Order intake totalled NOK982m totalled NOK982m which included 92% from hydrogen and alkaline electrolysers full year order intake was NOK2,275m.

By the end of Q4 2022, the order backlog was 2,613m, with 85% related to electrolysers.

Nel Hydrogen Electrolyser reported a 75% increase in revenue and operating income compared to Q4 2021.

The cash balance was reported to be NOK3,139m at the quarter end.

Growth in alkaline electrolysers was also strong as Nel continued the deliveries of electrolyser systems from its manufacturing facility in Herøya, Norway.

Plant revenues from sales of alkaline electrolysers increased 337%, and quarterly sales of PEM electrolysers increased 14%.

Hakon Volldal, Nel CEO, said, “We experience a strong market momentum and high order intake, and we foresee this trend to continue going forward.

“We aim to be the leading provider of electrolyser equipment with a 20-30% market share outside China.”

The order intake was positively impacted by the NOK600m Woodside contract and the NOK120m Statkraft contract.

Nel entered into a contract last year for the delivery of alkaline electrolysers to the Australian-based Woodside Energy for its proposed project in Oklahoma, US.

The H2OK project is planned to initially boast 290MW of electrolyser capacity, with plans to be expanded up to 550MW, producing 180 tonnes of hydrogen per day.

Read more: Nel set to supply Woodside Energy with electrolysers for Oklahoma, US hydrogen project

Earlier this year, Nel and Statkraft announced they will collaborate to create a green hydrogen production value chain in Norway, following Nel’s delivery of 40MW of alkaline electrolyser equipment.

HyCC contracted Nel for its green hydrogen project H2eron and placed an order for the supply of 40MW of alkaline electrolyser equipment from Nel.

Read more: Nel, Statkraft to collaborate on Norwegian green hydrogen value chain

Read more: HyCC selects partners for green hydrogen project H2eron

The company also entered into a joint development agreement with General Motors (GM) in Q4 to combine GM’s fuel cell expertise and Nel’s electrolyser knowledge, to enable more cost competitive sources of renewable hydrogen.

Read more: Nel and General Motors to accelerate PEM electrolyser industrialisation

While Nel’s fuelling division continues to see short-term challenges, Volldal claimed the company sees a ‘substantial market potential’ for heavy-duty hydrogen fuelling equipment.

He said, “Some of the largest energy companies in the world, which are Nel customers, have made long-term commitments to developing this infrastructure.”