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In total, Nel has secured close to USD 170 million in accumulated support from the State of Michigan and the Department of Energy for its planned Michigan facility.
“The support we secured this quarter increases the attractiveness of investing and expanding our capacity and capability in the US,” says Nel’s President and CEO, Håkon Volldal.
The expansions of Nel’s existing electrolyser manufacturing facilities at Herøya and Wallingford are also moving ahead according to plan.
“We have a large pipeline of prospective projects that continues to mature, and we are ready and well positioned to scale up production capacity significantly as soon as the demand picks up,” says Volldal.
As communicated in the previous quarterly presentation, Nel has initiated a process to explore and prepare for a potential spin-off and separate listing of its Fueling division. These preparations are moving forward according to plan.
The first quarter 2024 report and presentation are enclosed and available on newsweb.no (Ticker: NEL) and nelhydrogen.com. The presentation will be a virtual event only, followed by a Q&A session, and can be accessed on the company’s website www.nelhydrogen.com/quarterly-presentation/ or by following this link. A recording of the presentation will be made publicly available following the event.
April 17, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) reported revenues of NOK 387 million in the first quarter of 2024, up 14% from NOK 341 million in the same quarter of 2023. Order intake was NOK 459 million, down 2% from NOK 467 million the previous year. At the end of the first quarter, the order backlog was NOK 2437 million, down 1% from the previous quarter. The cash balance was NOK 3 260 million at quarter end.
Quarterly highlights
Nel ASA (Nel) reported revenue in the first quarter 2024 of NOK 387 million, up 14% from the first quarter 2023 (Q1 2023: 341). Revenue was positively impacted by payments related to the renegotiation of the Nikola supply agreement and negatively impacted by a lack of major milestones on alkaline electrolyser customer projects in the quarter.
EBITDA in the quarter was NOK -16 million (Q1 2023: -121). The quarter included a positive impact of NOK 96 million from renegotiation of Nikola supply agreement.
Net loss was NOK -22 million (Q1 2023: -192). The improvement from the same quarter last year was mainly explained by the improved EBITDA and the same quarter last year included NOK -69 million fair value adjustment from shareholdings in Everfuel.
Order intake in the quarter amounted to NOK 459 million (87% from electrolyser), in line with the corresponding quarter last year (Q1 2023: 467).
Order backlog was NOK 2 437 million (87% related to electrolyser) at the end of the quarter, down 13% from the first quarter of 2023 and down 1% from previous quarter.
Cash balance was NOK 3 260 million at quarter end (Q1 2023: 4 621).
Subsequent to the quarter:
April 4th: Nel awarded up to USD 41 million in investment tax credits from DoE, bringing the total support for a Michigan expansion up to about USD 170 million
The first quarter 2024 results show that the company is on the right path towards a positive EBITDA, and the Alkaline electrolyser division achieved an important milestone reaching a positive EBITDA of NOK 106 million. The good results can partly be explained by Nel’s renegotiated supply agreement with Nikola.
“Our revenues and EBITDA continue to improve, showing that the business model works with scale,” says Nel’s President and CEO, Håkon Volldal.
In February, Nel announced that Fortescue had taken over Phoenix Hydrogen Hub from Nikola, including electrolyser stacks already delivered by Nel.
“I am happy we managed to renew our relationship with Nikola and that we are partnering up with Fortescue on their Phoenix Hydrogen Hub, which will become one of North America’s largest electrolyser systems,” he says.
In March, Nel was awarded USD 75 million from the US Department of Energy (DoE) and the State of Michigan to fund its planned electrolyser facility in Plymouth Charter Township, a suburb of Detroit, Michigan. After the first quarter of 2024, Nel was awarded an additional USD 41 million in investment tax credits as part of the Qualifying Advanced Energy Project Tax Cred
Yes I follow and am invested
Under water from the highs of 15-18 so sat on my hands for the moment!!
April 4, 2024 - Oslo, Norway, Nel, OSE:NEL). Nel has been awarded up to USD 41 million in investment tax credits for its planned manufacturing expansion in Michigan as part of the Qualifying Advanced Energy Project Tax Credit (48C) program.
