Nel ASA Secures $29 Million Tax Credits for Michigan Expansion

NEL ASA ( (NLLSF) ) has shared an announcement.

Nel ASA’s subsidiary has secured up to USD 29 million in investment tax credits for a manufacturing expansion in Michigan under the 48C program, bolstering its capability to produce advanced electrolyser products. This move, supported by the US Department of Energy and state grants, strengthens Nel’s position in the green hydrogen economy, although the final investment decision depends on demand.

More about NEL ASA

Nel ASA, established in 1927, is a prominent hydrogen electrolyser technology company with a global presence. It focuses on Alkaline and PEM technology for producing renewable hydrogen, facilitating the decarbonization of industries such as transportation, refining, steel, and ammonia.

YTD Price Performance: 8.00%

Average Trading Volume: 30,099

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $411.3M

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