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Nel, Hexagon Composites and PowerCell Sweden in hydrogen joint-venture deal

Nel has announced that it has finalised an agreement with Hexagon Composites and PowerCell Sweden to establish a Joint Venture (JV) for the development of integrated hydrogen projects "as soon as practically possible".

Norway-based hydrogen value chain solution provider Nel ASA has announced today that it has finalised an agreement with Norwegian compatriot Hexagon Composites ASA and PowerCell Sweden AB to establish a Joint Venture (JV) for the development of integrated hydrogen projects. The jointly owned company is to be established “as soon as practically possible”.

Hexagon Composites is a global specialist in the storage and transportation of gases under high pressure, while PowerCell Sweden is a leading fuel cell company developing and producing environmentally friendly power systems for stationary and mobile customer applications.

– 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, said Jon André Løkke, Chief Executive Officer of Nel in a statement.

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, said Løkke.

 

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