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NEL ASA is a global hydrogen technology company with roots tracing back to 1927. Specializing in electrolyser technology and hydrogen fueling equipment, NEL enables the decarbonization of various industries, including transportation, refining, steel, and ammonia. Recent partnerships with companies like Nikola, Fortescue, and Reliance indicate NEL's commitment to advancing the green hydrogen economy through innovation and strategic collaborations.
Nel ASA has secured a new EUR 5 million contract from Samsung C&T for 10 MW of alkaline electrolyser equipment. This marks their second collaboration, with the new project focusing on nuclear-connected (pink) hydrogen production. The equipment will be used in Korea's first hydrogen production project using nuclear power, aimed at utilizing excess nuclear power generation to improve overall energy efficiency. The electrodes will be manufactured at Nel's Herøya facility in Norway, the world's first fully automated electrolyser production line.
Nel ASA has been awarded a grant of up to EUR 135 million from the EU Innovation Fund for the industrialization of its next-generation pressurized alkaline electrolyser technology in Norway. The technology, currently in the prototype stage, shows promising results after five years of development. The grant will support a phased build-out of production at Herøya, Norway, with an initial annual capacity of 1-2 GW, potentially expanding to 4 GW.
Nel's CEO, Håkon Volldal, emphasized that this grant will significantly accelerate bringing their innovative technology to market, helping customers reduce the cost of green hydrogen. The final investment decision depends on successful testing and market acceptance. The project received support from Enova SF, the Norwegian national contact point for the EU Innovation Fund.
Nel ASA reported Q3 2024 financial results with revenues of NOK 366 million, up 21% from Q3 2023. EBITDA was NOK -90 million, down from NOK -62 million in Q3 2023. The Alkaline segment contributed positively to Group EBITDA, but was offset by the PEM segment's negative contribution due to low revenues. Order intake decreased to NOK 161 million, down 52% year-over-year. The order backlog stood at NOK 1,872 million, down 20% from Q3 2023. Cash balance was NOK 1,941 million at quarter end.
Nel's CEO, Håkon Volldal, emphasized the company's solid state, with proven technology and state-of-the-art GW production facilities. The Alkaline division showed 54% growth, while PEM was down 40%. Nel is partnering with EPC companies like Saipem and has completed construction of new production lines, bringing total capacity to 1.5 GW.
Nel ASA's EPC partner Saipem has unveiled IVHY™ 100, a scalable and modular 100 MW green hydrogen solution utilizing Nel's technology. This innovative solution aims to advance the decarbonization of hard-to-abate industries and renewable hydrogen production. The IVHY™ 100 is powered by Nel's alkaline electrolysers, known for their robustness, durability, and energy efficiency.
The project is part of a collaboration between Nel and Saipem, where Nel provides the electrolyser technology and technical services, while Saipem handles the engineering, procurement, and construction of the overall green hydrogen facilities. The solution is designed to meet the increasing demand for carbon emission reduction in challenging industries and focuses on creating hydrogen derivatives like ammonia, methanol, and sustainable fuels.
The IVHY™ 100 concept is being showcased at Saipem's booth during the World Hydrogen Week in Copenhagen from September 30 to October 4, 2024.
Nel ASA announced its full commitment to the development and delivery of electrolysers for renewable hydrogen production. This strategic refocus follows the spin-off of its Fueling division, now listed as Cavendish Hydrogen on the Oslo Stock Exchange. The company, with 450 employees in Norway and the US, aims to enhance its PEM and atmospheric alkaline electrolysers while investing heavily in next-generation technologies. Nel secured significant funding from the US Department of Energy and partnerships, including a deal with Reliance Industries. Production capacity has doubled in Norway, and a new gigafactory is planned in Detroit. Q1 2024 results showed improved revenues and a positive EBITDA in the alkaline division.
On May 21, 2024, Nel ASA's subsidiary, Nel Hydrogen Electrolyser, signed a technology licensing agreement with Reliance Industries (RIL). The agreement grants RIL an exclusive license for Nel's alkaline electrolysers in India and permits global manufacturing for internal use. This partnership aims to support RIL's ambitions in renewable hydrogen production and provides Nel with access to a rapidly growing market. The collaboration focuses on future performance improvements and cost optimization through R&D. Nel can also procure equipment from RIL for its projects while continuing to serve the Indian market with other technology platforms.
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