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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 announced a final investment decision to expand its PEM electrolyser manufacturing capacity in Wallingford, Connecticut, with a planned capacity of 500 MW by 2025. The investment is approximately NOK 260 million and will enhance the efficiency and reduce costs. CEO Håkon Volldal stated this expansion is crucial for their upcoming Gigafactory, which aims for 4 GW production capacity. Additionally, Nel is increasing production at its Herøya facility, targeting 1 GW capacity by April 2024. The company has also ramped up production shifts to accommodate significant purchase orders.
Nel Hydrogen Inc., a subsidiary of Nel ASA, has signed a Capacity Reservation Agreement (CRA) with a US energy company for 16 hydrogen fueling stations. The CRA, valued at approximately USD 7 million, will facilitate the sourcing of equipment, with manufacturing set to begin in Herning, Denmark, after a final purchase order is signed. The total agreement value is projected at USD 17 million, with deliveries expected in Q4 2023 through 2024.
Nel Hydrogen US has entered a joint development agreement with General Motors (GM) to advance the industrialization of Nel's proton exchange membrane (PEM) electrolyzer technology. This collaboration aims to create more cost-competitive renewable hydrogen solutions by leveraging GM's expertise in fuel cells and Nel's electrolyzer knowledge. GM will receive compensation for the development work and will charge a licensing fee upon successful commercialization. Both companies see substantial synergies in their technologies, promoting clean hydrogen infrastructure and opening new revenue channels for GM.
Nel Hydrogen US, a subsidiary of Nel ASA, announced a joint development agreement with General Motors to advance the industrialization of its proton exchange membrane (PEM) electrolyser platform. This collaboration leverages GM's fuel cell expertise and Nel's electrolyser technology to create more cost-effective renewable hydrogen sources. CEO Håkon Volldal emphasized the competitive advantage gained through this partnership. Nel will compensate GM for development and pay licensing fees upon successful commercialization of products utilizing GM technology.
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