“We continue to see strong support for our efforts to scale our US operations, both within advanced research and efficient manufacturing. The support now received increases the attractiveness of investing in expanding our capacity and capability in the US,” says Nel’s President and CEO, Håkon Volldal.
The 48C program is funded by the Inflation Reduction Act and managed by the US Department of Energy, the US Department of Treasury, and the Internal Revenue Service. A fully owned subsidiary of Nel ASA will receive up to about USD 41 million in tax credits, equivalent to 30 % of the value of qualifying investments. Receipt is subject to conditions, such as wage and apprenticeship requirements.
The tax credits come in addition to other grants communicated earlier. Nel has now secured close to USD 170 million in accumulated support from the Department of Energy and the State of Michigan for its planned Michigan facility. Approximately half of this amount is cash incentives.
Nel has been operational in Connecticut for decades, developing advanced applications for producing hydrogen based on its PEM electrolyser technology, and being a leader in advanced electrolyser research and development. The company has initiated a significant expansion and industrialization of its manufacturing capacity and is preparing for a future site in Plymouth Charter Township, a suburb of Detroit, Michigan. When fully developed, the facility will be among the world’s largest electrode facilities, where Nel will manufacture its next-generation pressurized alkaline and PEM technologies.
Today, Nel and its partners received around 90 USD million from the Department of Energy (DoE) for seven research and development projects. Nel is the leading partner on one of the projects. About 10 % of the work under the R&D programs will be undertaken by Nel.
“We are thankful for the support from the Department of Energy, which will help accelerate our research and development while solving key challenges for the future of the hydrogen industry,” says Nel’s Vice President for Research and Development, Kathy Ayers.
DoE has awarded funding to the following projects in which Nel is one of the partners:
Low-Cost, Clean AEM Electrolysis through Transport Property Understanding, Manufacturing Scale-up, and Optimization of Electrodes and Their Interfaces (Nel in lead)
Advanced Porous Transport Layer Design and Manufacturing for PEM Electrolyzers
Durable, Low-Cost, Manufacturable AEM Electolyzer Components
Oxygen Evolution Reaction Catalyst Scale-Up and Validation for Proton Exchange Membrane Water Electrolyzers
Precious-Metal Free Coatings for PPG PTL Assemblies
High Performance non-PFSA Membranes for Next-Generation Proton Exchange Membrane (PEM) Electrolyzers
H2CIRC: Circular Recycling for the Hydrogen Economy
The US Department of Energy (DOE) and the state of Michigan have awarded a collective USD 75 million in cash incentives and grants for Nel’s next electrolyser production facility in Michigan.
“The support from the Department of Energy and the state of Michigan is crucial for realizing our factory, which will create new green industrial jobs and be a significant contribution to the energy transition,” says Nel’s President and CEO, Håkon Volldal.
“It is encouraging to see the Department of Energy taking these strategic steps to stimulate a clean energy economy, and we appreciate their long-time support to take our products from R&D to commercial products,” he says.
On 13 March, the Department of Energy announced that they have granted Nel USD 50 million in direct investment support for the company’s planned new US gigafactory and workforce development initiatives in the Detroit region. Partnering with General Motors, Macomb Community College, Wayne State University’s College of Engineering, and others, DOE’s investment will further enhance domestic electrolyser manufacturing production capacity while building a robust clean hydrogen value chain and an industrialized manufacturing training program.
In parallel, the state of Michigan awarded USD 25 million in direct investment support to lead the nation in the clean energy transition.
“By harnessing our Make it in Michigan Competitiveness Fund and partnering with the Biden-Harris Administration, we are creating more than 500 good-paying, high-tech jobs in Plymouth,” says Governor Whitmer. “Today’s investment in Nel Hydrogen will create a hydrogen production facility and ensure we stay on the cutting-edge of clean energy production and advanced manufacturing. Let’s keep working together to bring jobs and projects home as we grow our economy and deliver for Michigan families.”
“Today’s announcement is another example of how Michigan is leading America’s technology and clean energy future,” says Lieutenant Governor Garlin Gilchrist II. “Because of a matching investment from the Michigan Competitiveness Fund, this federal grant will enable our partners to create more than 500 good-paying, high-tech jobs in Plymouth. Governor Whitmer and I will keep working to create jobs and win projects that will grow our economy and help more people ‘make it’ in Michigan.”
