Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
About Hy Stor Energy
Hy Stor Energy is facilitating the transition to a fossil-free energy environment by developing and advancing renewable hydrogen at scale. Its large, fully integrated projects will produce, store and deliver carbon-free renewable energy, providing customers with cost-efficient, and reliable renewable energy on-demand. Developed as part of a scalable integrated hub, these projects are the solution to 24/7, dispatchable renewable energy and long-duration energy storage of carbon and methane free energy. Made up of a team that has deep knowledge and significant long-term experience in infrastructure development and the energy sector and led by energy storage industry and hydrogen technology expert Laura L. Luce, Hy Stor Energy is a pioneer in the renewable hydrogen revolution. For more information, please visit
www.hystorenergy.com
Trailblazing the development of the green hydrogen economy will require innovation and collaboration among industry first movers, and Hy Stor Energy is leading the charge in the production, storage and delivery of green hydrogen for emission-free manufacturing, transportation, and energy solutions. By pairing Nel’s technology with the Mississippi Clean Hydrogen Hub project, we're ready to deliver tangible results for our customers,” Luce added.
April 26, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) partners with Hy Stor Energy on the Mississippi Clean Hydrogen Hub (MCHH) and receives a capacity reservation for more than 1 gigawatt of alkaline electrolysers.
“We are thrilled to partner with Hy Stor Energy on the Mississippi Clean Hydrogen Hub. This project can enable significant carbon emission reductions and leave in its wake a blueprint for successful, large-scale green hydrogen projects,” said Nel’s President and CEO, Håkon Volldal.
As Hy Stor Energy’s exclusive electrolyser partner for phase one of the MCHH, Nel will provide alkaline and PEM technology at scale and contribute with its hydrogen expertise and experience. The parties signed a Front-End Engineering Design (FEED) contract in December, and today Hy Stor Energy has entered into a capacity reservation agreement with Nel to secure more than 1 gigawatt of alkaline electrolyser capacity for the project. Pending final investment decision, electrode production at Nel’s state-of-the-art plant at Herøya, Norway is expected to run through 2025, 2026, and the first part of 2027. In line with Nel’s accounting standards, the capacity reservation will not be considered as order intake or backlog until a firm purchase order has been received.
“Without ambitious pioneers, decarbonization at scale will not happen. Pioneers aim to do today what most people say can’t be done in years. To me, Hy Stor Energy is such a bold pioneer, and it makes me proud that the company has chosen Nel as its electrolyser partner on this game-changing project,” Volldal commented.
The Mississippi Clean Hydrogen Hub project will be the largest zero-carbon, off-grid hydrogen production and salt cavern storage hub in the U.S. With extensive storage and expansion capabilities, the MCHH project will help drive the growth of the domestic and global hydrogen economy to accelerate renewable hydrogen adoption at scale. Under a previously announced and recently extended exclusive Letter of Intent (LoI), Hy Stor Energy has agreed to supply zero-carbon renewable hydrogen from the MCHH in a direct offtake partnership to support production of green steel in the U.S. (reference is made to https://hystorenergy.com/hy-stor-energy-partner-steelmaker-ssab-selected-by-department-of-energy-for-award-negotiation-to-accelerate-industrial-decarbonization/). Schneider Electric has also entered into an LoI with Hy Stor Energy under which it will exclusively provide automation, electrical, and digital energy management solutions to be incorporated into the MCHH.
“Nel Hydrogen has proven electrolyser technologies and an automated manufacturing capability that fit perfectly with Hy Stor Energy’s plans to produce and deliver green hydrogen reliably and cost-effectively,” said Laura L. Luce, CEO and Founder of Hy Stor Energy.
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
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.
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
Crocqman
I’m not sure how true it is that’s why I thought I’d post it and ask in the telegram chat. Then I found out my account had been restricted as I’d been reported as a spam bot 🤷♂️ whatever that is.
All the best
Thanks simms
I agree with your post, it’s a shame that we have all been left to question every decision made by our BOD. I still hold hope that the tech will work profitably one day. I just fear that all us long term holders would have been diluted so much by then that our investment won’t be worth anything by then. Always like being proven wrong though!
Thanks again
Thanks for the reply
But phoenix energy also said on LinkedIn in reply to the user Scott Evan’s that it would be commissioning in January. That was why I was confused as I had seen this morning that phoenix have now said commissioning will be February. Was curious as to if it was a delay or if I’m simply mistaken. As if it’s a delay and Eqtec are not committed partners with phoenix, again as said on LinkedIn, then any delay looks bad on us. And with all the delays we have had over the last 2-3 years it has me worried that that date of January or February will just be pushed back again
For some reason I’ve been reported as a spam bot and can’t post this in the telegram channel.
Can we confirm that northfork will be February? As only a few days ago TB posted a screenshot from LinkedIn by phoenix that it would be January yet RR’s post this morning say’s February. Have we been pushed back a month already? Or am I reading this all wrong?
Thanks in advance wouldve liked to post that on telegram but my accounts been reported as spam for some reason (I don’t post often) so don’t know why
Hopefully not a repeat of March when the share price rose nicely but was followed swiftly by an equity raise!
Yes that’s correct. Still classed as a solid state battery no matter how small :)
StereaxTM250 battery’s are currently in production and solid state. Made by ilika.
Hello, what did you send them? I’m trying to write out an email to send them but struggling to put into words what I suspect they’ve done. Probably as I’m so angry at the moment
I WoUlDnT WaNt To Be OuT oF tHiS oVeR tHe WeEkEnD hahah
Sorry couldn’t resist, it’s becoming a tradition for someone to say it every Friday haha
I’m not sure of any telegram chat but this is a great group chat on discord https://discord.gg/aQA6J4nv
Apologies if the link doesn’t work