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Nel ASA: Receives purchase order from Nikola
(Oslo, 3 June, 2020) Nel Hydrogen Inc., a wholly owned subsidiary of Nel ASA (Nel, OSE:NEL), has received a purchase order from Nikola Corporation (Nikola), a global leader in zero-emissions transportation and infrastructure solutions, for 85 megawatt alkaline electrolysers related to the deployment of the world’s first 8 ton/day hydrogen fueling stations.
“We’re very excited to have reached this landmark milestone with Nikola. Since our partnership began in 2017, we have been working together to develop a massive large-scale hydrogen fueling station. It’s been amazing to see the significant progress made by the Nikola team specific to vehicle development and the station design, and now we are ready to start building,” says Jon André Løkke, chief executive officer of Nel.
“We are building the largest hydrogen network in the world and I couldn’t be prouder to have Nel part of it,” said Trevor Milton, Nikola Corporation’s founder and executive chairman. “These electrolysers will support five heavy-duty hydrogen stations which will cover multiple states and trucking routes in the USA. The future of clean transportation is here, and fleets are lining up to be part of the transition with Nikola.”
The purchase order has a value in excess of USD $30 million, and the electrolysers will primarily be delivered from the new electrolyser mega-factory currently under development in Norway. This purchase order will support Nikola’s five initial stations with 8 ton per day hydrogen production capacity. The remaining equipment will be covered by a separate purchase order that is expected to be finalized within the coming months.
“The framework agreement was one of the key triggers for deciding to develop our alkaline electrolyser mega-factory in Norway, and has enabled Nikola to reserve capacity in the new plant,” Løkke concludes.
The purchase order is subject to final approval by Nel.
https://nelhydrogen.com/press-release/nel-asa-receives-purchase-order-from-nikola-2/
Boom! $$$ $NLLSF $$
News! Nel ASA: First quarter 2020 financial results
(Oslo, 7 May 2020) Nel ASA (Nel) reported revenues of NOK 126.5 million in the first quarter of 2020, slightly up from NOK 122.4 million in the same quarter of 2019 and an adjusted EBITDA of negative NOK 41.7 million. The order backlog grew 46% to NOK 590 million and the company currently holds approximately NOK 1.3 billion in cash. Nel expects the Covid-19 pandemic to continue to impact financial results, but reiterates the long-term outlook.
“As we communicated in the our Covid-19 market updates 22 and 26 March, in addition to 21 April, Nel implemented strict regulations to ensure safety of customers, employees, partners and co-citizens. These “stay home - stay safe” polices impact our production, installation, commissioning and associated revenue recognition. We reiterate a positive long-term outlook as the markets in which we operate are still showing high activity and strong growth momentum. In addition, we see various governmental interest in developing and supporting major green initiatives as part of building new industries and infrastructure post Covid-19, says Jon André Løkke, Chief Executive Officer of Nel.
Nel reported revenues in the first quarter of 2020 of NOK 126.5 million, slightly up from NOK 122.4 million in the corresponding quarter in 2019. The adjusted EBITDA was NOK -41.7 million, adjusted for non-recurring and other ramp-up costs, and the backlog grew 46% to approximately NOK 590 million (no adjustment has been made for Covid-19 effects).
During the first quarter of 2020, Nel completed a successful private placement raising NOK 846 million in gross proceeds, in addition to the subsequent offering in April 2020, bringing the cash position to exceed NOK 1.3 billion.
“Nel targets to have a strong financial position to execute strategic plans. The private placement and subsequent offering were both oversubscribed showing a solid backing from our shareholders. We target to maintain and strengthen our leading position in a growing market through accelerated investments in technology and organization, and experience an increased importance of being a financially strong counterpart, especially for larger contracts, “ says Løkke.
The visibility on the duration and size of the effects from the Covid-19 situation is currently low. Nel remains committed to the growth strategy and has through 2019 taken on additional employees and costs to prepare for future growth. Nel holds the workforce largely intact to maintain the momentum when the situation normalizes and will continuously assess the situation.
"The hydrogen market is expected to grow significantly, and green hydrogen is on a trajectory to outcompete fossil hydrogen and fossil fuels. There is an increased adoption of industrial hydrogen applications with a large overall potential. In addition, there is a momentum within mobility and especially within heavy-duty-vehicles. We reiterate our confidence in the long-term potential for the industry”, Løkke concludes.
EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the first quarter 2020 report on page 21.
The first quarter 2020 report and presentation are enclosed and available through www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com. Nel will host an open investor presentation at 08:00 CET and the presentation will be broadcasted live at www.nelhydrogen.com and can also be streamed at https://channel.royalcast.com/webcast/hegnarmedia/20200507_4/. The presenter will be Jon André Løkke, CEO, and the presentation will be held in English.
The presentation will be supplemented by a guest speaker, Jorgo Chatzimarkakis, who is Secretary General of Hydrogen Europe, the European Hydrogen and Fuel Cell Association. Mr. Chatzimarkakis will present a recently launched European initiative which aims to deploy 80 GW of green hydrogen production in and around Europe by 2030.
https://nelhydrogen.com/press-release/nel-asa-first-quarter-2020-financial-results/
What makes this different than the NEL.OL stock. I understand that NEL.OL is on the Oslo stock exchange.
But what is this stock?
Would be cool if the would consider listing on NASDAQ.
PPen
Sweet-> “We are proud to be the choice of preference for Lhyfe. Our electrolysers have an unparalleled track record of providing the combination of high efficiency and reliability, and we’re happy to support Lhyfe in their hydrogen endeavors going forward,” says Jon André Løkke, CEO of Nel. $NLLSF
NEWS! Nel ASA: Share capital increase registered
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
(Oslo, 20 April 2020) Reference is made to the stock exchange announcement by Nel ASA (the "Company") on 8 April 2020 regarding the final results of the subsequent offering of up to 13,350,000 new shares in the Company. The share capital increase pertaining to the issuance of the 13,350,000 new shares has now been registered with the Norwegian Register of Business Enterprises. The Company's new registered share capital is 264,986,956.60, divided into 1,324,934,783 shares, each with a par value of NOK 0.20.
https://nelhydrogen.com/press-release/nel-asa-share-capital-increase-registered-15/
NEWS! Nel ASA: Enters into framework agreement for delivery of electrolysers in France
(Oslo, 21 April 2020) Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL) has entered into a framework agreement for the delivery of up to 60 megawatt of electrolysers to Lhyfe Labs SAS (Lhyfe) in France.
“We are proud to be the choice of preference for Lhyfe. Our electrolysers have an unparalleled track record of providing the combination of high efficiency and reliability, and we’re happy to support Lhyfe in their hydrogen endeavors going forward,” says Jon André Løkke, CEO of Nel.
The framework agreement follows a previously unannounced EUR 1 million purchase order for an A150 alkaline electrolyser in March 2020, which will be used to produce green hydrogen for a fleet of buses in Bouin, France. The agreement covers 20 additional electrolysers, equal to around 60 MW, intended to be purchased over the next 4 years under similar terms and conditions. The first electrolyser will be installed early 2021 next to a wind farm at Bouin, 50 km southwest of Nantes, France.