Nel has previously been awarded approximately USD 50 million from the state of Michigan in support of this electrolyser production facility (see the press release issued on 8 July 2023). Total support from federal and state authorities amounts to approximately USD 125 million.
Fully built out, the Michigan site is expected to have an annual nameplate production capacity of 4 GW. In the planned new facility, Nel will manufacture its next-generation electrolyser technologies: the PEM stacks currently being developed together with General Motors, and pressurized alkaline stacks.
Thanks Sam, appreciate it, i did look at the site but couldn't see anything from today. But yes ill sign up for news letters.
If you go to nels website you can sign up to there news letter. That way you’ll have it emailed to you when any relative news gets released.
February 2, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) and Nikola have realigned their previous agreement, and at the same time Nel will become Fortescue’s supplier for their 80 MW electrolyser, for a total consideration of about USD 20 million.
In 2018, Nel entered into a supply agreement with Nikola, followed by a firm purchase order for 85 MW of electrolyser equipment in 2020 that has been delivered. The two parties have now agreed to cancel the old supply agreement (which also included Balance of Plant and fueling stations) and will agree to a new agreement for 110 alkaline stacks and related Balance of Stack equipment only (not included in the order backlog before a firm purchase order is made). As a compensation for the changed scope Nel will receive about USD 9 million.
“We are pleased to have initiated a plan with Nikola that reflects Nel’s preferred scope of supply, and look forward to continuing our relationship with the company,” says Håkon Volldal, President and CEO of Nel.
At the same time, Fortescue’s acquisition of Nikola’s Phoenix Hydrogen Hub includes the installation of 80 MW of electrolyser equipment previously delivered by Nel to Nikola. In return for updated guarantees and warranties for the equipment and changes in the scope of delivery, Nel will receive approximately USD 11 million from Fortescue.
“Nel is thrilled to partner with yet another solid and committed company such as Fortescue to develop the Phoenix Hydrogen Hub project. We look forward to installing the equipment and supporting Fortescue on this important project, which reached FID last year,” says Volldal.
ENDS
Anyone any idea why the price increase today ? thanks.
This might be useful for those who have not researched Nel.
https://www.credit-suisse.com/media/assets/microsite-ux/docs/2022/energy/nel-2022.pdf.
Nel ASA: Mandatory notification of trade by primary insider
(November 2, 2023 – Oslo, Norway) Hans Hide, CPO of Nel ASA (“Nel”), has today bought 10,000 shares in Nel ASA at an average share price of NOK 8.014. After the transaction, Mr. Hide holds a total of 30,000 shares and 626,000 options in the company.
A long way to go before I get my money back but definitely hopeful of doing so with more in the long run.
Nel ASA: Mandatory notification of trade by primary insider
(November 2, 2023 – Oslo, Norway) Charlotta Falvin, Board Member of Nel ASA (“Nel”), has today bought 46,000 shares in Nel ASA at an average share price of NOK 8.01. After the transaction, Ms. Falvin holds a total of 46,000 shares and 0 options in the company.
This information is subject to the disclosure requirements in articles 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.
October 18, 2023 – Oslo, Norway) Nel ASA (Nel, OSE:NEL) will publish its third quarter 2023 report on 25 October 2023 at 07:00 CET, and host a presentation at 08:00 CET.
The quarterly report and presentation will be made available on www.newsweb.no and www.nelhydrogen.com.
The presentation at 08:00 CET will be a virtual event, followed by a Q&A session.
Hopefully the results will lead to some improvement in the sp. I am well inthe red on this one.
The live presentation can be accessed on the company’s website nelhydrogen.com/quarterly-presentation/ or by following this link. Please make sure to register early. A recording of the presentation will be publicly available following the event.
Which looks like good news…so why is it dying on its ass these last few days.. -11% today. :-(
Nel ASA: Nel has selected Plymouth in Michigan for its next gigafactory
(September 26, 2023 - Oslo, Norway) Nel has selected Plymouth Charter Township, a suburb of Detroit, Michigan, as the location for its next gigafactory. Fully developed, the factory will be among the world’s largest electrode manufacturing facilities, with a total annual capacity of 4 GW Alkaline and PEM technology.
