EnergyWatch

Danish-Norwegian hydrogen company burns millions on budget overruns and settlements

Growth has slowed down in the Danish-Norwegian hydrogen company Nel, and the third quarter report is marred by major costs for failed projects and an expensive legal case.

Photo: PR/Nel

It has cost Nel dearly to enter a settlement with the company's former US supplier PDC Machines. Or at least, the cost of the settlement with PDC is mentioned as part of the extraordinary costs of NOK 36.5 million (EUR 3.8 million) that drags down the Q3 report. A report that has a pre-tax (EBIT) deficit of NOK 66.3 million.

PDC sued Nel at a US court in December last year. A case in which PDC accused Nel of stealing trade secrets in connection with the development of a new compressor. The conflict concerned a patent on a special type of compressor, which Nel Hydrogen applied for a patent on in May 2016. PDC Machines claimed Nel Hydrogen has used trade secrets for both development of the compressor as well as the patent application for it.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Further reading

Related articles

Latest News

See all jobs