Additional $29 million in tax credits to expand Michigan manufacturing By Investing.com

OSLO, Norway, January 12, 2025 /PRNewswire/ — Company branch Nel ASA (Nel), (OSE: NEL) was allocated to approx 29 million USD in additional investment tax credits for its planned production expansion in Michigan as part of the qualifications Advanced energy (NASDAQ: ) Project Tax Credit (48C) Program.

The 48C program is funded and administered by the Inflation Reduction Act US Department of Energythe US Department of the Treasuryand Tax Administration. A wholly owned subsidiary Nel ASA it is now secured to approx 29 million USD in additional tax benefits, in the amount of 30% of the value of qualified investments. Acceptance is subject to conditions, such as salary and apprenticeship conditions.

“Nel has a long history of investing in research and development and commercializing advances supported by federal funding, creating confidence in Nel’s ability to manufacture and deliver products to the field. Nel appreciates this continued support from Department of Energy in increasing the production capacity of our advanced electrolysis products,” he says Kathy Ayersvice president, research and development Nel.

Amassed, Nel now secured a close 200 million dollars as support in tax credits and other government subsidies Michigan and Department of Energy. Final investment decision for Michigan The facility is not yet occupied, and the construction of the location depends on demand.

For additional information, please contact:Kjell Christian Björnsenfinancial director, +47 917 02¯097William FlindersHead of Investor Relations, +47 936 11 350

About Nel ASA | www.nelhydrogen.com
Nel has a history dating back to 1927 and today is a leading pure hydrogen electrolyser technology company with a global presence. The company specializes in alkaline and PEM technology for the production of renewable hydrogen. Nel’s product offerings are key enablers of the green hydrogen economy, enabling the decarbonisation of industries as diverse as transport, refining, steel and ammonia.

This information is subject to disclosure obligations in accordance with sections 5-12 of the Norwegian Securities Trading Act. This information has been released as privileged information in accordance with the EU Market Abuse Regulation and has been published by him Wilhelm FinderHead of Investor Relations, at NEL ASA on the specified date and time.

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https://news.cision.com/nel-asa/r/nel-asa–additional-usd-29-million-in-tax-credits-for-manufacturing-expansion-in-michigan,c4090281

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