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NEL ASA: Announces Reestablishment of Large-Scale Hydrogen Production in Glomfjord

OSLO, Norway--(BUSINESS WIRE)--Regulatory News:

“Electricity generated in Glomfjord is difficult to transport cost effectively, meaning the energy is best utilized locally. With the current price of electricity, we can produce low-cost hydrogen for converted diesel vessels, which will be significantly more cost efficient than operating today’s conventional ferries”

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NEL ASA (OSE:NEL), through a subsidiary, announced today that it has entered into a Letter of Intent with Meløy Energi AS and Meløy Næringsutvikling AS to establish Glomfjord Hydrogen AS (Glomfjord Hydrogen), for the potential development of a large-scale, low-cost hydrogen production facility in Glomfjord Industrial Park in Meløy, Norway.

“We are very excited to start working with our partners in Meløy in an area that historically has played such an important role in Norwegian hydrogen production. The project allows us to tap into extremely good energy access in the form of clean hydropower and take advantage of existing infrastructure in the Glomfjord Industrial...