NEL ASA (NLLSF) has released an update.
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Nel ASA, after spinning off its fueling division and focusing solely on electrolyser production, reported a decrease in Q2 2024 revenues by 10% year-over-year, with a revenue of NOK 332 million. Despite a reduced order backlog and cash balance, the company secured a significant technology licensing agreement with Reliance Industries and completed a second production line at their Herøya facility, signaling progress towards profitability and market expansion.
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