Nel’s 2022 results were ahead of expectations on revenues and orders but below on profitability. Order and revenue growth were supported by growing demand across both businesses. Profitability was, however, dragged down due to higher losses in fuelling, lower margins on legacy projects, and increased personnel costs. Nel has sufficient liquidity following another recent capital raise. The company is planning an expansion at its PEM factory and is also close to finalising the site for its US giga ....
