Press release

Nel ASA: Signs joint venture LoI with PowerCell and Hexagon Composites

(Oslo, 19 January 2017) Nel ASA (Nel) announced today that the company has entered into Letter of Intent (LoI) with Hexagon Composites ASA and PowerCell Sweden AB to establish a joint venture (JV) for the development of integrated hydrogen projects. The joint venture will initially focus on opportunities in the maritime and marine segments as well as projects to leverage renewable energy resources. 

”We are pleased to announce that we are joining forces with PowerCell and Hexagon Composites to establish a JV for the development of integrated hydrogen solutions and projects. This cooperation is strategically important, as we will be working with global market leaders and utilizing each party’s respective technologies and competencies to develop new hydrogen solutions. The JV will be equally owned by the three parties and will initially focus on projects within marine applications. Over time, however, the JV may also evaluate projects within other application areas,” says Jon Andrè Løkke, Chief  Executive Officer of Nel.

The JV is aimed at creating a one-stop-shop for customers wanting to utilize 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 JV-partners are effectively integrated into complete and optimal solutions for the customer.

Together with Nel’s leading technology for hydrogen production and fueling, the three companies are positioned to deliver unparalleled customer value in the form of a 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 in the Nordics developing and producing environmentally friendly power systems for stationary and mobile customer applications.

This article was originally posted on - View the original article

Related documents