“We’re happy to see that the long-term outlook for hydrogen remains positive, despite current challenges, including supply chain and travel restrictions affecting production and deployment,” Løkke concludes.
https://nelhydrogen.com/press-release/nel-asa-enters-into-framework-agreement-for-delivery-of-electrolysers-in-france/
NEWS! Nel ASA: Annual Report 2019
(Oslo, 22 April 2020) Nel ASA (Nel, OSE: NEL) has published its annual report for 2019. The annual report is attached to this stock exchange notice and published on www.nelhydrogen.com.
https://mb.cision.com/Main/115/3093846/1233504.pdf
Boom! $NLLSF $$$
News! Press Release: Awarded grant to develop a novel electrolyser stack to enable lower cost hydrogen generation
(Oslo, 31 March, 2020) Proton Energy Systems, Inc. (dba “Nel Hydrogen US”), a wholly owned subsidiary of Nel ASA (Nel, OSE:NEL), has been awarded a $1.85 million grant by the Department of Energy (DOE) for development of a novel electrolyser cell stack approach to enable higher efficiency, low cost hydrogen generation.
“We are very excited to receive this award from the DOE. Success of this project will not only demonstrate a cost-effective pathway for hydrogen energy storage, but it will also help further improve our electrolysers in general, enabling lower cost hydrogen generation for all other customer segments,” says Kathy Ayers, Vice President R&D of Nel Hydrogen US.
The purpose of the project is to develop a highly efficient unitized reversible fuel cell (URFC) system based on proton exchange membrane (PEM) technology. A URFC is in principle an electrolyser stack which can be operated in reverse, to also produce electricity as a fuel cell. State of the art fuel cells exhibit higher efficiency and lower cost compared to electrolyser cell stacks. Developing the electrolyser operating conditions to enable configurations that have more commonalities with state-of-the-art fuel cells will enable lower cost and higher efficiencies.
The project is funded by the Fuel Cell Technologies Office within DOE’s Office of Energy Efficiency and Renewable Energy, and part of DOE’s H2@Scale initiative, developed in response to the opportunity for hydrogen to provide improved efficiency and resiliency in multiple sectors including transportation and industry, and to realize gains in various industries using or producing hydrogen.
https://nelhydrogen.com/press-release/press-release-awarded-grant-to-develop-a-novel-electrolyser-stack-to-enable-lower-cost-hydrogen-generation/
News! Nel ASA: Receives purchase order for U.K. Navy PEM electrolyser stacks
(Oslo, 31 March, 2020) Nel Hydrogen U.S., the U.S. subsidiary of Nel ASA (Nel, OSE:NEL), has received a purchase order for PEM electrolyser cell stacks from United Technologies´ Collins Aerospace Division, at a value of approximately USD 1.6 million. Nel’s electrolyser stacks produce critical life support oxygen for U.S. and U.K. Navy crews on multiple classes of nuclear-powered submarines and will be delivered under an exclusive contract.
“We are very proud to work with our partner United Technologies and their customer in the U.K. on this mission critical application for PEM electrolysis. This new order demonstrates the continuing success of our world class manufacturing and quality systems, as well as the robustness of our industry leading PEM technology” says Steve Szymanski, Director of Business Development at Nel Hydrogen U.S.
The purchase order is part of an ongoing production contract with Collins Aerospace, and continues Nel’s history of supplying PEM electrolyser stacks for the production of life sustaining oxygen on board Navy submarines for over a decade. Earlier in 2020, Nel received two additional purchase orders for the U.S. Navy with a combined value of USD 1.5 million, bringing the total booked orders for Collins Aerospace so far this year to approximately USD 3.1 million.
“The Navy acquisition community is now exclusively buying PEM electrolysers for oxygen production on submarines, based on its long track record of reliability and safety, and Nel is now the world’s leading supplier of cell stacks for this application,” Szymanski concludes.
https://nelhydrogen.com/press-release/nel-asa-receives-purchase-order-for-u-k-navy-pem-electrolyser-stacks/
NLLSF for the win $$$
NEWS! Operational update from Nel ASA in relation to COVID-19
(Oslo, 22 March 2020) Nel ASA (Nel) has implemented measures to ensure the safety of its employees and customers, in addition to ensuring continued operation around the world. Following a state of Connecticut executive order, the majority of the activities at the Wallingford facility will be temporarily suspended until second half of April 2020. Activities in Norway and Denmark continues in line with national and local recommendations. Further, as a result of international travel restrictions, some delays are expected for H2Station® installation and commissioning. Nel has a strong cash position with close to zero debt, the underlying market activities and interest in hydrogen remains strong, and the company reiterates the positive market outlook.
“We have been following the situation closely from the start and implemented procedures as recommended by the World Health Organization and national authorities. The safety and well-being of our employees and co-citizens are our top priority and we have implemented additional strict measures to ensure continued and safe operations. Following a state executive order in Connecticut, we are temporarily suspending manufacturing at the Wallingford plant, while maintaining the other parts of the business and continuing operations at the other locations. We are taking mitigating actions to reduce impact of the temporary issues and are in close dialogue with the affected customers”, says Jon André Løkke, Chief Executive Officer of Nel.
The state of Connecticut has issued executive order 7H, instructing work-from-home regulations for all employees through 22 April. As a consequence, Nel will hold the plant in Wallingford temporarily closed, and is in close contact with the local authorities evaluating whether parts of the production may continue.
International travel restrictions are also causing some delays in H2Station® installation and commissioning, and disruptions in the supply chain may impact deliveries over the coming few months. Nel is monitoring the situation closely, in dialogue with its suppliers and customers. No projects and orders are expected to be cancelled.
Nel raised capital in January 2020 and has medio March 2020 a cash balance of approximately NOK 1.3 billion.
“With no debt and a strong cash balance, Nel is financially well equipped to manage the situation. The underlying market activities and interest in hydrogen as a key decarbonizing vector remains strong, and despite the extraordinary situation, we reiterate the positive market outlook,“ Løkke concludes.
Currency exposures on customer contracts are hedged, and currency risk on customer contracts is therefore considered as low to medium. As the Nel group reports its consolidated results in NOK, any change in exchange rates between NOK and its subsidiaries’ functional currencies affects its consolidated statement of income and consolidated statement of financial position.
https://nelhydrogen.com/press-release/operational-update-from-nel-asa-in-relation-to-covid-19/
Boomity boom! $NLLSF $$$
NEWS! Nel ASA: Fourth quarter 2019 financial results
NOTE: NEL ANNOUNCED PRELIMINARY Q4 2019 FIGURES IN THE TRADING UPDATE 21 JANUARY 2020
(Oslo, 5 March 2020) Nel ASA (Nel) reported all-time high revenues of NOK 175.9 million (124.9) in the fourth quarter of 2019, in line with the trading update announced 21 January 2020, and an order backlog growth of 46% to NOK 512.6 million. The company holds approximately NOK 1.3 billion in cash, following the January 2020 private placement, and reiterates the strong market outlook.
“As we communicated in the trading update, when conducting the private placement in January 2020, the fourth quarter was another busy period for Nel with a high level of new business development activities. In addition, the Nel team continued to build the solid pipeline of tenders and projects across segments and geographies. To maintain and strengthen our leading position in a growing market, Nel will accelerate investments in organization and technology going forward. Together with a strong market outlook, this provides a solid foundation for 2020 and beyond”, says Jon André Løkke, Chief Executive Officer of Nel.