“Plymouth Charter Township is an ideal location for Nel. Here, we have access to a highly educated workforce, universities and research institutions, and we are close to our collaborating partner, General Motors. In addition, the Government and the authorities of Michigan have provided a very attractive financial support package for us,” says Nel’s CEO, Håkon Volldal.
The Michigan Strategic Fund (MSF) has today decided to support the project with a USD 10 million Michigan Business Development grant. The MSF board also approved a 15-year, 100% State Essential Services Assessment (SESA) Exemption Request, valued at up to USD 6.25 million to support the project. Nel has so far secured more than USD 50 million in support for its Michigan site. Pending approval of additional state and federal applications, this amount could increase to around USD 150 million.
“We are thrilled to welcome Nel Hydrogen and its new gigafactory to Southeast Michigan,” says the Governor of Michigan, Gretchen Whitmer.
“This investment will bring good-paying jobs to the region and build on our leadership in cars, chips, and clean energy. We know the best manufacturing in the world happens right here in our state, and we were proud to share our vision for a clean energy future during our economic mission to Europe earlier this year. We will continue to let the world know about our state’s attractive business climate, talented workforce, and commitment to clean hydrogen development as we work to bring these transformational investments home to Michigan,” says Whitmer.
The manufacturing facility in Plymouth will build on Nel’s fully automated electrolyser concept, which the company has developed at its production facility in Herøya, Norway. Similarly, the company’s expansion of the facility in Wallingford will play a critical role in creating a blueprint for scaling up the production of Nel’s PEM electrolysers.
The factory will be built in steps to match supply with demand. A final investment decision for constructing this facility has not been made yet.
If only that fool could either keep his mouth shut or be better educated, we’d see more days like with with H2. U.K. likely to get left behind once again- and us residents will be the ones to suffer!
Continued…
Our pipeline, consisting of increasingly larger projects, continues to mature. With size comes complexity, which we are confident will play out favourably for Nel as the need for competence and experience increases accordingly” says Håkon Volldal.
Nel will continue to add production capacity in-line with market demand. Michigan, US, was in the second quarter selected as the home state for Nel’s new electrolyser Gigafactory. The company is looking to build up to 4 GW of production capacity (in phases), split between PEM and alkaline. No final investment decision has been made yet.
For the Fueling division, revenues remained low in the second quarter due to limited order intake in previous quarters. However, the division received a record-big purchase order for 16 fueling stations to be deployed in California, US, driving the order backlog to NOK 493 million.
“The record size fueling contract from a quality US energy company is a testament to the positive development following the strategic changes made in our Fueling division, focusing on a few high-quality clients with a significant pipeline of projects” says Nel’s CEO, Håkon Volldal.
The second quarter 2023 report and presentation are enclosed and available on www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com. The presentation will be a virtual event only, followed by a Q&A session. The live presentation can be accessed on the company’s website www.nelhydrogen.com or by following this link. A recording of the presentation will be publicly available following the event.
Nel ASA: Second quarter 2023 financial results
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(July 18 - 2023, Oslo, Norway) Nel ASA (Nel, OSE:NEL) reported record-high quarterly revenues of NOK 475 million in the second quarter of 2023, up 159% from NOK 183 million in the same quarter of 2022. Order intake was NOK 428 million, up 81% year-on-year, positively impacted by the large fueling contract for 16 stations to be deployed in the US. At the end of the second quarter, the order backlog was at NOK 2 964 million, up 106% from Q2 2022. The cash balance was NOK 4 122 million at quarter end.
Quarterly highlights
Nel ASA (Nel) reported revenue and income in the second quarter 2023 of NOK 475 million, up 159% from the second quarter 2022 (Q2 2022: 183). All segments, Fueling, PEM electrolysers and alkaline electrolysers experienced strong growth compared to the same quarter last year.
Order intake in the quarter amounted to NOK 428 million (54% from electrolyser), up 81% from the same quarter last year (Q2 2022: 236).
