The Inflation Reduction Act passed through the Senate and Congress earlier this year
Nel increases US focus
Passing of Inflation Reduction Act has already led to two of the firm’s largest-ever orders
Electrolyser manufacturer Nel is increasingly focusing its operations on the US as the hydrogen market starts to accelerate in North America. Nel noted in its Q3 results forecast that two of its biggest ever contracts, signed during the most recent quarter, were for projects in the US. One was for a 200MW electrolyser for an undisclosed customer and the other was with Australian energy company Woodside. Woodside will buy NOK600mn ($56.5mn) of alkaline electrolyser equipment for its H2OK liquid hydrogen project in Oklahoma. “The EU wanted to lead in hydrogen… but to be frank the US has taken the lead due to the Inflation Reduction Act (IRA),” said CEO Hakon Volldal on the results call. Develo
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
15 November 2024
Danish electrolyser firm stays focused on US expansion plans amid policy uncertainty in wake of Republican election victory
