Welcome to our dedicated page for Nel Asa news (Ticker: NLLSY), a resource for investors and traders seeking the latest updates and insights on Nel Asa stock.
Nel ASA (NLLSY) is a global leader in electrolyser technology for renewable hydrogen production, driving decarbonization across heavy transport, energy storage, and industrial manufacturing sectors. This dedicated news hub provides investors and industry professionals with timely updates on the company's technological advancements, strategic partnerships, and market developments.
Our curated feed consolidates all essential announcements including electrolyser system deployments, government-funded R&D initiatives, and strategic collaborations with energy sector leaders. Track progress on Nel's alkaline and PEM technology innovations, manufacturing capacity expansions, and participation in global green hydrogen projects.
For stakeholders monitoring the renewable energy transition, this page serves as your primary source for verified information on Nel's operational milestones, financial performance, and technology licensing agreements. Bookmark this resource to stay informed about developments shaping the hydrogen economy's infrastructure growth.
Nel ASA (NLLSY) has secured a purchase order for a 2.5 MW containerized PEM electrolyser unit through its subsidiary Nel Hydrogen US. The order is for the Aberdeen Hydrogen Hub project in Scotland, a green hydrogen facility being developed through a joint venture between bp and Aberdeen City Council.
The contract was awarded by Hydrasun, an international provider of fluid transfer solutions that won the bid to design and integrate the hydrogen refuelling station and associated infrastructure. Hydrasun has completed over 40 projects across the UK, Scandinavia, and Europe in transportation and industrial hydrogen applications.
Nel ASA (OSE:NEL) has entered into a strategic partnership with SAMSUNG E&A through two major agreements. First, an EPC collaboration agreement enabling SAMSUNG E&A to offer complete hydrogen plants using Nel's electrolysers. Second, SAMSUNG E&A will acquire a 10% stake in Nel through a private placement of 167,132,530 newly issued shares at NOK 2.1125 per share, totaling NOK 353 million.
The partnership leverages Nel's expertise in alkaline and PEM electrolyser technology with SAMSUNG E&A's engineering capabilities. SAMSUNG E&A will become Nel's largest single shareholder with a 9.1% post-transaction ownership, subject to a two-year lock-up period. The companies will collaborate on developing consolidated Balance of Stack systems for Nel's Alkaline electrolysers, with SAMSUNG E&A expected to nominate a board member at Nel's 2025 Annual General Meeting.
Nel ASA (OSE: NEL) has secured a USD 7 million purchase order for two containerized PEM electrolyser units through its subsidiary Nel Hydrogen US. The order comprises two MC500 electrolysers, each with 2.5 MW capacity, destined for a new steel mill in the United States.
The customer, described as one of the largest US steel producers, already utilizes Nel's PEM electrolysers at two other US locations. The ordered units will be manufactured at Nel's Wallingford, Connecticut facility.
According to Nel's Chief Commercial Officer, Todd Cartwright, the company is experiencing increased demand for their containerized PEM electrolysers, particularly for smaller installations, due to their reliable turn-key concept and ease of outdoor installation and operation.
Nel ASA has been awarded up to USD 29 million in additional investment tax credits for its planned manufacturing expansion in Michigan through the Qualifying Advanced Energy Project Tax Credit (48C) program. The tax credits, funded by the Inflation Reduction Act and managed by multiple US federal departments, represent 30% of qualifying investments and are subject to wage and apprenticeship requirements.
The company has now accumulated nearly USD 200 million in total support, including tax credits and grants from Michigan state and the Department of Energy. However, the final investment decision for the Michigan facility has not been made, and the project's execution depends on market demand.
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.