Nel reported revenues in the fourth quarter of 2019 of NOK 175.9 million, up from NOK 124.9 million in the corresponding quarter in 2018. The adjusted EBITDA was NOK -26.8 million, adjusted for non-recurring and other ramp-up costs, and the cash balance ended at NOK 526.0 million at the end of the fourth quarter. In January 2020, Nel completed a successful private placement raising NOK 846 million in gross proceeds, bringing the total cash balance in a range of NOK 1.3 billion.
Markets in which Nel operates show high activity and strong growth momentum, making it increasingly important to be a financially strong counterpart, especially for larger contracts. Nel targets to maintain its current leading position in the electrolysis sector, continuing to develop both PEM and alkaline technologies to satisfy specific customer needs and preferences.
"The hydrogen market is expected to grow significantly, and renewable hydrogen is on a trajectory to outcompete fossil hydrogen. There is an increased adoption of industrial hydrogen applications with huge overall potential. In addition, there is a strong momentum within mobility and especially within heavy-duty-vehicles. Hydrogen as the preferred future fuel alternative will facilitate true zero emission from production to use. Nel is in a sweet spot to capitalise on these developments and we are reiterating our positive outlook”, says Løkke.
EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the fourth quarter 2019 report on page 20. Reported EBITDA in the fourth quarter was NOK -42.7 million. The adjusted EBITDA presented above is defined on page 6 of the attached presentation.
Nel will host a presentation at 08:00 CET at Hotel Continental in Oslo on 5 March 2020. A live webcast of the call will also be available on the company’s website, www.nelhydrogen.com/webcast, and on https://channel.royalcast.com/webcast/hegnarmedia/20200305_2/
The fourth quarter 2019 report and presentation are enclosed and available through www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com
https://nelhydrogen.com/press-release/nel-asa-fourth-quarter-2019-financial-results/
Wait till this little company gets a contract from $VTIQ here in the USA to help build out the refueling infrastructure. All you long’s that held will greatly be rewarded.
GLTA
TPX - do you have any information regarding this being brought current and listed on OTCQX or higher?
News! Nel ASA: Reminder: Invitation to presentation of Q4 2019 results
(Oslo, 2 March 2020) Nel ASA (Nel) will announce the fourth quarter 2019 report on Thursday 5 March at 07:00 CET and will host an open presentation at 08:00 CET.
Nel released the preliminary Q4 2019 revenues, EBITDA, cash reserve and backlog in the trading update 21 January 2020. The trading update and company presentation is available on https://nelhydrogen.com/wp-content/uploads/2020/02/Company-presentation-2020.pdf
Q4 2019 results presentation:
Location: Hotel Continental, Oslo, Norway
Time: Thursday 5 March 2020 at 08:00 CET
Presenter: Jon André Løkke, CEO
Language: English
The presentation will be broadcasted live at www.nelhydrogen.com and can also streamed at https://channel.royalcast.com/webcast/hegnarmedia/20200305_2/
The fourth quarter 2019 report and presentation will be made available through www.newsweb.no and www.nelhydrogen.com.
https://nelhydrogen.com/press-release/nel-asa-reminder-invitation-to-presentation-of-q4-2019-results/
Boom! Nice!! $NLLSF $$$
News! Nel ASA: Received purchase order for a 1 MW containerized PEM electrolyzer in the US
(Oslo, 27 February 2020) Nel Hydrogen US, a subsidiary of Nel ASA (Nel, OSE:NEL), has received a purchase order for a 1 megawatt containerized Proton PEM® electrolyzer from Trillium Transportation Fuels, LLC (Trillium). The electrolyser will be used to produce hydrogen for a fleet of fuel cell electric buses in Urbana, Illinois, USA.
“We’re proud to have received a purchase order for a megawatt scale containerized Proton PEM® electrolyser which will be used to produce green hydrogen for a fleet of up to 12 fuel cell electric buses at the Champaign-Urbana Mass Transit District (MTD) in Urbana, Illinois. Trillium is a true leader in providing alternative fuel solutions for transit fleets, and MTD is an exciting innovator in the public transportation sector, and we are honored to work with both on this project,” says Steve Szymanski, Director of Business Development, Nel Hydrogen US.
The contract for equipment and associated services has a value of approximately USD 2.2 million, and the electrolyser will be delivered late 2020. The project is supported by the Federal Transit Administration and the State of Illinois.
https://nelhydrogen.com/press-release/nel-asa-received-purchase-order-for-a-1-mw-containerized-pem-electrolyzer-in-the-us/
BOOM! $NLLSF $$$
NEWS! Nel ASA: Invitation to presentation of Q4 2019 results
https://nelhydrogen.com/wp-content/uploads/2020/02/Company-presentation-2020.pdf
(Oslo, 20 February 2020) Nel ASA (Nel) will announce the fourth quarter 2019 report on Thursday 5 March at 07:00 CET and will host an open presentation at 08:00 CET.
Nel released the preliminary Q4 2019 revenues, EBITDA, cash reserve and backlog in the trading update 21 January 2020. The trading update and company presentation is available on https://nelhydrogen.com/wp-content/uploads/2020/02/Company-presentation-2020.pdf
Q4 2019 results presentation:
Location: Hotel Continental, Oslo, Norway
Time: Thursday 5 March 2020 at 08:00 CET
Presenter: Jon André Løkke, CEO
Language: English
The presentation will be broadcasted live at www.nelhydrogen.com and can also streamed at https://channel.royalcast.com/webcast/hegnarmedia/20200305_2/
The fourth quarter 2019 report and presentation will be made available through www.newsweb.no and www.nelhydrogen.com.
https://nelhydrogen.com/press-release/nel-asa-invitation-to-presentation-of-q4-2019-results/
News! Nel ASA: Kjell Christian Bjørnsen appointed CFO
(Oslo, 4 February 2020) Nel ASA (Nel, OSE: NEL) today announces the appointment of Kjell Christian Bjørnsen as Chief Financial Officer (CFO) effective 1 March 2020.
“We are pleased to welcome Kjell Christian as the new Chief Financial Officer of Nel. He brings extensive and valuable experience from a range of global industrial companies and will play an important role in our next growth and expansion phase,” says Jon André Løkke, CEO of Nel.
Bjørnsen has served as Chief Financial Officer of the Kavli Group since 2014 and has been appointed Chief Financial Officer of Nel from 1 March 2020. He has held positions within business development, strategy and finance in several global industrial companies, including the CFO position of REC ASA. He holds a MSc in Chemical Engineering from the Norwegian University of Science and Technology (NTNU).
Bjørnsen succeeds Bent Skisaker, who will continue to support Nel in a transition period until the end of April 2020.
"Bent has played a crucial role in the Nel team since 2016, and I thank him for his dedication and strong contributions to the company in an important part of our journey in making renewable hydrogen the energy carrier of choice. I have enjoyed working with Bent in a busy and exciting period and wish him all the best in his new position outside Nel,” Løkke concludes.
https://nelhydrogen.com/press-release/nel-asa-kjell-christian-bjornsen-appointed-cfo/
$NLLSF for the win $$$
News! Nel ASA: Share capital increase registered
(Oslo, 23 January 2020) Reference is made to the stock exchange announcement from Nel ASA (the "Company") on 21 January 2020 regarding the issue of 89,000,000 new shares upon completion of a private placement of shares.
The share capital increase pertaining to the issuance of the new shares under the private placement has now been registered with the Norwegian Register of Business Enterprises.
