NEL ASA : Berenberg reiterates its Buy rating

Nel ASA is specialized in the development and manufacturing of optimal solutions for the production, storage and distribution of hydrogen from renewable energy sources. Net sales break down by activity as follows: - electrolyser manufacturing (80.3%); - hydrogen stations manufacturing (19.7%): designed to quickly recharge fuel cell electric vehicles. Net sales are distributed geographically as follows: Norway (2.6%), Europe (28.7%), the United States (52.9%), North America (1.9%), Asia (9.5%), Middle East (2.7%), Africa (0.7%), South America (0.6%) and Oceania (0.4%).