In a stock exchange announcement on Thursday afternoon, the hydrogen company writes that it has received a tax deduction of up to USD 41m in connection with a plant in the state of Michigan.

The deduction comes through the Inflation Reduction Act tax program. In the announcement, Nel writes that the company has secured a total of around USD 170m.

”We continue to see strong support for our US operations. This support makes it more attractive to expand our business in the US,” says Nel CEO Håkon Volldal in the announcement.

In an interview with EnergyWatch Norway last summer, Volldal said that the US has ”taken over the leadership role” in the green transition.

”Even though I’m Norwegian, Nel has to make decisions that make good business sense. If you get NOK 500m (USD 47m) in funding from the US and zero from Norway, most people will choose to set up in the US. The amounts don’t necessarily have to be exactly the same, but if our factory in the US had been built in Norway, it should have been a competitive deal in terms of subsidies,” Volldal says about investing in the US.

Translated using DeepL with additional editing by Kristoffer Grønbæk