The Company's new registered share capital is NOK 262,220,556.60 divided on 1,311,102,783 shares, each with a nominal value of NOK 0.20 per share.
https://nelhydrogen.com/press-release/nel-asa-share-capital-increase-registered-14/
Boom! $NLLSF $$$
News! Nel ASA: Key information relating to subsequent offering to be carried out by Nel ASA
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANYOTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
(Oslo, 21 January 2020) Reference is made to the stock exchange notice from Nel ASA (the "Company") on 21 January 2020, regarding a private placement of up to 89,000,000 new shares in the Company (the "Private Placement") and a subsequent offering of 13,350,000 new shares at the same subscription price as in the Private Placement (the "Subsequent Offering").
Date on which the terms and conditions of the Subsequent Offering were announced: 21 January 2020
Last day including right: 21 January 2020
Ex-date: 22 January 2020
Record date: 23 January 2020
Maximum number of new shares: 13,350,000 new shares
Subscription price: NOK 9.50 per share
Other information: The Subsequent Offering is subject to the publication of a prospectus approved by the Norwegian Financial Supervisory Authority. Notwithstanding the foregoing, the board of directors may, in its sole discretion, decide that the Company shall not carry out the Subsequent Offering. This information is published in accordance with the requirements of the Continuing Obligations.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
https://nelhydrogen.com/press-release/nel-asa-key-information-relating-to-subsequent-offering-to-be-carried-out-by-nel-asa-4/
News! Nel ASA: Private placement successfully completed
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
(Oslo, 21 January 2020) Reference is made to the stock exchange release from Nel ASA ("Nel" or the "Company") published on 21 January 2020 regarding a contemplated private placement.
The Company announces today that it has raised approximately NOK 846 million in gross proceeds through a private placement (the "Private Placement") of 89,000,000 new shares (the "New Shares"), at a price per share of NOK 9.50. The transaction price represents a discount of 6.3% to the volume-weighted average price on the transaction day. The Private Placement took place through an accelerated bookbuilding process managed by Arctic Securities AS, Carnegie AS and Sparebank 1 Markets AS as joint bookrunners (together the "Managers") after close of markets on 21 January 2020.
The net proceeds will be used to:
Maintain and strengthen market position through accelerated investments in technology and organization to take advantage of the attractive market opportunities
Strengthening investment in development and innovation across segments and technologies to stay on the technological forefront
Continue to develop the organization, both within management systems, engineering, project execution, production and process improvement
Additional focus on people and safety
Strengthening the balance sheet and financial position to satisfy counterparty requirements on large scale projects
Ability to satisfy contractual obligations
Ability to provide required bonds/guarantees
The proceeds will also fund additional working capital in response to increased order volumes and contract sizes, as well as general corporate purposes
The new shares to be issued in connection with the Private Placement will be issued based on a Board authorisation granted by the Company's general meeting held 28 March 2019. Allocated shares are expected to be settled on or around 24 January 2020 through a delivery versus payment transaction on a regular t+2 basis. However, the new shares will not be tradable before the new capital is registered by the Norwegian Register of Business Enterprises, expected on or about 23 January 2020, based on a pre-payment agreement with the Managers. Following registration of the new share capital pertaining to the Private Placement, the Company will have 1,311,102,783 shares outstanding, each with a par value of NOK 0.20.
The Board of Directors of the Company has resolved to carry out a subsequent offering of up to 13,350,000 new shares towards the Company's shareholders as of 21 January 2020 (as documented by the shareholder register in the Norwegian Central Securities Depository (VPS) as of the end of 23 January 2020) who were not allocated shares in the Private Placement (the "Subsequent Offering"). Notwithstanding the foregoing, the board of directors may, in its sole discretion, decide that the Company shall not carry out the subsequent offering. The subscription price in the Subsequent Offering will be equal to the subscription price in the Private Placement.
The Company has considered the Private Placement in light of the equal treatment obligations under the Norwegian Securities Trading Act and Oslo Børs' Circular no. 2/2014 and is of the opinion that the waiver of the preferential rights inherent in a private placement is considered necessary in the interest of time and successful completion. Taking into consideration the time, costs and expected terms of alternative methods of the securing the desired funding, as well as the subsequent offering, the Board of Directors has concluded that the conclusion of the Private Placement on acceptable terms at this time is in the common interest of the shareholders of the Company.
https://nelhydrogen.com/press-release/nel-asa-private-placement-successfully-completed-4/
News! Nel ASA: Contemplated private placement
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANYOTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
(Oslo, 21 January 2020) Nel ASA ("Nel" or the "Company") has retained Arctic Securities AS, Carnegie AS and SpareBank 1 Markets AS as joint bookrunners (together the "Managers") to advise on and effect an undocumented private placement of new shares directed towards Norwegian and international investors after the close of Oslo Stock Exchange today (the "Private Placement").
Nel is one of the leading players within green hydrogen as a technologies manufacturer of electrolysers and hydrogen fueling stations. The Company experiences continued strong trends in the hydrogen market, with fast-growing interest in green hydrogen as the rapid fall in the cost of renewable energy (e.g. solar and wind power) eventually drives down the cost of renewable hydrogen to levels that can outcompete natural-gas based fossil hydrogen. The high activity and interest is i.a. evidenced by large industry- and energy companies increasingly engaging in green hydrogen projects. The activity of Nel’s competitors is also growing, with selected competitors receiving capital injections from large industrial companies during 2019. In order to maintain and improve its position, the Company believes it needs to step up the activity level even faster than it previously envisioned. In addition, projects grow in order of magnitude and Nel sees the need to have a strong balance sheet and financial position in order to take on and successfully deliver on future projects.
In the Private Placement, the Company is offering up to 89 million new shares, representing up to approximately 7.3% of the outstanding capital of the Company. The price in the Private Placement will be determined through an accelerated bookbuilding process. The minimum application and allocation amount has been set to the NOK equivalent of EUR 100,000. The Company may however, at its sole discretion, allocate an amount below EUR 100,000 to the extent applicable exemptions from the prospectus requirement pursuant to the Norwegian Securities Trading Act and ancillary regulations are available.
The net proceeds from the Private Placement will be used for:
Maintain and strengthen market position through accelerated investments in technology and organization to take advantage of the attractive market opportunities
Strengthening investment in development and innovation across segments and technologies to stay on the technological forefront
Continue to develop the organization, both within management systems, engineering, project execution, production and process improvement
Additional focus on people and safety
Strengthening the balance sheet and financial position to satisfy counterparty requirements on large scale projects
Ability to satisfy contractual obligations
Ability to provide required bonds/guarantees
The proceeds will also fund additional working capital in response to increased order volumes and contract sizes, as well as general corporate purposes
The bookbuilding period for the Transaction opens today at 16:30 CET and closes 22 January 2020 at 08:00 CET. The Managers and the Company may, however, at any time resolve to close or extend the bookbuilding period, or cancel the Private Placement, at their sole discretion and on short notice.
The new shares to be issued in connection with the Private Placement will be issued based on a Board authorisation granted by the Company's general meeting held 28 March 2019. Allocated shares are expected to be settled on or around 24 January 2020 through a delivery versus payment transaction on a regular t+2 basis. However, the new shares will not be tradable before the new capital is registered by the Norwegian Register of Business Enterprises, expected on or about 23 January 2020, based on a pre-payment agreement with the Managers.
