Nel ASA Partners with SAMSUNG E&A for Green Hydrogen Ventures
Nel ASA Expands Partnership with SAMSUNG E&A
Nel ASA has recently established an exciting collaboration with SAMSUNG E&A, paving the way for innovative developments in hydrogen technology. The partnership allows SAMSUNG E&A to provide its customers with comprehensive hydrogen plants designed with Nel's advanced electrolyser technology. As part of this alliance, SAMSUNG E&A will also acquire 10% of newly issued shares of Nel ASA, solidifying its position as a key player in the company with a notable ownership stake of 9.1%.
Strengthening Global Reach
According to Håkon Volldal, President and CEO of Nel ASA, this partnership signifies not only a technical collaboration but also a strategic expansion of their market outreach. Nel has a commitment to enhancing its electrolyser stack technology, thus requiring strong partnerships with engineering, procurement, and construction (EPC) firms like SAMSUNG E&A. The collaboration reinforces Nel's competitive advantage in the growing hydrogen industry.
About SAMSUNG E&A
SAMSUNG E&A, formerly known as Samsung Engineering, is recognized as a comprehensive solutions provider within the global energy sector. The company boasts a robust portfolio, which includes services ranging from feasibility studies to commissioning across various sectors, specifically targeting advancements in smart manufacturing and renewable energy. Their involvement in significant hydrogen projects demonstrates their dedication to clean energy initiatives.
Collaborative Solutions for Green Hydrogen
This partnership is expected to facilitate the provision of integrated electrolyser solutions, promoting a sustainable future for green hydrogen. Hong Namkoong, CEO of SAMSUNG E&A, expressed confidence in Nel as a leading electrolyser company that holds the potential to elevate the green hydrogen market. He emphasized the value of green hydrogen as a foundational component for various clean technologies.
Future Prospects
Nel and SAMSUNG E&A are poised to capitalize on their collaboration to develop design packages for hydrogen plants based on both alkaline and PEM electrolyser technologies. Furthermore, they aim to innovate a consolidated Balance of Stack system tailored for Nel's Alkaline electrolysers. This development is anticipated to streamline operations and enhance efficiency in hydrogen production.
Strategic Financial Moves
Through a separate transaction, Nel ASA will issue a substantial number of shares to SAMSUNG E&A at an agreed price. This transaction reflects an optimistic outlook on Nel's growth, supported by its Board of Directors. Importantly, this collaboration includes a commitment to strategic initiatives, allowing SAMSUNG E&A to bring essential technological advancements to the table, thereby securing a partnership rooted in innovation.
Investment and Commitment
Both companies have expressed mutual appreciation for the strategic investment made by SAMSUNG E&A in Nel. This investment stands as a testament to their dedication to the partnership and the shared vision of advancing clean hydrogen technologies. As SAMSUNG E&A continues to pursue carbon-neutral technologies, this collaboration is sure to yield exciting prospects for both organizations.
Frequently Asked Questions
What is the focus of the Nel ASA and SAMSUNG E&A collaboration?
The partnership centers around developing complete hydrogen plants using innovative electrolyser technology, enhancing both companies' capabilities in the hydrogen market.
How will SAMSUNG E&A's investment in Nel ASA impact its ownership?
By acquiring 10% of newly issued shares, SAMSUNG E&A will hold a 9.1% ownership in Nel ASA, becoming its largest single shareholder.
What roles do Nel's electrolyser technologies play in the partnership?
Nel specializes in both Alkaline and PEM electrolyser technologies, which are crucial for producing renewable hydrogen, a key element in various clean technologies.
What are the long-term goals of this partnership?
The goal is to enhance global market reach by providing integrated solutions in hydrogen technology, focusing on innovation and efficient energy systems.
Who can be contacted for more information about Nel ASA?
Kjell Christian Bjørnsen, CFO, is available for further inquiries, along with Wilhelm Flinder, Head of IR, Communications & Marketing.
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