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Danish-Norwegian hydrogen company in growth spurt

Revenue is growing and the order books are overflowing for Danish-Norwegian Nel, which constructs hydrogen fuel stations at factories in Denmark. But earnings cannot keep up.

Photo: Scandinavian Hydrogen

The hydrogen technology market has taken off, and this left a positive impression on Danish-Norwegian Nel's third quarter interim report.

The company grew revenue from NOK 24.4 million in the third quarter 2016 to NOK 111.7 million (EUR 11.7 million) this quarter. The acquisition and integration of hydrogen producer Proton Onsite was a main trigger for this growth. As such, Nel became a hydrogen producer in addition to being a hydrogen station manufacturer, which has resulted in several large orders in Europe, the US, and China.

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