- Nel halts work with H2V due to lack of progress and financing.
- Nel's order backlog of NOK 465 million at the end of 2017 remains unaffected.
- H2V must develop future hydrogen projects without using Nel's intellectual property.
- Nel continues to evaluate expansions at its Notodden facility.
Project Halted
Nel ASA has decided to halt further work under the agreement with H2V PRODUCT due to H2V's limited progress and inability to secure project financing. This decision allows Nel to allocate its resources to other high-value projects, given the significant global interest in hydrogen solutions.
Order Backlog Unaffected
The discontinuation of the H2V project will not impact Nel's reported order backlog, which stood at NOK 465 million at the end of 2017. The backlog only includes firm purchase orders, ensuring stability in Nel's financial planning.
Intellectual Property Rights
Nel has emphasized its intellectual property rights in its notice to H2V. Any future initiatives by H2V related to injecting hydrogen into natural gas pipelines in France must proceed without using information acquired from Nel.
Future Focus
Despite the setback with H2V, Nel remains committed to the power-to-gas market in Europe and will continue to engage with various initiatives in this field. The company is also evaluating significant expansions at its Notodden facility to deliver larger volumes and reduce production costs.
