Nel ASA Expands Partnership with Samsung for Green Hydrogen

Nel ASA Strengthens Collaboration with Samsung C&T

Nel Hydrogen Electrolyser AS, a renowned subsidiary of Nel ASA (Nel, OSE:NEL), has recently closed a significant contract. This new deal centers around providing 10 MW of alkaline electrolyser equipment, valued at around EUR 5 million, to Samsung C&T Corporation Engineering & Construction Group. This order marks a pivotal step as they aim to pioneer nuclear-connected hydrogen production.

Innovative Approaches to Hydrogen Production

Previously, Nel ASA entered into an agreement with Samsung C&T for an off-grid solar project. The current undertaking transitions to the development of a demonstration plant. This initiative aims to validate the commercial viability of producing pink hydrogen—hydrogen created through excess nuclear power during periods of high electricity generation. This innovative approach is anticipated to enhance energy efficiency by utilizing energy resources that would otherwise go to waste.

Leadership Insights on the Partnership

Håkon Volldal, President and CEO of Nel ASA, expressed enthusiasm about the collaboration, stating, "Samsung C&T has ambitious objectives in the hydrogen sector. We are honored to be selected again to provide the electrolyser technology for this vital project." This joint venture signifies not just a business transaction, but a shared commitment to advancing hydrogen technology.

Samsung C&T's Vision for Green Energy

Samsung C&T is dedicated to transforming its energy portfolio, evident in its historical commitment to various green hydrogen initiatives. The firm aims to establish itself as a leader in the clean energy sector. By leveraging Nel's trusted electrolysis technology, they are optimistic about fulfilling their goals in the pink hydrogen production arena. According to Byung Soo Lee, Head of the Energy Solution Business Unit at Samsung C&T, "This project is the first of its kind in Korea, utilizing nuclear power for hydrogen production. Nel's technology undoubtedly meets our high standards for reliability. We eagerly anticipate further developing our partnership to seek more clean hydrogen opportunities."

Technological Advances at Nel ASA

The recent purchase order includes firm commitments for alkaline stacks and balance-of-stacks (BoS) production. Notably, the electrodes required for this project will be manufactured at the Herøya facility in Norway, recognized globally for its fully automated electrolyser production line. This level of automation ensures efficiency and precision in hydrogen production technology.

Contact Information for Nel ASA

For further details, please reach out to:
Kjell Christian Bjørnsen, CFO, +47 917 02 097
Wilhelm Flinder, Head of Investor Relations, +47 936 11 350

About Nel ASA

Nel ASA has a distinguished history dating back to 1927 and has emerged as a leading entity specializing in hydrogen technology. The company focuses on innovative electrolyser technology critical for producing renewable hydrogen and hydrogen fueling equipment for vehicles. Nel's solutions play a vital role in fostering a green hydrogen economy, crucial for reducing emissions across multiple industries such as transportation, refining, steel production, and ammonia manufacturing.

About Samsung C&T Corporation

Samsung C&T Engineering & Construction Group boasts five decades of global operational experience. Committed to excellence under the motto of "trusted builder," the company emphasizes three main areas: commercial and residential construction, civil infrastructure, and plant construction. Noteworthy projects include iconic landmarks like the Burj Khalifa in the UAE and the Petronas Towers in Malaysia, showcasing their expertise in delivering complex engineering solutions.

Frequently Asked Questions

What is the significance of the new contract between Nel ASA and Samsung C&T?

The contract signifies a collaborative effort to produce pink hydrogen using nuclear power, enhancing energy efficiency by utilizing surplus power generation.

Who is involved in the partnership for this hydrogen production project?

The partnership involves Nel ASA and Samsung C&T, with Nel providing advanced electrolysis technology for hydrogen production.

What are the expected outcomes of the demonstration plant?

The demonstration plant aims to validate the commercial model for producing pink hydrogen, showcasing the potential of nuclear power in hydrogen production.

How does Nel ASA contribute to the green hydrogen economy?

Nel ASA specializes in electrolyser technology that supports the production of renewable hydrogen, facilitating decarbonization efforts across various industries.

What is the historical background of Nel ASA?

Founded in 1927, Nel ASA has developed into a leading company in hydrogen technology with a global presence, focusing on innovation and sustainability in energy solutions.

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