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
Also in this section
17 April 2024
Building green hydrogen ports and lower production costs key to becoming global exporter
16 April 2024
European Commission to provide list of approved certifiers in a move that is expected to help unlock investment in the sector
9 April 2024
Higher country-level risk and green hydrogen project execution risks are driving up financing costs, according to the Hydrogen Council and McKinsey
4 April 2024
EET’s $2.4b plan to decarbonise major refinery in northwest England hits key milestone with CO₂ pipeline approval