Nel ASA Receives Major Grant for Electrolyser Technology
Nel Hydrogen Electrolyser AS, a wholly owned subsidiary of Nel ASA (OSE: NEL), has exciting news as it successfully secured a grant amounting to EUR 135 million from the EU Innovation Fund. This funding is aimed at advancing their state-of-the-art pressurized alkaline technology, pivotal for the industrial production of renewable hydrogen. The initial phase of this venture will take place at Nel's facility in Herøya, where the technology is still in the prototype stage but showing promising results.
Enhancing Renewable Hydrogen Production
Håkon Volldal, Nel's President and CEO, expressed confidence in the impact of this grant. He highlighted the company's commitment to maximizing their existing technology while also innovating future solutions aimed at reducing the costs associated with green hydrogen production. This funding will significantly ease the path for Nel in bringing its innovative pressurized alkaline technology to market.
Years of Innovation in Electrolyser Technology
For over five years, Nel has dedicated its resources to developing this next-generation technology. With nearly a century of expertise in electrolyser innovation, the company is poised to achieve breakthroughs in cost and performance in the renewable hydrogen space. The recent grant will facilitate a phased rollout of production capabilities in Herøya, ensuring rapid advancements.
Collaboration and Future Investments
Nel's grant application had strong backing from Enova SF, demonstrating the collaborative efforts necessary for the advancement of clean energy technologies. The phased support will be complemented by Nel's own investments, targeting up to 4 GW of production capacity for pressurized electrolyser equipment. The go-ahead for the investment will depend on successful outcomes from ongoing prototype testing, in addition to positive market reception for the new technology.
Contact Information for Nel ASA
If you require more information about Nel ASA, please reach out to the following contacts:
Kjell Christian Bjørnsen, CFO, +47 917 02?097
Wilhelm Flinder, Head of Investor Relations, +47 936 11 350
Lars Nermoen, Head of Communications, +47 902 40 153
About Nel ASA
Established in 1927, Nel ASA has grown to become a leading player in the development of hydrogen electrolyser technology. Specializing in both Alkaline and PEM technologies, the company is instrumental in creating the conditions necessary for a green hydrogen economy. Their technologies facilitate the decarbonization processes across various industries, including transportation, refining, steel production, and ammonia synthesis.
Frequently Asked Questions
What is the significance of the EUR 135 million grant?
This grant from the EU Innovation Fund is aimed at supporting Nel ASA in the industrialization of its next-generation pressurized alkaline technology, a significant advancement in renewable hydrogen production.
Where will the production take place?
The production ramp-up is planned at Nel's facility in Herøya, which is currently equipped for the development of this technology.
Who backed Nel's grant application?
Enova SF, the national contact point for the EU Innovation Fund in Norway, supported Nel's grant application, emphasizing significant institutional backing.
What is Nel's target production capacity?
Initially, the build-out aims for an annual capacity of 1-2 GW, with future plans to reach a total of up to 4 GW of pressurized electrolyser capacity.
How long has Nel been involved in electrolyser technology?
Nel has a legacy of nearly 100 years in electrolyser technology development, establishing itself as a pioneer in this crucial field for renewable energy.
