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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 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.
Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA, has received a record purchase order for 200 MW of alkaline electrolyser equipment from an undisclosed US customer.
The contract, valued at over EUR 45 million, will be executed from February 2023 to mid-2024. This project received significant funding from private investors and local government incentives, demonstrating Nel's capabilities in large-scale hydrogen production. The completion of this project is expected to positively influence Nel's financials and establish a reference for future contracts.
Nel Hydrogen US, a subsidiary of Nel ASA, has secured a purchase order from Viva Energy Australia for a MC500 containerized PEM water electrolyser, slated to be the largest in Australia. This electrolyser will produce up to 1,063kg/day of green hydrogen for fuel cell vehicles at a new energy service station in Geelong. The project, valued at approximately EUR 4 million, received funding from the Australian Renewable Energy Agency and the Victorian Government. Delivery is expected in Q3 2023, marking an important step in Australia's efforts to decarbonize the mobility sector.
Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (OSE:NEL), has secured a purchase order for an alkaline electrolyser system from Skovgaard Energy Aps in Denmark. This system will facilitate the production of green ammonia, marking a significant step towards dynamic green ammonia production powered directly by renewable energy. The project has received support from the Danish Energy Technology Development and Demonstration Program, with a contract value of approximately EUR 4 million and an expected delivery in Q3 2023.
Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (NLLSY), has received a EUR 2 million order for an alkaline electrolyser system to generate green hydrogen for
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