Nel ASA: Hy Stor Energy places gigawatt capacity reservation for Mississippi Clean Hydrogen Hub
26 Abril 2024 - 5:00AM
Nel ASA (Nel, OSE:NEL) partners with Hy Stor
Energy on the Mississippi Clean Hydrogen Hub (MCHH) and receives a
capacity reservation for more than 1 gigawatt of alkaline
electrolysers.
“We are thrilled to partner with Hy Stor Energy on the
Mississippi Clean Hydrogen Hub. This project can enable significant
carbon emission reductions and leave in its wake a blueprint for
successful, large-scale green hydrogen projects,” said Nel’s
President and CEO, Håkon Volldal.
As Hy Stor Energy’s exclusive electrolyser partner for phase one
of the MCHH, Nel will provide alkaline and PEM technology at scale
and contribute with its hydrogen expertise and experience. The
parties signed a Front-End Engineering Design (FEED) contract in
December, and today Hy Stor Energy has entered into a capacity
reservation agreement with Nel to secure more than 1 gigawatt of
alkaline electrolyser capacity for the project. Pending final
investment decision, electrode production at Nel’s state-of-the-art
plant at Herøya, Norway is expected to run through 2025, 2026, and
the first part of 2027. In line with Nel’s accounting standards,
the capacity reservation will not be considered as order intake or
backlog until a firm purchase order has been received.
“Without ambitious pioneers, decarbonization at scale will not
happen. Pioneers aim to do today what most people say can’t be done
in years. To me, Hy Stor Energy is such a bold pioneer, and it
makes me proud that the company has chosen Nel as its electrolyser
partner on this game-changing project,” Volldal commented.
The Mississippi Clean Hydrogen Hub project will be the largest
zero-carbon, off-grid hydrogen production and salt cavern storage
hub in the U.S. With extensive storage and expansion capabilities,
the MCHH project will help drive the growth of the domestic and
global hydrogen economy to accelerate renewable hydrogen adoption
at scale. Under a previously announced and recently extended
exclusive Letter of Intent (LoI), Hy Stor Energy has agreed to
supply zero-carbon renewable hydrogen from the MCHH in a direct
offtake partnership to support production of green steel in the
U.S. (reference is made to
https://hystorenergy.com/hy-stor-energy-partner-steelmaker-ssab-selected-by-department-of-energy-for-award-negotiation-to-accelerate-industrial-decarbonization/).
Schneider Electric has also entered into an LoI with Hy Stor Energy
under which it will exclusively provide automation, electrical, and
digital energy management solutions to be incorporated into the
MCHH.
“Nel Hydrogen has proven electrolyser technologies and an
automated manufacturing capability that fit perfectly with Hy Stor
Energy’s plans to produce and deliver green hydrogen reliably and
cost-effectively,” said Laura L. Luce, CEO and Founder of Hy Stor
Energy.
“Trailblazing the development of the green hydrogen economy will
require innovation and collaboration among industry first movers,
and Hy Stor Energy is leading the charge in the production, storage
and delivery of green hydrogen for emission-free manufacturing,
transportation, and energy solutions. By pairing Nel’s technology
with the Mississippi Clean Hydrogen Hub project, we're ready to
deliver tangible results for our customers,” Luce added.
About Hy Stor Energy
Hy Stor Energy is facilitating the transition to a fossil-free
energy environment by developing and advancing renewable hydrogen
at scale. Its large, fully integrated projects will produce, store
and deliver carbon-free renewable energy, providing customers with
cost-efficient, and reliable renewable energy on-demand. Developed
as part of a scalable integrated hub, these projects are the
solution to 24/7, dispatchable renewable energy and long-duration
energy storage of carbon and methane free energy. Made up of
a team that has deep knowledge and significant long-term
experience in infrastructure development and the energy sector and
led by energy storage industry and hydrogen technology expert Laura
L. Luce, Hy Stor Energy is a pioneer in the renewable hydrogen
revolution. For more information, please
visit www.hystorenergy.com
About Nel ASA
| www.nelhydrogen.comNel has a
history tracing back to 1927 and is today a leading pure play
hydrogen technology company with a global presence. The company
specializes in electrolyser technology for production of renewable
hydrogen, and hydrogen fueling equipment for road-going vehicles.
Nel's 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.
This information was issued as inside information pursuant to the
EU Market Abuse Regulation, and was published by Wilhelm Finder,
Head of Investor Relations, at NEL ASA on the date and time
provided.
Forward-looking statements: This announcement
contains certain forward-looking statements. By their nature,
forward-looking statements involve risk and uncertainty because
they reflect the company's current expectations and assumptions as
to future events and circumstances that may not prove accurate. A
number of material factors could cause actual results and
developments to differ materially from those expressed or implied
by these forward-looking statements.
For additional information, please
contact:Kjell Christian Bjørnsen, CFO, +47 917 02 097Lars
Nermoen, Head of Communications, +47 902 40 153
Media inquiries to Hy Stor Energy:
hystor@fischtankpr.com
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