A fully dedicated electrolyser company Investing.com

Oslo, Norway, June 12, 2024 /PRNewswire/ — Nel ASA (Nel) (THEN: NEL). As of today, Nel is solely dedicated to developing and delivering world-class electrolysers to produce renewable hydrogen.

“Nel has nearly a hundred years of experience in building electrolysers and has installed thousands of systems around the world. Building on our unparalleled track record, from now on, we will use 100 percent of our capacity and hydrogen know-how to develop and deliver highly reliable and energy-efficient electrolysers,” said the CEO of Nel, Places to stay in Volldal.

Nel’s CEO said this on the same day that Nel’s Fueling unit was axed and listed. Oslo Stock Exchange such as Cavendish Hydrogen. Voldal sends his best wishes to his former colleagues, who are now focused on developing hydrogen fuel systems for heavy-duty vehicles.

“Cavendish has a strong start with a lot of valuable experience from the power generation market, a diverse and strong customer base, a talented organization and now a dedicated board of directors. I am confident they can succeed, and I wish them the best of luck,” said Voldal.

After the game, Nel will have about 450 employees in Norway and the US. These facilities will devote all their time to Nels’ desire to provide the most economical and reliable electrolyzers to the industry at the highest level.

Accelerated development of next-generation electrolysers

In addition to developing and improving its existing PEM electrolysers and atmospheric alkaline, Nel is investing heavily in next-generation compressed alkaline and PEM technologies. The development of next-generation PEM electrolysers, collaboration using deep knowledge of hydrogen Nel again General Motors (NYSE:)’ R&D departments, are developing rapidly. At the same time, Nel’s game redesign of the pressed alkali concept has reached the prototype stage. Nel also received funding from US Department of Energy to develop its AEM electrolyser technology.

Strategic partnerships with leading industry players

Recently, Nel signed a technology license agreement with of India a large private company, Reliance Industries. With this deal, Nel will gain access to a fast-growing market and address Reliance’s captive demand for electrolysers globally. Nel has also partnered with a number of Engineering Procurement and Construction (EPC) companies to provide 100 MW turnkey building blocks. These will be available in the market soon.

Gigawatts of annual production capacity

Last year, Nel took major steps to prepare the company for continued growth. Annual production capacity at the Herøya electrode manufacturing facility, in Norway, doubled from 500 MW to 1 GW. In addition, Nel increased its annual production capacity to 500 MW at its PEM production facility Wallingford, Connecticut. As in Herya, all major production steps in Wallingford The center will work for itself. In addition, several manufacturing processes that were once performed by subcontractors will be outsourced and improved. The company also confirmed about $170 million with the support of US Department of Energy and the state of In Michigan with its planned gigafactory Detroitwhere Nel will produce next-generation PEM and pressurized alkaline electrolyses.

The results of the company’s first quarter of 2024 showed that Nel is on the right path towards the black numbers, and the alkaline division achieved an important milestone, reaching a positive EBITDA.

“Revenue and EBITDA continue to improve, showing that the business model is working at scale,” Voldal said when presenting the results.

For more information, please contact:

Kjell Christian BjörnsenCFO, +47 917 02¯097

Lars Nermoen, Head of Communications, +47 902 40 153

About Nel ASA | www.nelhydrogen.com

Nel has a history dating back to 1927 and today is the leading company in the field of hydrogen toy technology available worldwide. This company focuses on electrolyser technology to produce renewable hydrogen. Nel’s product offerings are key components of the green hydrogen economy, making it possible to decarbonize industries as diverse as transportation, refining, steel, and ammonia.

Forward-looking statements: This announcement contains certain forward-looking statements. By their very nature, forward-looking statements involve risks and uncertainties because they reflect the company’s current expectations and assumptions about future events and conditions that may not prove to be accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

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