NEL NO0010081235

Report

Real-time Oslo Bors - 05/16 10:29:48 am EDT
13.04	NOK		-0.65%

05/11	NEL ASA : RBC gives a Buy rating	MD
05/11	NEL ASA : Barclays reaffirms its Buy rating	MD
05/11	NEL ASA : Goldman Sachs reaffirms its Buy rating	MD

Company

Business Summary

Nel ASA is specialized in the development and manufacturing of optimal solutions for the production, storage and distribution of hydrogen from renewable energy sources. Net sales break down by activity as follows:

- hydrogen stations manufacturing (57.9%): designed to quickly recharge fuel cell electric vehicles;

- electrolyser manufacturing (42.1%).

Net sales are distributed geographically as follows: Norway (0.7%), Europe (35.7%), the United States (48.5%), North America (1.8%), Asia (10.8%), Middle East (1.2%), Oceania (0.8%), South America (0.3%) and Africa (0.2%).

Number of employees : 507 people.

Sales per Business

	2019		2020		Delta
Fueling	242.39	42.5%	297.83	51.5%	+22.87%
Electrolyser	327.35	57.5%	280.50	48.5%	-14.31%
NOK in Million

Sales per region

	2019		2020		Delta
United States	247.88	43.5%	231.22	40%	-6.72%
Asia	100.75	17.7%	141.13	24.4%	+40.07%
Europe	151.46	26.6%	124.09	21.5%	-18.07%
Africa	24.55	4.3%	28.00	4.8%	+14.09%
North America	13.11	2.3%	16.22	2.8%	+23.71%
Norway	9.17	1.6%	12.73	2.2%	+38.75%
Oceania	6.21	1.1%	11.93	2.1%	+91.98%
Middle East	9.34	1.6%	11.82	2%	+26.57%
South America	7.24	1.3%	1.20	0.2%	-83.43%
NOK in Million

Managers

Name	Title	Age	Since
Jon André Løkke	Chief Executive Officer	-	2016
Kjell Christians Bjørnsen	Chief Financial Officer	45	2020
Anders Soreng	Chief Technology Officer	-	2016
Wilhelm Kvalheim Flinder	Head-Investor Relations	-	2022
Raluca Leordeanu	Vice President-Business Development	-	-
Jørn Rosenlund	Senior Vice President-Nel Hydrogen Fueling	-	2016
Stein Ove Erdal	Vice President-Legal & General Counsel	-	2019
Caroline Duyckaerts	Chief Human Resources Officer	-	2021

Members of the board

Name	Title	Age	Since
Ole Enger	Chairman	73	-
Finn Marum Jebsen	Independent Director	71	2017
Beatriz Malo de Molina	Independent Director	49	2017
Hanne Blume	Independent Director	53	2019
Anna Charlotta Falvin	Independent Director	55	2020
Tom Røtjer	Independent Director	68	2020

Equities

	Vote	Quantity	Free-Float		Company-owned shares		Total Float
Stock A	1	1,460,799,288	1,452,152,746	99.4%	403,514	0.0%	99.4%

Shareholders

Name	Equities	%
The Vanguard Group, Inc.	37,013,981	2.37%
BlackRock Fund Advisors	35,522,836	2.28%
BlackRock Advisors (UK) Ltd.	20,259,790	1.30%
KLP Kapitalforvaltning AS	18,915,251	1.21%
DNB Asset Management AS	18,610,282	1.19%
Storebrand Asset Management AS	16,605,392	1.07%
Folketrygdfondet	15,944,952	1.02%
Handelsbanken Fonder AB	14,427,820	0.93%
Argenta Asset Management SA	8,992,324	0.58%
Lyxor International Asset Management SAS	8,580,224	0.55%

Holdings

Name	Equities	%	Valuation
EVERFUEL A/S (EFUEL ME)	12,359,109	15.8%	91,401,049 USD
HYON AS (HYON)	9,804,000	17.6%	2,283,548 USD
NEL ASA (NEL)	403,514	0.026%	589,469 USD