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About Nel ASA
Nel ASA (OSE: NEL) is a globally recognized hydrogen technology company specializing in the development and production of electrolyser systems and hydrogen fueling equipment. With a history dating back to 1927, Nel has established itself as a pioneer in the renewable hydrogen industry, providing critical solutions for decarbonizing a wide range of sectors, including transportation, steel production, refining, and ammonia synthesis.
Core Business Areas
Nel ASA operates primarily in two key business segments:
- Electrolyser Technology: Nel manufactures advanced alkaline and Proton Exchange Membrane (PEM) electrolysers, enabling the production of renewable hydrogen from water using electricity. These systems are integral to creating a green hydrogen economy, supporting industries in reducing their carbon footprint.
- Hydrogen Fueling Infrastructure: Nel designs and supplies hydrogen fueling stations for road-going vehicles, contributing to the adoption of hydrogen as a clean transportation fuel.
Market Position and Industry Significance
Nel ASA is a pure-play hydrogen technology company with a global footprint. Its products are key enablers of the energy transition, making it possible to decarbonize hard-to-abate industries. The company has forged strategic partnerships with major industrial players, such as General Motors, Reliance Industries, and Samsung C&T, to expand its market reach and enhance its technological offerings.
Nel’s electrolyser technologies are widely regarded for their robustness, durability, and energy efficiency. The company’s commitment to innovation is evident in its ongoing development of next-generation pressurized alkaline technology, supported by significant grants from entities like the EU Innovation Fund and the U.S. Department of Energy.
Revenue Streams and Business Model
Nel generates revenue through the sale of electrolyser systems, hydrogen fueling equipment, and technology licensing agreements. The company also benefits from government grants and tax credits, which support its R&D initiatives and manufacturing expansions. Its collaboration with industrial giants and academic institutions further strengthens its position in the hydrogen value chain.
Competitive Landscape
Operating in a competitive industry, Nel ASA differentiates itself through its nearly century-long history, proven technology platforms, and global presence. Competitors include other hydrogen-focused companies like Plug Power, ITM Power, and Ballard Power Systems. Nel’s ability to secure high-profile partnerships and funding underscores its authority and expertise in the sector.
Technological Expertise
Nel’s product portfolio includes both alkaline and PEM electrolysers, catering to diverse industrial needs. The company is actively involved in R&D to improve the cost-efficiency and performance of its technologies. Recent advancements include the development of scalable solutions like the IVHY™ 100, designed for large-scale renewable hydrogen production.
Global Impact
Nel’s technologies are instrumental in driving the global shift toward renewable energy. By enabling the production and distribution of green hydrogen, the company supports the decarbonization of industries and contributes to achieving global climate goals. Its projects span multiple continents, reflecting its commitment to building a sustainable energy future.
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
Nel Hydrogen Electrolyser AS, a division of Nel ASA, has secured a purchase order for a 20MW alkaline water electrolyser from Ovako, a top European engineering steel manufacturer. The contract, valued at approximately EUR 11 million, aims to replace fossil propane gas with fossil-free hydrogen in heating furnaces at Ovako's plant in Hofors, Sweden. This transition could reduce CO2 emissions from steel production by 50 percent. The delivery is scheduled for late 2022, marking a significant step towards zero-carbon steel production.
Nel Hydrogen Electrolyser AS, a division of Nel ASA, has secured a EUR 11 million purchase order for a 20MW alkaline water electrolyser from Ovako, a European engineering steel manufacturer. This installation, set for Ovako's Hofors plant in Sweden, marks the world's first use of hydrogen to heat steel prior to rolling. The electrolyser will halve CO2 emissions from the facility's heating process, transitioning from fossil propane gas to fossil-free hydrogen. Equipment delivery is expected by the end of 2022, with hydrogen production commencing in 2023.
Nel Hydrogen US, a subsidiary of Nel ASA, has secured a contract for PEM electrolyzer equipment valued at approximately USD 2.6 million. This purchase order comes from a prominent stationary fuel cell OEM and includes design consulting services. The equipment delivery is scheduled between 2022 and 2024. This contract signifies a strategic partnership aimed at advancing hydrogen technology in the fuel cell sector, reflecting Nel's commitment to enhancing its offerings in hydrogen production and distribution.
Nel ASA reported record revenues of NOK 229.3 million for Q3 2021, increasing 55% from NOK 147.7 million in Q3 2020. Despite this growth, the company recorded an EBITDA of -NOK 113 million, largely due to ramp-up costs at the new Herøya facility. The order backlog rose 8% to NOK 1,014 million, with a potential order pipeline exceeding USD 6 billion. CEO Jon André Løkke remains optimistic about long-term prospects in the hydrogen market, aiming for increased electrolyser capacity.
Nel Hydrogen Electrolyser AS, a division of Nel ASA (OSE: NEL), has secured a 5MW alkaline water electrolyser order from SGN for a pioneering 100% hydrogen heating network in Scotland.
The electrolyser will produce up to 2,093kg/day of green hydrogen, initially serving 300 homes and potentially expanding to 900 homes.
This project represents a significant advancement in green hydrogen infrastructure, aiming to decarbonize heating in domestic sectors.
Nel Hydrogen US, a subsidiary of Nel ASA, has secured a contract valued at USD 2.6 million for a 1.25 MW PEM electrolyzer to be installed at a US nuclear power plant. This innovative project aims to produce zero carbon hydrogen and will demonstrate the economic feasibility of hydrogen production at nuclear sites. The electrolyzer, due for delivery in 2022, will address turbine cooling and chemistry control needs. This initiative is part of the DOE's H2@Scale program, highlighting Nel's commitment to clean energy solutions.
Nel ASA will announce its Q2 2021 report on August 19, 2021, at 07:00 CET, with a presentation at 08:00 CET in Oslo, Norway. CEO Jon André Løkke will present, followed by a Q&A session. Due to Covid-19 restrictions, physical attendance is limited; interested participants must register via email. The presentation will be streamed live on Nel's website. The report will also be accessible on NewsWeb and Nel's official site.
Nel Hydrogen Electrolyser, a division of Nel ASA (OSE: NEL), has partnered with Ovako, Volvo, Hitachi ABB, and H2 Green Steel to create a fossil-free hydrogen facility in Hofors, Sweden. This initiative aims to reduce CO2 emissions from steel production by 50%. The project, costing approximately SEK 180 million, is supported by the Swedish Energy Agency. Nel will supply its electrolyser equipment, marking a significant step towards developing hydrogen infrastructure for transportation and standardizing solutions across Europe.
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