(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.
ENDS
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 | www.nelhydrogen.com
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) |www.powercell.se
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 | www.hexagon.no
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.