Nel's newly launched refuelling business, Cavendish Hydrogen, has achieved a milestone by securing its first purchase order for hydrogen refuelling equipment. The order comes from Alperia Greenpower SRL for a station in South Tyrol, Italy, intended to support transportation during the 2026 Winter Olympics. Valued at €3.8m, the order includes a service and maintenance contract and is expected to be operational by the second half of 2025, making it Nel's first H2Station installation in Italy. This achievement aligns with Nel's strategic move to transfer all fuelling assets to the Cavendish brand, potentially leading to a complete spin-off business. Shareholders may receive Cavendish shares as dividends if the spin-off is finalized by the end of Q2 2024. In terms of financial performance, Nel reported a significant revenue and income increase in 2023 compared to the previous year, with a notable 40% rise in electrolyser revenues in Q4 2023, despite a slight decrease in fuelling revenues. This positive development reflects Cavendish Hydrogen's dedication to expanding its presence in the hydrogen industry and delivering on key projects like the Winter Olympic refuelling station.