Nel ASA: Statkraft has cancelled the 40 MW alkaline electrolyser contract

(April 30, 2025 - Oslo, Norway) Reference made to the announcements published November 14, 2022, and January 6, 2023, where Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), signed a 40 MW contract with Statkraft. The client has now decided to cancel the contract.

This purchase order was listed as one of the contracts with significant risk of delays or cancellation as stated in the Q1’2025 financial report. With this cancellation, the total reduction in backlog will be NOK 120 million.

"Statkraft has over several years put considerable engagement and commitment into developing and attracting funding to a hydrogen project in Mo. Despite the efforts we have not been able to create a viable commercial model for the project in the current market conditions. We therefore need to adjust the plan accordingly and cancel our order with Nel says SVP for hydrogen in Statkraft, Bjørn Holsen".