Nel increases US focus

Passing of Inflation Reduction Act has already led to two of the firm’s largest-ever orders

Electrolyser manufacturer Nel is increasingly focusing its operations on the US as the hydrogen market starts to accelerate in North America. Nel noted in its Q3 results forecast that two of its biggest ever contracts, signed during the most recent quarter, were for projects in the US. One was for a 200MW electrolyser for an undisclosed customer and the other was with Australian energy company Woodside. Woodside will buy NOK600mn ($56.5mn) of alkaline electrolyser equipment for its H2OK liquid hydrogen project in Oklahoma. “The EU wanted to lead in hydrogen… but to be frank the US has taken the lead due to the Inflation Reduction Act (IRA),” said CEO Hakon Volldal on the results call. Develo