The Company has considered the Private Placement in light of the equal treatment obligations under the Norwegian Securities Trading Act and Oslo Børs' Circular no. 2/2014 and is of the opinion that the waiver of the preferential rights inherent in a private placement is considered necessary in the interest of time and successful completion. However, subject to completion of the Private Placement, the Board of Directors of the Company will consider to carry out a subsequent offering directed towards existing shareholders in the Company as of the end of trading today, 21 January 2020 (and as registered in the VPS as of the end of 23 January 2020) who are not resident in a jurisdiction where such offering would be unlawful, or would (in jurisdictions other than Norway) require any prospectus filing, registration or similar action who were not allocated shares in the Private Placement (the "Subsequent Offering"). The subscription price in a potential Subsequent Offering will be equal to the subscription price in the Private Placement. Taking into consideration the time, costs and expected terms of alternative methods of the securing the desired funding, as well as the subsequent offering considered, the Board of Directors has concluded that the conclusion of the Private Placement on acceptable terms at this time is in the common interest of the shareholders of the Company.
https://nelhydrogen.com/press-release/nel-asa-contemplated-private-placement-3/
Boom! "We are very excited to establish Green H2 Norway together with H2 Energy, Greenstat and Akershus Energi. Our plan is to build several facilities for renewable hydrogen production across Norway, and serve the market with true, zero-emission hydrogen. Hyundai has indicated that they are looking into supplying hydrogen trucks already from 2020, and high numbers from 2021 and beyond. We believe the timing for this is correct, as we also see hydrogen trucks and buses becoming available in large numbers and car manufacturers scaling up the production volumes,” says Jon André Løkke, CEO of Nel. $NLLSF
NEWS! Nel ASA: Establishes joint venture to supply green hydrogen to Hyundai trucks in Norway
(Oslo, 20 December 2019) Nel Fuel AS, a subsidiary of Nel ASA (Nel, OSE:NEL) today announces the establishment of Green H2 Norway, a joint venture (JV) together with H2 Energy AS (H2 Energy), Greenstat AS (Greenstat) and Akershus Energi Infrastruktur AS (Akershus Energi). Green H2 Norway will establish renewable hydrogen production facilities in Norway to supply hydrogen to Hyundai trucks which are expected in Norway from 2020.
"We are very excited to establish Green H2 Norway together with H2 Energy, Greenstat and Akershus Energi. Our plan is to build several facilities for renewable hydrogen production across Norway, and serve the market with true, zero-emission hydrogen. Hyundai has indicated that they are looking into supplying hydrogen trucks already from 2020, and high numbers from 2021 and beyond. We believe the timing for this is correct, as we also see hydrogen trucks and buses becoming available in large numbers and car manufacturers scaling up the production volumes,” says Jon André Løkke, CEO of Nel.
“Akershus Energi, Greenstat AS and Nel ASA are true pioneers in the field of green hydrogen and we are very pleased having such experienced and strong partners on our side to work towards decarbonisation. Hydrogen trucks are not just new trucks. They require an entirely new ecosystem and to implement such an ecosystem in less than 12 months it is essential to have partners you can build on,” says Rolf Huber, Chairman of H2 Energy.
“We are excited to be a part of this initiative that will accelerate the market for hydrogen trucks, and renewable hydrogen in Norway,” says Vegard Frihammer, Green Executive Officer of Greenstat.
“Akershus Energi are very pleased with establishing this joint venture together with Nel, H2 Energy and Greenstat. Together we have ambitious growth plans for large scale hydrogen production and distribution in Norway. By establishing this company we hope to contribute to our owners, Viken County, ambition of achieving fossil free transportation in the future. We look forward to working towards establishing a large hydrogen production facility in our region in 2020," says Eskil Lunde Jensen, CEO of Akershus Energi
Green H2 Norway is equally owned by the parties, and will in dialogue with other potential partners as well as national authorities initiate the first project in 2020, which will include exploring sector coupling aspects of large-scale electrolysis based hydrogen production. Green H2 Norway is intended to be the exclusive supplier of renewable hydrogen for Hyundai trucks in Norway.
“The sites for producing renewable hydrogen will be capable of delivering green hydrogen not only to Hyundai trucks, but also to a number of other applications like buses, cars, ferries and fast ferries. The parties intend to establish the first production site just outside Oslo to serve the Oslo/Akershus region,” Løkke concludes.
https://nelhydrogen.com/press-release/nel-asa-establishes-joint-venture-to-supply-green-hydrogen-to-hyundai-trucks-in-norway/
NEL.OL : * NEL ASA: ESTABLISHES JOINT VENTURE TO SUPPLY GREEN HYDROGEN TO HYUNDAI * NEL FUEL AS, A SUBSIDIARY OF NEL ASA (NEL, OSE:NEL) TODAY ANNOUNCES ESTABLISHMENT OF GREEN H2 NORWAY * GREEN H2 NORWAY WILL ESTABLISH RENEWABLE HYDROGEN PRODUCTION FACILITIES IN NORWAY TO SUPPLY HYDROGEN TO HYUNDAI TRUCKS WHICH ARE EXPECTED IN NORWAY FROM 2020 Source text for Eikon: ID:nObivw0JWa Further company coverage: NEL.OL (Gdansk Newsroom)
NEL.OL : * NEL ASA: ESTABLISHES JOINT VENTURE TO SUPPLY GREEN HYDROGEN TO HYUNDAI * NEL FUEL AS, A SUBSIDIARY OF NEL ASA (NEL, OSE:NEL) TODAY ANNOUNCES ESTABLISHMENT OF GREEN H2 NORWAY * GREEN H2 NORWAY WILL ESTABLISH RENEWABLE HYDROGEN PRODUCTION FACILITIES IN NORWAY TO SUPPLY HYDROGEN TO HYUNDAI TRUCKS WHICH ARE EXPECTED IN NORWAY FROM 2020 Source text for Eikon: ID:nObivw0JWa Further company coverage: NEL.OL (Gdansk Newsroom)
Boom! “We have been working on this project for a couple of years now, and are delighted to see that Jacob Krogsgaard and his team in Everfuel are taking another important step towards realizing renewable hydrogen production next to the refinery in Fredericia. The facility will act as a back-bone for renewable hydrogen supply in Denmark, both for the refinery itself, and also for light- and heavy-duty fuel cell electric vehicles operating in the area,” says Jon André Løkke, CEO of Nel (NEL, OSE: NEL) which holds a minority interest in Everfuel.
$NLLSF
NEWS! Press release: Everfuel awarded grant for the establishment of a large-scale hydrogen production facility in Denmark
(Oslo, 18 December 2019) Everfuel Europe A/S (Everfuel) has been awarded in excess EUR 6 million from the Danish Energy Agency for the project HySynergy, which aims to establish a large-scale, electrolysis-based hydrogen production facility at the Shell refinery in Fredericia, Denmark.
“We have been working on this project for a couple of years now, and are delighted to see that Jacob Krogsgaard and his team in Everfuel are taking another important step towards realizing renewable hydrogen production next to the refinery in Fredericia. The facility will act as a back-bone for renewable hydrogen supply in Denmark, both for the refinery itself, and also for light- and heavy-duty fuel cell electric vehicles operating in the area,” says Jon André Løkke, CEO of Nel (NEL, OSE: NEL) which holds a minority interest in Everfuel.
