Nel ASA Receives Significant EU Funding for Hydrogen Technology
Nel Hydrogen Electrolyser AS, a wholly-owned subsidiary of Nel ASA (OSE: NEL), has recently been awarded a substantial grant of up to EUR 135 million from the EU Innovation Fund. This funding will support the industrialization of their next-generation pressurized alkaline technology, which is currently in the prototype phase.
Innovative Moves Towards Sustainable Energy
Håkon Volldal, Nel's President and CEO, expressed excitement about this milestone, noting how the grant would greatly facilitate bringing their innovative technology to market. He highlighted that the company continues to harness the potential of existing technologies while pushing forward with advancements aimed at reducing the costs associated with green hydrogen.
The Path Towards Production at Herøya
Nel has been diligently developing its new pressurized alkaline technology for over five years, achieving promising results during the prototyping phase. The awarded grant will allow for a phased implementation of production capabilities at Herøya, where the company plans to establish industrial operations.
A Legacy of Innovation
With nearly a century of experience in the electrolyser industry, Nel ASA is set to introduce technology that promises significant improvements in both cost-effectiveness and performance for renewable hydrogen production. Volldal acknowledges the inherent risks associated with launching new technology but is thankful for past support from various Norwegian institutions and trusts that this latest grant will expedite the time-to-market for their innovations.
Plans for Expansion and Capacity
The initial stage of facility development is projected to enable an annual production capacity of 1-2 GW, utilizing current infrastructure in Herøya. The company anticipates a collaborative investment strategy that combines both the grant support and Nel's own resources, aiming for a total of up to 4 GW capacity for pressurized electrolyser systems in the region.
Future Investments Relaying on Prototype Success
A final investment decision regarding the scaling of production will depend on successful testing outcomes of the current prototypes and subsequent pilot projects, alongside the market’s acceptance of their cutting-edge technology.
Contact Information for Stakeholders
For more detailed inquiries, stakeholders can reach out to:
Kjell Christian Bjørnsen, CFO, at +47 917 02 097
Wilhelm Flinder, Head of Investor Relations, at +47 936 11 350
Lars Nermoen, Head of Communications, at +47 902 40 153
About Nel ASA
Nel ASA has been at the forefront of electrolyser technology since 1927, specializing in both Alkaline and PEM technologies geared towards generating renewable hydrogen. Their product offerings are pivotal for facilitating a green hydrogen economy, contributing to the decarbonization efforts across various sectors including transportation, refining, steel production, and ammonia synthesis.
Frequently Asked Questions
What funding has Nel ASA received recently?
Nel ASA has secured EUR 135 million in grants from the EU Innovation Fund for their next-generation electrolyser technology.
What technology is Nel ASA developing with this funding?
The funding will be used to advance their pressurized alkaline electrolyser technology, which is currently in the prototyping stage.
Where is the production facility planned to be located?
The initial production facility is planned for Herøya, where Nel ASA currently operates.
What is the targeted production capacity?
Nel ASA aims for an annual production capacity of 1-2 GW initially, with plans for up to 4 GW of capacity in future phases.
What are the factors influencing their final investment decision?
The decision will depend on the success of testing the prototypes and the acceptance of the technology by the market.
