Nel ASA Focuses on Electrolysers Post-Spinoff

NEL ASA (NLLSF) has released an update.

Nel ASA, after spinning off its fueling division and focusing solely on electrolyser production, reported a decrease in Q2 2024 revenues by 10% year-over-year, with a revenue of NOK 332 million. Despite a reduced order backlog and cash balance, the company secured a significant technology licensing agreement with Reliance Industries and completed a second production line at their Herøya facility, signaling progress towards profitability and market expansion.

For further insights into NLLSF stock, check out TipRanks’ Stock Analysis page.