Optimism Amidst Challenges: Nel CEO's Confidence in Clean Hydrogen Market Recovery
Key Ideas
- Nel's CEO expresses confidence in the clean hydrogen market's rebound despite low orders and investment decisions.
- The Norwegian electrolyser manufacturer experienced a 10% year-on-year revenue drop in Q2 2024, reaching NOK 332m ($31m).
- Nel faced operational losses in the first half of the year due to reduced delivery volumes of its alkaline electrolysers.
- The industry's sluggish movement has affected Nel, but Volldal remains optimistic about the market's future growth potential.
Despite facing a decline in orders and final investment decisions, Nel's CEO and President, Håkon Volldal, remains hopeful about the trajectory of the clean hydrogen market. The Norwegian company, known for its electrolyser manufacturing, reported a 10% year-on-year decrease in revenue in Q2 2024, totaling NOK 332m ($31m). This decline was attributed to lower delivery volumes of Nel's alkaline electrolysers, resulting in operational losses during the first half of the year. While acknowledging the challenges posed by the industry's current state, Volldal believes in the future resurgence of the clean hydrogen sector. His positive outlook reflects a broader optimism about the market's capacity to recover and thrive despite the recent setbacks.