The Danish Energy Agency has awarded in excess of EUR 6 million for the development of the HySynergy hydrogen production project in Fredericia, Denmark. Everfuel will be the owner and operator of the hydrogen production facility, while Shell will be main off-taker of hydrogen from the electrolyser. Everfuel will also install hydrogen storage, trailer filling stations and operate hydrogen trailers to supply hydrogen fuel in Denmark.
The parties will continue to work on permits and agreements related to the project, and are expecting to provide further details on the project during first half of 2020. Initial capacity of the electrolyser will be 20 MW, while the location at Fredericia will be prepared to accommodate for a capacity increase of up to 1GW.
The shareholders in Everfuel are E.F. Holding (80,1%) and Nel (19,9%).
https://nelhydrogen.com/press-release/press-release-everfuel-awarded-grant-for-the-establishment-of-a-large-scale-hydrogen-production-facility-in-denmark/
Boom! The contract has a total value of approximately EUR 3 million and also includes a service and maintenance contracts. $NLLSF
NEWS! Nel ASA: Receives purchase order for multiple H2Station® units in the Netherlands
(Oslo, 17 December 2019) Nel Hydrogen A/S, a subsidiary of Nel ASA (Nel, OSE:NEL), has received a purchase order from OrangeGas for the delivery of multiple H2Station® units for fueling of predominately light duty fuel cell electric vehicles in the Netherlands.
“We are delighted to be chosen as supplier for OrangeGas for their first fueling stations (H2Station®) which will predominately serve light-duty vehicles in The Netherlands. We look forward to assist OrangeGas with the deployment of the hydrogen fueling coverage, helping the transition towards zero emission transport in the Netherlands,” says Jens Egholt Rasmussen, Global Sales Director for Nel Hydrogen Fueling.
Marcel Borger, CEO and founder of OrangeGas said: “We are pleased to have signed this contract with Nel. These robust and state-of-the-art hydrogen stations allows us to refuel hydrogen vehicles in only five minutes in a safe, fast and reliable way. In OrangeGas we are committed to contributing towards a cleaner planet, and this is an important step on that journey. Nel has extensive experience within hydrogen fueling technologies, and we are looking forward to a good collaboration going forward, as we now build the first wave of hydrogen refueling stations.”
The contract has a total value of approximately EUR 3 million and also includes a service and maintenance contracts. The stations will be located in the Netherlands, and will expand the fueling coverage for hydrogen powered light-duty, and in the future also heavy-duty cell electric vehicles. The H2Station® units will be delivered during 2020.
https://nelhydrogen.com/press-release/nel-asa-receives-purchase-order-for-multiple-h2station-units-in-the-netherlands/
News! Press release: Nel receives purchase order for a 3.5 MW electrolyser from ENGIE
(Oslo, 9 December 2019) Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL) has received a purchase order, following a previously announced contract, for a 3.5 MW electrolyser from ENGIE. The electrolyser is an element of ENGIE's hydrogen solution to produce renewable hydrogen for the world's largest fuel cell electric mining haul truck for Anglo American, a global mining company, and is scheduled to be installed during 2020.
Reference is made to the OSE notification 30 August 2019, where Nel announced a contract to deliver “a 3.5 MW electrolyser to a large, international energy company.” Today, Nel announces a purchase order from ENGIE following the contract.
ENGIE is providing the renewable hydrogen solution for Anglo American, who has ambitions to reduce the emissions associated with mining dramatically going forward, putting the world's largest fuel cell electric mining haul truck into operation during 2020.
"It's an honor to work together with ENGIE on this landmark project. We are of course delighted that ENGIE has chosen our electrolyser to integrate the renewable hydrogen solution which will fuel the truck. When scaled up, more than 100MW of electrolyser capacity will be needed for this mine alone, representing an attractive new market opportunity," says Henning Langås, Sales Director of Nel Hydrogen Electrolysers.
The ENGIE-Anglo American project involves retrofitting a mining haul truck operating at Anglo American's Mogalakwena platinum group mine in South Africa to become a 100% zero-emission fuel cell electric truck. Electricity for hydrogen production will partly come from local solar power and the grid, and the electrolyser capacity surpasses the daily demand of the truck, enabling storage for fueling during night time or moments when solar radiation is poor, maximizing the renewable share of the hydrogen. If successful, the long-term target is to convert the entire fleet of haul trucks at the mine to hydrogen, as well as at Anglo American's other mining operations around the world.
https://nelhydrogen.com/press-release/press-release-nel-receives-purchase-order-for-a-3-5-mw-electrolyser-from-engie/
News! Nel ASA: Receives purchase order for two additional hydrogen fueling stations in Korea
(Oslo, 4 December 2019) Nel Korea Co., Ltd., a subsidiary of Nel ASA (Nel, OSE:NEL) has received a purchase order from Hydrogen Energy Network Co., Ltd. (HyNet) for two additional H2Station® hydrogen fueling stations in Korea.
"With the latest purchase order, we're up to a total of 12 H2Station® orders in Korea in 2019. We are very pleased with this progress, and happy that we can continue to help establish a solid network of hydrogen fueling stations in Korea," says Jens Egholt, Global Sales Director for Nel Hydrogen Fueling.
The value of the purchase order is around EUR 2.7 million. HyNet is a special purpose company established to roll out 100 hydrogen fueling stations in Korea by 2022, as part of the national ambition in Korea to have more than 300 stations operational by the same year.
https://nelhydrogen.com/press-release/nel-asa-receives-purchase-order-for-two-additional-hydrogen-fueling-stations-in-korea/
Happy Thanksgiving TPX and all $NLLSF’rs
NEWS! Nel ASA: Share capital increase registered
(Oslo, 28 November 2019) Reference is made to the stock exchange announcement by Nel ASA (the "Company") on 14 November 2019 regarding the exercise of employee options and issue of 332,000 new shares.
The share capital increase pertaining to the issuance of the new shares has now been registered with the Norwegian Register of Business Enterprises. The Company's new registered share capital is NOK 244,420,556.60 divided into 1,222,102,783 shares, each with a par value of NOK 0.20.
https://nelhydrogen.com/press-release/nel-asa-share-capital-increase-registered-9/
Exclusive: China the most important player in the hydrogen industry
Nov 07, 2019
Security, climate change, air pollution and global competitiveness: these are the four factors driving a hydrogen economy in China.
According to the study Overview of hydrogen and fuel cell developments in China, China’s energy security is challenged by the increasing need for energy and quick depletion of fossil fuels, while cities are struggling with unhealthy levels of pollution.
Hydrogen can be produced from a variety of sources and help diversify China’s energy system, which is currently dominated by coal and dependent on imported oil and gas resources.
Since 2010, China has not only become the world’s largest energy user, but also the largest producer of hydrogen, generating roughly 20-22 million tonnes of hydrogen in 2018.
To gain a better understanding of China’s plans for hydrogen, H2 View sat down with Chen Wei, from the China International Hydrogen and Fuel Cell Conference and Exhibition (CHFCE).
H2 View (H2V): Thanks for your time today. Could you start by telling us a little about your role in organising the CHFCE?
Chen Wei (CW): I am mainly responsible for CHFCE international communications, establishing cooperation relationships with countries and regions around the world willing to promote the hydrogen and fuel cell industry, working together with exhibition/conference organisers, promoting hydrogen and fuel cell industry communications and cooperation between China and other countries.
