Nel ASA Secures Up to $41 Million in US Tax Credits for Michigan Gigafactory [Video]

For more hydrogen news: https://www.hydrogenfuelnews.com/featured-news/ Nel ASA, a leading Norwegian hydrogen solutions provider, has recently achieved a significant milestone in its expansion efforts within the United States by securing up to USD 41 million (EUR 37.8 million) in investment tax credits for its forthcoming gigafactory in Michigan. This latest financial boost, awarded under the Qualifying Advanced Energy Project Tax Credit (48C) program, propels the total support Nel has received for this project to nearly USD 170 million from both the Department of Energy and the State of Michigan, including a previously disclosed USD 75 million. This support underscores the strong endorsement of Nel’s endeavors to enhance its U.S. operations, focusing on advanced research and efficient manufacturing. According to Nel’s President and CEO, Hakon Volldal, this backing significantly elevates the appeal of further investments into expanding the company’s capacity and capabilities within the U.S. The Michigan factory, upon reaching full operational status, is expected to boast an annual nameplate capacity of 4 GW, specializing in the production of PEM stacks in collaboration with General Motors, in addition to pressurized alkaline stacks. Concurrently, Nel is also progressing with the expansion of its existing electrolyser factory in Connecticut, set to benefit from increased manufacturing capacity starting from 2025, marking a pivotal advancement in the hydrogen industry’s growth and sustainability efforts.

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