Share Price Rises: Nel ASA Receives Further Order For 10 MW Hydrogen Electrolyzer From Samsung C&T

Oslo, Norway - Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA, has signed a new contract with Samsung C&T Corporation Engineering & Construction Group for a 10 MW alkaline electrolyzer plant worth approximately EUR 5 million.

In contrast to the first contract signed with Samsung C&T earlier this year for an off-grid project based on solar energy, the electrolyzer now ordered will be used to produce nuclear (pink) hydrogen.

Samsung C&T plans to build a demonstration plant to validate the commercial model for nuclear pink hydrogen. Samsung wants to use surplus nuclear power for this purpose. The aim is to utilize energy that would otherwise go unused in times of oversupply, thereby increasing overall energy efficiency.

“Samsung C&T has ambitious plans in the hydrogen industry, and we are pleased that we, for the second time now, have been selected to deliver the electrolyser for this exciting and meaningful project,” says Nel ASA President and CEO Håkon Volldal.

This is a firm order for alkaline stacks and balance-of-stacks (BoS). The electrodes will be produced at the Herøya plant in Norway, the world's first fully automated production line for electrolyzers.

The share cannot benefit from the order today. The share price is currently down 1.56% at EUR 0.252 (13:30, 03.12.2024, Stuttgart Stock Exchange).

Source: IWR Online, 03 Dec 2024