Nel ASA: Biden Spending Plans Set to Put USA in Lead for Clean Hydrogen

Source: www.gulfoilandgas.com 8/15/2022, Location: North America

The Inflation Reduction Act will provide tax credits of up to $3 per kg of clean hydrogen

“This is a fantastic development – and one that completely transforms the outlook for green hydrogen in the USA. Only two weeks ago, Biden’s bill looked dead. Now it’s alive and kicking, we can say that the USA is going to be one of the cheapest places in the world to produce clean hydrogen,” says Håkon Volldal, CEO of Nel.

The much-anticipated passing of the bill through the House of Representatives follows significant progress in the North American market for Nel, with the company’s biggest electrolyser order to date announced in July this year. The 200MW stack, worth €45m ($46m) and potentially twice that amount with additional hardware, will go live in 2024.

“What makes this record order particularly special is that it represents a change in market dynamics. The customer has secured power supply over 20 years, and end-product demand over the same time period. Similar long-term prospects will only inspire further investment in green hydrogen and related infrastructure,” Volldal says.

The coming Inflation Reduction Act is the latest in a series of political measures that are boosting prospects for green hydrogen. The EU’s RePowerEU initiative aims for 10 million tonnes of green hydrogen production within the bloc, and a further 10 million tonnes to be imported, by 2030.

Multiple nations now have national hydrogen plans. Germany’s is in the lead with a commitment to billions of euros of investment both domestically and internationally.

International political momentum and investor confidence supported Nel’s recent decision to double its Herøya plant output, with 1GW coming online by early 2024.

“The international picture shows the power of market-based incentives and government support for green hydrogen. We of course hope to see more of the same both in Norway and overseas in the near future,” Volldal says.


United States >>  9/27/2022 - Tallgrass and Equinor have announced a collaborative effort to pursue opportunities for development of large-scale, low-carbon hydrogen and ammonia pr...
France >>  9/23/2022 - Around the world, the race for hydrogen is on and the development of offshore wind farms is booming. Lhyfe – which inaugurated the world’s first site ...

United Arab Emirates >>  9/23/2022 - Representatives of the maritime sector have officially launched an initiative to catalyze the supply of green fuels to support the global energy trans...
Austria >>  9/22/2022 - - Green hydrogen, along with other initiatives, should significantly reduce carbon footprint at INNIO’s Jenbacher site.
- Excess power and heat g...


Netherlands/Holland >>  9/22/2022 - The organisers of the World Hydrogen Summit & Exhibition, the world’s largest Hydrogen event dedicated to global hydrogen advancement, have announced ...
United Kingdom >>  9/22/2022 - Getech, the geoenergy and green hydrogen company, announces further progress with its Shoreham Port Green Energy Hub, with the extension of exclusive ...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.