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Nel lost EUR 47m on hydrogen pipe dream

Hydrogen-powered semi-truck producer Nikola's shares dropped by 70 percent in Q3 on accusations of fraudulent presentation of its technological progress, hurting Nel, which holds a considerable stake in Nikola through a partnership.

Photo: Nel

It's rare for a quarterly fiscal report to center on an entirely different company, but that is the case for Danish-Norwegian hydrogen company Nel in the fall of 2020.

With revenue of NOK 147.7 million (EUR 13.5 million), Nel is more or less on par with last year. Continued expansion still sees the operating result grow in the wrong direction, moreover.

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