Nel enters into a partnership with Hy Stor Energy for the Mississippi Clean Hydrogen Hub (MCHH) in the USA, where Hy Stor Energy reserves capacity for more than 1 gigawatt with alkaline electrolysers.
This is according to a stock exchange announcement on the night of Friday.
The news sends the Nel share straight up from the start on Oslo Børs. Friday morning, the share is up 9.5 percent to NOK 5.00.
Production until 2027
– We are excited to collaborate with Hy Stor Energy on the Mississippi Clean Hydrogen Hub. This project can enable significant reductions in carbon emissions and leave behind a recipe for successful, large-scale green hydrogen projects, says CEO of Nel, Håkon Volldal.
Nel is Hy Stor Energy’s exclusive electrolyser partner for phase 1 of MCHH, and will offer alkaline and PEM technology on a large scale, as well as contribute with its expertise and experience in hydrogen.
The parties signed a contract for front-end engineering design (FEED) in December, while today they entered into the agreement formally.
Subject to a final investment decision, electrode production at Nel’s facility on Herøya is expected to run through 2025, 2026 and the first part of 2027.
The agreement will not be considered order entry or order inventory until a firm purchase order has been received, it says.
Despite Friday’s rise, the Nel share has struggled heavily on the Oslo Stock Exchange. In the last year, it is down 60 percent.
Tags: collaboration sends Nel share percent
