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 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.
Nel Hydrogen Electrolyser AS has secured a contract valued at approximately NOK 600 million with Woodside Energy for alkaline electrolyser equipment to support the H2OK hydrogen project in Ardmore, Oklahoma. This marks Woodside's inaugural hydrogen initiative in the US, aiming for a production capacity of 60 tons per day. The electrolyser stacks will be produced at Nel's fully automated facility in Herøya. The contract is anticipated to yield substantial financial benefits for Nel and aligns with the growing demand for hydrogen technology in transportation and industry.
Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA, has secured a NOK 600 million contract with Woodside Energy for electrolyser equipment, supporting the H2OK hydrogen project in Oklahoma. This marks Woodside's first hydrogen venture in the US, aiming to produce liquid hydrogen for fuel cell vehicles. The contract follows Nel's record 200 MW order for a US project, highlighting the favorable growth in the electrolyser market. The equipment, manufactured in Nel's automated facility, is set for production throughout 2024.
The Inflation Reduction Act (IRA) introduces nearly $370 billion in climate funding for clean technology, positioning the USA as a leader in green hydrogen. Key provisions include a 10-year production tax credit of up to $3 per kg of green hydrogen and a 30% investment tax credit for energy-storage technology. The Act is expected to reduce CO2 emissions by 40% from 2005 levels, incentivizing investments in communities reliant on fossil fuels. Nel ASA's recent electrolyser order highlights the growing North American market, with a €45 million ($46 million) stack set to go live in 2024.
The Inflation Reduction Act will provide tax credits of up to $3 per kg of clean hydrogen, significantly impacting the green hydrogen market in the USA. CEO Håkon Volldal highlighted the bill's revival, affirming the USA's position as a leading location for clean hydrogen production. Nel recently secured its largest electrolyser order, valued at €45m ($46m), which is set to operate in 2024. This strategic move is supported by long-term power supply and demand agreements, enhancing investment prospects in green hydrogen.
Nel ASA is expanding its production capacity by building a new fully automated production line in Herøya, Norway, which will double its alkaline electrolyser stacks output to approximately 1 GW. This decision comes after a record order for 200 MW from a US customer, indicating strong demand for green hydrogen technology. The new facility aims to be operational by April 2024 with a capital expenditure of around EUR 35 million. The expansion positions Norway as a leading exporter of electrolyser equipment, supporting the growing hydrogen market.
