Nel Hydrogen

Norway-based NEL Hydrogen (NEL) is a pioneer in green hydrogen with a history going back nearly a full century. As of 2021, the company has delivered more than 3,500 units across 80 countries, making it the largest electrolyzer manufacturer in the world. The company also offers hydrogen fueling stations and has delivered or has plans to deliver more than 110 stations across 13 countries as of mid-2021.

NEL’s core technology has historically been alkaline-based electrolyzers and it operates a dedicated alkaline electrolyzer facility with a nameplate capacity of 500 megawatts per year (MW/year) with room to expand to two gigawatts per year. In 2017, NEL acquired the American proton exchange membrane (PEM) electrolyzer manufacturer, Proton OnSite, for USD 70 million. The acquisition added PEM electrolyzers to the company’s portfolio as well as its 50 MW/year PEM electrolyzer facility in Wallingford, US. In 2015, NEL also acquired Denmark’s H2 Logic for around USD 35 million, adding a hydrogen refueling systems manufacturing facility with a production capacity of 300 refuelling stations per year. 

NEL reported revenue of NOK 651.9 million (USD 75 million) in 2020, up 14.5% year-over-year, but has yet to turn a profit and generated an operating loss of NOK 414.5 million (USD 48 million). The company also reported an order backlog worth NOK 981.0 million (USD 113 million) at the end of 2020. NEL has been listed on the Oslo Stock Exchange since 2014.