Nel ASA: Receives additional USD 75 million in support for Michigan facility
Summary
Partnering with General Motors, Macomb Community College, Wayne State Universitys College of Engineering, and others, DOEs investment will further enhance domestic electrolyser manufacturing production capacity while building a robust clean hydrogen value chain and an industrialized manufacturing training program.In parallel, the state of Michigan awarded USD 25 million in direct investment support to lead the nation in the clean energy transition. "Nel has previously been awarded approximately USD 50 million from the state of Michigan in support of this electrolyser production facility (see the press release issued on 8 July 2023). Total support from federal and state authorities amounts to approximately USD 125 million.Fully built out, the Michigan site is expected to have an annual nameplate production capacity of 4 GW. Nels product offerings are key enablers for a green hydrogen economy, making it possible to decarbonize various industries such as transportation, refining, steel, and ammonia.This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act. By their nature, forward-looking statements involve risk and uncertainty because they reflect the companys current expectations and assumptions as to future events and circumstances that may not prove accurate.