Nel ASA Secures Major Contracts Amid Mixed Market Sentiment

Norwegian hydrogen technology firm Nel ASA has broken through a challenging period with significant contract wins totaling over $50 million in early November. These developments potentially signal a turning point for the company, which has faced substantial headwinds in recent times. However, questions remain about whether these achievements can address the underlying business challenges.

The company’s US division, Nel Hydrogen US, secured the second-largest order in its corporate history on November 5th—a $50 million equipment purchase agreement for Norway’s HyFuel and Kaupanes Hydrogen initiatives. This transaction involves 40 MW of Nel MC 500 containerized systems, representing the company’s largest proton exchange membrane equipment sale to date.

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