especially within HDV. Hydrogen as grow significantly and green hydrogen hydrogen applications with huge the preferred future fue
Slide 23: Top 20
Nel ASA Q1 2020 Market Cap Investor base Shares NOK (billion) >25 000 investors YTD May 6, 2020 +44% ~16.5 Top 20 investors own ~50% of the shares Daily average turnover of NOK (million) ~300 Financial calendar Roadshow Analyst coverage • Jonas Meyer – SB1 May 7, 2020, Q1 2020 100% online Q1 2020 Co
Slide 24: Q&A
nel: Q&A ‘number one by nature