Thursday, 20 April 2017

Nel ASA: Joint venture agreement with Hexagon Composites and PowerCell

Source: "Nel ASA: Signed final joint venture agreement with Hexagon Composites and PowerCell", Nel ASA, 20th April 2017

(Oslo, 20 April 2017) Nel ASA (Nel, OSE:NEL) announced today that the Nel has finalised the joint venture agreement with Hexagon Composites ASA and PowerCell Sweden AB to establish a Joint Venture for the development of integrated hydrogen projects, the joint owned company will be setup as soon as practically possible.

”We have received numerous requests for projects since we announced the intention to join forces with PowerCell and Hexagon Composites for establishing our joint entity. By working with these global market leaders, we will be able to utilise each party’s respective technologies and competencies to develop world-class, integrated hydrogen solutions. The Joint Venture will have an initial focus on opportunities in the maritime and marine segments, as well as projects to leverage on renewable energy resources,” says Jon André Løkke, Chief Executive Officer of Nel.

The Joint Venture will be equally owned by Nel, Hexagon Composites ASA and PowerCell Sweden AB, and will create a one-stop-shop for customers wanting to utilise hydrogen technologies across the value chain: From renewable hydrogen production, to storage, distribution and dispensing, to generating electricity via fuel cells. The jointly-owned entity will manage and develop the projects to ensure that technologies from the partners are effectively integrated into complete and optimal solutions for the customer.

“After deciding to establish the Joint Venture we have been energised by working with our new partners over the last few months identifying joint business opportunities. Combined with the project requests we have already received, ranging from governmental organizations to marine transportation companies, we see significant opportunities for the Joint Venture and believe the company is positioned to deliver unparalleled customer value in the form of zero-emission power solutions,” Løkke concludes.

Hexagon Composites ASA is a global market leader for storage and transport of gases under high pressure, while PowerCell is a leading fuel cell company developing and producing environmentally friendly power systems for stationary and mobile customer applications.


For further information, please contact:

Jon André Løkke, CEO, +47 9074 4949
Bjørn Simonsen, VP Market Development and Public Relations, +47 971 79 821

About Nel ASA |      

Nel is a global, dedicated hydrogen company, delivering optimal solutions to produce, store and distribute hydrogen from renewable energy. We serve industries, energy and gas companies with leading hydrogen technology. Since its foundation in 1927, Nel has a proud history of development and continual improvement of hydrogen plants. Our hydrogen solutions cover the entire value chain from hydrogen production technologies to manufacturing of hydrogen fueling stations, providing all fuel cell electric vehicles with the same fast fueling and long range as conventional vehicles today.

About PowerCell Sweden AB (publ) |

PowerCell Sweden AB (publ) is the leading fuel cell company in the Nordics, which develops and produces environmentally friendly power systems for stationary and mobile customer applications. PowerCell Sweden AB (publ) is listed on First North at Nasdaq Stockholm and is an industrial spinout from the Volvo Group. G&W Fondkommission is appointed Certified Adviser by the Company. Among the largest owners are Midroc New Technology, Fouriertransform, Finindus and Volvo Group Venture Capital.

About Hexagon Composites ASA |

Hexagon Composites ASA is a publicly listed company with its headquarters in Aalesund, Norway. The Group develops and produces composite pressure cylinders and systems for storage and transportation of various gases. It is the global leader in CNG road transportation.

About Us

NEL ASA is a leading global supplier of hydrogen technology for industrial / energy purposes, and has made over 500 deliveries in more than 50 countries. The company's main products are hydrogen production plants based on water electrolysis, complete hydrogen stations for transport and renewable energy storage solutions. The company has its roots from the hydrogen activities of Norsk Hydro, which dates back to 1927. The company also has a number of patents related to tests for early detection and diagnosis of diseases.


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