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Nordic hydrogen company Nel wins huge French contract

Danish-Norwegian hydrogen company Nel has entered a framework agreement worth upwards of DKK 2.5 billion with a French company.

Photo: Wingas

Norway's Nel, which acquired Danish H2Logiv, suffered a major setback in 2017 on the stock market. However, today the company has announced a large-scale framework deal for the design, construction, and maintenance of a potential six hydrogen plants in France.

Nel will deliver the plants to the company H2V Product, which is a subsidiary of the renewable, French equity fund Samfi-Invset. To begin with, the agreement entails a contract for a factory with capacity of 100 MW which will cost around DKK 350 million (EUR 47 million) to construct. Yet the framework agreement to build a further six factories with total capacity reaching upwards of 700 MW. This brings the total value of the framework deal up to DKK 2.5 billion.

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