H2V: H2 View understands next year CHFCE will celebrate five years. What can you tell us about next year’s event?
CW: CHFCE 2020 is indeed our 5th session. Our conference agenda will be released at the beginning of December.
After deep investigation and study of the industry, China Machinery Industry Federation (CMIF) has proposed the plan of ‘industrialisation, domestication and localisation’ of fuel cell stacks in China.
During CHFCE 2020, we will display the whole industry chain of hydrogen and fuel cells, especially how to lower the cost of fuel cell stacks through various technologies and non-technology methods.
Meanwhile, we will set up the application sections during CHFCE 2020 conference, such as hydrogen and fuel cell heavy duty trucks, SOFC combination with energy industries etc.
Furthermore, we will establish ‘China Machinery Industry Federation – Hydrogen Branch Association’, to promote China’s hydrogen and fuel cell industry more actively.
H2V: Things must have changed a lot in five years in the hydrogen space. What can you tell us about China’s journey over the past five years to now?
CW: In the past five years, the most important change is that China has become the most important player in the hydrogen industry, around the world. China’s hydrogen industry marketing has become the most important one.
H2V: You previously told us that the hydrogen industry is booming this year. Why do you think hydrogen has taken off?
CW: From 2009 to 2016, the investments in the hydrogen industry, including governments and private sections, are about RMB 2bn, which has increased four to five times.
China’s fuel cell stack and fuel cell system companies have grown from just a few companies to 30.
In 2018, China produced nearly 2,000 hydrogen and fuel cell vehicles, with a total capacity of fuel cell stacks about 50MW.
In my opinion, these numbers would be the evidence that China’s hydrogen and fuel cell industry in taken off.
H2V: Focusing on the past 12 months specifically, what changes have you seen in the hydrogen ecosystem and community in China?
CW: In the past two years, China’s hydrogen and fuel cell industry has seen many great changes.
Two years ago, it was all about technology and companies seeking purchasing technologies as well as their own research and development.
More recently, the situation has changed and the technical capabilities of these domestic companies has been realised.
Now most of the companies are focusing on industrialisation. Therefore, lowering the cost would be the next stage for the hydrogen and fuel cell industry in China.
H2V: China wants to lead the world in hydrogen fuel cells. What are the big projects currently underway in the country?
CW: I think the most important thing is the definition of a hydrogen and fuel cell industry in the 14th Five-year development plan, launched at the start of this year.
As far as we know, currently in China, the discussion and debate is not just about how to develop the hydrogen economy, but how to promote the hydrogen and fuel cell industry with better methods.
At present, hydrogen energy projects are mainly concentrated by a few companies, with lots of other companies preparing or considering setting up production lines or focusing on the key technologies/components’ developments.
There might be some government projects, but all rely on the reduction of the costs.
H2V: What is the government doing to support these plans? What policy/regulation has been/is being implemented?
CW: Firstly, as far as we know, only China’s government still provide huge financial subsidies on hydrogen and fuel cell vehicles.
Secondly, relevant ministries and commissions still support the development of hydrogen and fuel cell industry through many funding projects.
Most importantly, the central government of China has always been encouraging and supporting a hydrogen and fuel cell industry.
Compared with North America, Europe, Japan and South Korea, China’s central government has not proposed a special project because right now the existing policies are enough to support the development of hydrogen and fuel cell industry.
With the development of industry, if necessary, we believe that the relevant supportive policies will be launched very quickly.
Furthermore, many provinces and municipalities in China pay close attention to the hydrogen and fuel cell industry, from encouraging policies to financial support.
It’s worth noting that China’s tax system has been changed, local governments have significantly increased its tax sharing ratio with central government.
This also provides more financial support for local governments to develop various hi-tech industries, including a hydrogen and fuel cell industry.
https://www.h2-view.com/story/exclusive-china-the-most-important-player-in-the-hydrogen-industry/
LINDE AND BAOWU CLEAN ENERGY SIGN MOU FOR HYDROGEN PROJECTS IN CHINA
November 25, 2019
Linde (Guildford, U.K.; www.linde.com) announced that it has signed a memorandum of understanding (MoU) with Baowu Steel Group’s new subsidiary, Baowu Clean Energy Ltd, to jointly cooperate on research and development to further develop China’s hydrogen market for industrial and mobility applications. The two companies will work together to increase the accessibility of hydrogen to industries and advance the acceptance of hydrogen mobility solutions in China. Under the agreement, Linde and Baowu Clean Energy will also explore the option to invest in liquid hydrogen plants and infrastructure.
“We are delighted to build on our long-term partnership with Baowu Group with this latest cooperation to accelerate the development of hydrogen infrastructure and solutions for mobility and other industrial applications. Linde with its technology leadership in hydrogen is delighted to be the strategic partner for the Baowu Group as we work together to make hydrogen accessible for users across China,” said Sanjiv Lamba, EVP & CEO Asia Pacific for Linde.
“This agreement with Linde marks an important new milestone in our long and successful partnership. Linde’s expertise in hydrogen technology and solutions gives us the confidence that together we can transition to a cleaner low-carbon future for China,” said Mr Guo Bin, Deputy General Manager, Baowu Steel Group.
Linde is a member of the global Hydrogen Council and the China Hydrogen Alliance which promotes hydrogen to help meet climate goals. The strategic agreement with Baowu follows Linde’s recent joint venture with ITM Power and underscores the company’s continued focus on delivering sustainable solutions in support of the global transition to cleaner energy.
Baowu Clean Energy is a subsidiary of Baowu Steel Group, one of the world’s largest steel manufacturers. It was founded on 15 November 2019 to implement the Group’s cleaner energy vision. The company will focus on the development of the hydrogen ecosystem in China, from production, to storage and distribution infrastructure and mobility concepts.
https://www.chemengonline.com/linde-and-baowu-clean-energy-sign-mou-for-hydrogen-projects-in-china/?printmode=1
Hydrogen: major players to tackle storage issues to help reach Belgian emmission goals
22 November 2019
Seven major companies have signed a collaboration agreement for the transport of hydrogen around the world, they announced on Friday.
This element – which can play an important role in achieving an 80% reduction in CO2 emissions by 2050 – can be produced domestically from resources like natural gas, coal, solar energy, wind, and biomass.
The storage of hydrogen energy occurs through a process where a surplus of energy created by renewables during low energy demand periods is used to power electrolysis, a process in which an electrical current is passed through a chemical solution in order to separate hydrogen.
Deme, Engie, Exmar, Fluxys, the ports of Antwerp and Zeebrugge and WaterstofNet have all agreed to carry out a study aiming to develop concrete projects for the production, shipping transport and storage of hydrogen.
As Belgium does not yet produce enough wind or solar energy, some of the renewable energy must, therefore, be imported, explained the seven companies. This is made more difficult by the specific know-how required for the import, transport and storage of hydrogen.
It is for this reason that the major industrial players and public authorities have decided to join forces, combining their respective know-how in order to take an essential step towards a Belgian hydrogen economy.
“In the coming years, we will witness a gigantic development of renewable energies, wind, solar, tidal energy… The challenge is, therefore, to transport and store green energy in large quantities. This is where the port of Zeebrugge comes in as a multifunctional hub, ” explained Joachim Coens, Managing Director of the port.
