Danish-Norwegian hydrogen company burns millions on budget overruns and settlements
Growth has slowed down in the Danish-Norwegian hydrogen company Nel, and the third quarter report is marred by major costs for failed projects and an expensive legal case.
It has cost Nel dearly to enter a settlement with the company's former US supplier PDC Machines. Or at least, the cost of the settlement with PDC is mentioned as part of the extraordinary costs of NOK 36.5 million (EUR 3.8 million) that drags down the Q3 report. A report that has a pre-tax (EBIT) deficit of NOK 66.3 million.
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