(
"We have been following the situation closely from the start and implemented procedures as recommended by the
The state of
International travel restrictions are also causing some delays in H2Station® installation and commissioning, and disruptions in the supply chain may impact deliveries over the coming few months. Nel is monitoring the situation closely, in dialogue with its suppliers and customers. No projects and orders are expected to be cancelled.
Nel raised capital in
"With no debt and a strong cash balance, Nel is financially well equipped to manage the situation. The underlying market activities and interest in hydrogen as a key decarbonizing vector remains strong, and despite the extraordinary situation, we reiterate the positive market outlook," Løkke concludes.
Currency exposures on customer contracts are hedged, and currency risk on customer contracts is therefore considered as low to medium. As the Nel group reports its consolidated results in NOK, any change in exchange rates between NOK and its subsidiaries' functional currencies affects its consolidated statement of income and consolidated statement of financial position.
ENDS
For further information, please contact:
Jon André Løkke, CEO,
Bjørn Simonsen, VP Investor Relations & Corporate Communication, +47 971 79 821
About
Nel is a global, dedicated hydrogen company, delivering optimal solutions to produce, store, and distribute hydrogen from renewable energy. We serve industries, energy, and gas companies with leading hydrogen technology. Our roots date back to 1927, and since then, we have had a proud history of development and continuous improvement of hydrogen technologies. Today, our solutions cover the entire value chain: from hydrogen production technologies to hydrogen fueling stations, enabling industries to transition to green hydrogen, and providing fuel cell electric vehicles with the same fast fueling and long range as fossil-fueled vehicles - without the emissions.
https://news.cision.com/nel-asa/r/operational-update-from-nel-asa-in-relation-to-covid-19,c3065746
https://mb.cision.com/Main/115/3065746/1215729.pdf
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