At quarter end, Nel had an order backlog of NOK 2 964 million (83% related to electrolyser), up 106% from the second quarter of 2022, and in line with the previous quarter.
EBITDA of NOK -138 million (Q2 2022: -197) driven by high losses in Fueling, low margins on electrolyser projects signed in 2020/2021 and increased personnel expenses to prepare for large-scale project execution.
Net loss of NOK -342 million (Q2 2022: -275), mainly related to loss from operations and a net negative unrealised fair value adjustment from shareholdings of NOK -198 million. The same quarter last year had a net negative unrealised fair value adjustment from shareholdings of NOK -97 million.
Cash balance of NOK 4 122 million (Q2 2022: 3 646).
Subsequent to the quarter,
Received purchase order from Bondalti with a value of approximately EUR 11 million.
Received purchase order from Hyd’Occ with a value of approximately EUR 9 million.
Granted USD 5.6 million in funding from the U.S. Department of Defense.
The Electrolyser division reported a significant 202% increase in revenue compared to the same quarter last year, which was one of the first quarters of deliveries from Herøya. As volumes have increased, alkaline revenues have shown a substantial growth of 383% from the same period last year, while PEM was up 78% for the same period.
“We continue to see positive developments due to increased production volumes and revenues from contracts with significantly improved terms,” says Håkon Volldal, CEO of Nel.
Electrolyser projects are becoming increasingly larger and order intake is therefore expected to vary between quarters. However, overall demand is growing, and customers are increasingly looking towards suppliers with available capacity and a track record for delivering reliable, high-quality equipment.
Nel ASA: Receives purchase order for 40 MW electrolyser equipment from Bondalti
(July 17, 2023 - Oslo, Norway) Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), has signed a contract for 40 MW of alkaline electrolyser equipment for about EUR 11 million with Bondalti for its first phase of the H2 Enable project in Estarreja, Portugal.
"We continue to experience good momentum for our electrolysers, and we are happy to partner with a quality company such as Bondalti, an exciting client committed to decarbonisation”, says Nel’s CEO, Håkon Volldal.
Bondalti is the largest company in the Portuguese chemical industry. The electrolyser plant, which is aimed to commence production in the beginning of 2026, will inject green hydrogen into the natural gas grid, supply long-haul transport and cater for Bondalti’s own hydrogen demand for chemical processes.
The client’s strategic objectives include a significant incorporation of green hydrogen into its value chain, with the aim of decarbonising current operations and, at the same time, contributing towards the climate and energy targets established at European level, specifically those of the “Fit for 55” initiative for the chemicals sector.
“Our commitment to decarbonisation is not new, we already incorporate 40% of renewable energy in our operations, and this value will be 100% by 2030. The H2 Enable project is another main milestone for the reduction of the carbon footprint in the Estarreja Chemical Complex, as well as a major contribution to decarbonize other hard-to-abate sectors”, says Bondalti’s COO, André de Albuquerque.
This is a firm purchase order for alkaline stacks. Wood has been contracted as EPC for the FEED study. The electrodes will be produced in the Herøya facility in Norway, the world’s first fully automated electrolyser production line.
Nel ASA: Receives purchase order for 20 MW electrolyser equipment from Hyd’Occ
(July 14, 2023 - Oslo, Norway) Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), has signed a contract for 20 MW of alkaline electrolyser equipment for about EUR 9 million with Hyd’Occ for its project in Port-La-Nouvelle, France. Nel has already performed and delivered the front-end engineering and design (FEED) study on the project.
The 20 MW electrolyser will supply renewable hydrogen to local industry and transportation in southern France. Port-La-Nouvelle, where the electrolyser will be located, is expected to be a significant hub for hydrogen flows in the Mediterranean.
Hyd'Occ is backed by Qair, a leading French renewable energy and hydrogen producer, as the primary shareholder and developer, and AREC Occitanie the regional agency for energy transition (held by the Occitanie administrative region), as minority shareholder.
“We are thrilled to announce our collaboration with Hyd'Occ on this pivotal project in France, where our business footprint has been relatively modest so far. The project holds great potential for Nel being in one of the Mediterranean's future hydrogen hubs”, says Hans Hide, Chief Project Officer at Nel.