“If hydrogen proves to be a solution for energy transport and storage, this activity can be carried out perfectly in Zeebrugge, with its excellent infrastructure, storage capacity and pipelines, not to mention its many years of experience,” Coens added.
The analysis of the seven companies will then provide them with a roadmap on how best to transport hydrogen to its various users in the energy and chemicals sector. The results are expected within about a year and will form the basis for concrete projects.
https://www.brusselstimes.com/brussels/80451/school-in-molenbeek-closed-due-to-gas-leak-on-tuesday/
Solar solution puts hydrogen on site
25th November, 2019
Sometimes you’re so busy making explosives you don’t have time to stop and think, hey, maybe there’s a cheaper way to make explosives? That’s when a lightbulb moment from a visiting consultant can set you on a path to drastic industrial reform.
When the solution involves replacing reliance on natural gas with on-site solar, it also becomes a satisfying exercise in cancelling energy price volatility and gaining green credentials.
That’s what happened when Carbon Friendly Enterprises project director of renewable energy Zim Solo visited Dyno Nobel’s plant in Moranbah, Queensland, last year. The plant, owned by Incitec Pivot, relies on low-pressure coal-seam gas for all its electricity, via 21MW of gas generation, and as a raw material to make ammonia.
In the current process, methane is reformed into hydrogen – from CH4 to H2 – which involves splitting off the carbon molecule and forsaking half the hydrogen. Ammonia – NH3 – is then synthesised from hydrogen and nitrogen using the Haber process and enriched to supply explosives to the mining industry in the surrounding Bowen Basin and across Australia.
“This is where it gets a bit interesting,” says Solo. “The Haber process is a bit inefficient by its nature, but very cheap. It’s the cheapest way to make hydrogen.”
Solo wondered: was there a cheaper solution?
About 87% of the world’s hydrogen is made through methane reforming, but only 3% is “green” hydrogen produced via a renewable energy source. How about building enough solar PV generation to power the plant and create hydrogen using electrolysis?
The firm heard logic in Solo’s view and he was commissioned to begin a hydrogen-solar study. At first he started looking at a 20MW hydrogen plant, but with hydrogen, he says, the bigger you go the cheaper it gets. “The price of 1MW or 2MW as opposed to 10MW is not a lot of difference. But 10MW up to 100MW, the price reduction is exponential,” he says.
Hydrogen hedge
The study is looking at a 150-160MW hydrogen facility and a 210MW solar farm, all behind the meter. “There is absolutely an opportunity for hydrogen to ensure the resilience of the business,” says Solo, who estimates a six-year payback. Running on solar, the hydrogen plant would operate about 5.5 hours a day, with the possibility of hydrogen fuel storage to take up lags from intermittent weather.
The next stage of the study will explore the idea of connecting to the grid and sourcing 24-hour clean energy. “That would make it much more economically viable,” he says. “It may have more integrated renewable technologies, and that’s the way you gain aggregate efficiencies and can smooth out the [solar generation] bell curve and maintain production. It’s a production-driven site. It comes down to pure economics at the end of the day,” says Solo, who credits work by Incitec Pivot lead process engineer Mike Walters and Asia-Pacific environmental manager Matt Walker.
The economics of producing hydrogen for end use at Dyno Nobel are very different to storing it to try to retain electrons and then dispatching it to free electrons, where efficiencies are lost at both ends. Hydrogen conversion is only about 20% efficient.
“It’s not a very efficient process. But if you’re doing it for pure chemistry – in this case they need hydrogen to make ammonia – it stacks up and makes sense,” he says.
Projects like this one are a valuable testing ground, he says. “The demand for green hydrogen out of South Korea and Japan is massive.” Ammonia is one of the most efficient ways to store and ship hydrogen.
“Once we get up to 700% renewables, then we can start exporting hydrogen. Then we can make a hydrogen economy is Australia. It’s a massive sleeping giant of international trade and capability.”
https://www.ecogeneration.com.au/solar-solution-puts-hydrogen-on-site/
Hydrogen fuels this alternative, environmentally friendly car
November 25th 2019
LOS ANGELES — A number of automakers, from Hyundai to Mercedes-Benz are introducing new models of environmentally friendly cars, but they are not electric.
Adam Bray-Ali has driven a Toyota Mirai for three years. He said he can travel nearly 300 miles in the hydrogen fuel cell vehicle on a full tank.
"For the most part, I'm able to refuel in five minutes and go about my day without even thinking about it," Bray-Ali said.
A fuel cell car doesn't have to be plugged in for power like an electric or hybrid. Instead, it uses hydrogen and oxygen to generate electricity on board. The tailpipe's only emission is water.
"I certainly think if people got to drive these cars they would want them," said Tim Stevens, editor-in-chief of Roadshow.
Despite the benefits of fuel cell technology, Stevens said, sales haven't taken off like electric vehicles. One reason, he said, is the cost. New models introduced at this year's Los Angeles Auto Show, such as Hyundai's NEXO, carry a price tag of just over $58,000.
The other hurdle: California is the only state that has a large number of fueling stations available.
"It could change in the future if we get more fuel cell stations elsewhere in the U.S.," Stevens said, "but there really isn't any major movement to put any massive number of these stations elsewhere. That's what you really need."
Bray-Ali lives in LA and has easy access to hydrogen.
"People are mostly concerned about can I just get from point A to point B without me worrying about it, and the short answer for this car for me has been absolutely," Bray-Ali said.
And, he said, he likes knowing his car is environmentally friendly.
https://wwmt.com/news/nation-world/hydrogen-fuels-this-alternative-environmentally-friendly-car
$370m earmarked for developing hydrogen industry
November 26, 2019
The Australian government has committed funding to develop the nation’s hydrogen industry, following the release of chief scientist Alan Finkel’s report into the potential of the energy source for Australia.
$370 million from the budgets of the Clean Energy Finance Corporation (CEFC) and Australian Renewable Energy Agency (ARENA) will go towards developing technology to extract and utilise hydrogen.
$300m from the CEFC will be distributed in concessional loans under the Advancing Hydrogen Fund, and ARENA will provide $70m for electrolyser technology. Minister for Energy and Emissions Reduction, Angus Taylor, noted that the National Hydrogen Strategy has set the direction for the government to provide funding for hydrogen.
“The Government is backing that in through project investment to promote our outstanding potential as a hydrogen supplier to the world,” he said.
While hydrogen could be used locally in applications from transportation to industrial heat, developing a local hydrogen industry could also lead to an energy export industry, said Minister for Resources and Northern Australia, Matt Canavan.
“There is potential for thousands of new jobs, many in regional areas, and billions of dollars in economic growth between now and 2050, with key energy export markets such as Japan, South Korea, Singapore and Taiwan taking action to diversify their energy sources,” he said.
To deliver the new technologies that will be required for the transformation of hydrogen into a useable energy source, National Energy Resources Australia (NERA) will develop industry clusters connecting manufacturers who have technologies that could be utilised by the nascent hydrogen sector with researchers from Australian research organisations. NERA CEO, Miranda Taylor, noted that the development of a hydrogen industry represented an opportunity for the wider industry sector.
“Now is the time to connect and build our underlying hydrogen knowledge economy and help our local innovators overcome barriers to market activation through collaboration between industry, governments, researchers, innovators and SMEs.
https://www.manmonthly.com.au/news/370m-earmarked-hydrogen/
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