“We are pleased to count on Nel’s support in the development of the first high-capacity hydrogen production unit in France. This collaboration takes us a step further in making concrete the hydrogen ecosystem of the future” says Guirec Dufour, Chief Executive Officer at Qair France.
This is a firm purchase order for alkaline stacks and balance of stacks. The stacks are planned to be delivered to the client around year-end 2023. Nel will assist the client in the project's installation, commissioning, and start-up.
Nel ASA: Invitation to presentation of Q2 2023 results
(July 11, 2023 – Oslo, Norway) Nel ASA (Nel, OSE:NEL) will publish its second quarter 2023 report on 18 July 2023 at 07:00 CET, and host a presentation at 08:00 CET.
The presentation will be a virtual event, followed by a Q&A session.
The live presentation can be accessed on the company’s website nelhydrogen.com/quarterly-presentation/ or by following this link. Please make sure to register early. A recording of the presentation will be publicly available following the event.
The report and presentation will be made available on www.newsweb.no and www.nelhydrogen.com.
Nel ASA: Receives additional funding from US Department of Defense, Engineer Research and Development Center- Construction Engineering Research Laboratory (ERDC-CERL)
(July 8, 2023– Oslo, Norway) Reference made to the press release dated October 4, 2022. Nel Hydrogen US, a subsidiary of Nel ASA (Nel, OSE: NEL), has been granted an additional USD 5.6 million in funding from the US Department of Defense (DoD) for accelerating advanced PEM electrolyser stack development, to enable low-cost hydrogen storage and resiliency applications, in collaboration with the Engineer Research and Development Center- Construction Engineering Research Laboratory (ERDC- CERL).
The purpose of the overall program is to accelerate low-cost electrolyser development with the aim to reduce both operating and capital costs. The additional funds will be leveraged for scale up of advanced materials and processes.
“We are excited to build on our existing program with ERDC-CERL to advance PEM electrolyzer technology” says Kathy Ayers, Vice President, Research and Development at Nel.
Nel ASA: Receives purchase order for 16 hydrogen fueling stations to California
(June 29, 2023 – Oslo, Norway) Reference made to the press release issued on December 20, 2022, regarding a Capacity Reservation Agreement (CRA). Nel Hydrogen Inc., a subsidiary of Nel ASA, (Nel, OSE:NEL) has now received a firm purchase order from the undisclosed US energy company for delivery of 16 hydrogen fueling stations to be deployed in California, US.
The total value of the purchase order is about USD 24 million, including the previously announced Capacity Reservation Agreement fee of about USD 7 million. The increase in total contract value from the CRA announcement in December relates to the inclusion of installation assistance and commissioning services, as well as service and maintenance agreements.
“We look forward to providing our hydrogen fueling equipment to this important client and contributing to the deployment of hydrogen fueling infrastructure in the US", says Robert Borin, Senior Vice President, Nel Fueling Division.
“This contract reflects a significant commitment to hydrogen in general, and to Nel in particular," says Håkon Volldal, CEO. "This record-size contract is a game changer for our Fueling division, amplifying the positive momentum throughout the entire Nel organization as we continue to execute our bigger-better-focused strategy".
Expected delivery of the first fueling equipment is scheduled in Q4 2023. In addition, Nel has entered into a framework agreement with the customer covering potential future purchase orders for fueling equipment.
This technology is critical in helping bring down costs, while also creating a more sustainable hydrogen supply,” he says.
When fully developed, the Michigan facility will have a production capacity of up to 4GW of Alkaline and PEM electrolysers. Going forward, Nel will build on its fully automated Alkaline manufacturing concept invented at Herøya in Norway. Similarly, the company’s expansion of the facility in Wallingford will play a critical role in creating a blueprint for scaling up the production of PEM electrolysers.
Nel’s PEM electrolysers have been developed through decades of support from the US Department of Energy.
“Nearly two decades of research investment through the Department of Energy’s Hydrogen and Fuel Cell Office has led to technological advances that will now be transitioned to gigawatt scale in our Michigan facility”, says Volldal.
The factory will be built in steps to match supply with demand. A final investment will require a separate decision.