Nel ASA: Enters into MoU with Iberdrola to develop large scale green hydrogen project and the hydrogen technology value chain in Spain

Earlier in November Iberdrola, one of the largest power utilities in the world, announced plans with world-leading fertilizer manufacturer Fertiberia to develop an 800 MW green hydrogen project for the production of green ammonia. Shortly thereafter, Nel and Iberdrola announced that Nel would be the preferred partner for the delivery of a 20 MW PEM electrolyser facility in Puertollano, Spain. Earlier in November Iberdrola, one of the largest power utilities in the world, announced plans with...

Earlier in November Iberdrola, one of the largest power utilities in the world, announced plans with world-leading fertilizer manufacturer Fertiberia to develop an 800 MW green hydrogen project for the production of green ammonia. Shortly thereafter, Nel and Iberdrola announced that Nel would be the preferred partner for the delivery of a 20 MW PEM electrolyser facility in Puertollano, Spain.

"This initiative will accelerate the production of green hydrogen in Spain and will create a new industry, the manufacturing of electrolyser systems, with high growth potential. We continue to make progress in our ambitious plan to put Spain and Europe at the global forefront of this technology by reducing energy dependence and fossil fuel consumption while driving the country's economic and social revitalization," says Ignacio Galán, Chairman and CEO of Iberdrola.

The parties will commence the project, as well as strategic discussions, immediately, with the target of deploying more than 200 MW electrolysers in 2023, after the initial 20 MW plant is set to commence operations in 2021.

For further information, please contact:

Jon André Løkke, CEO, +47 907 44 949

Kjell Christian Bjørnsen, CFO, +47 917 02 097

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. Our roots date back to 1927, and since then, we have had a proud history of development and continuous improvement of hydrogen technologies. Today, our solutions cover the entire value chain: from hydrogen production technologies to hydrogen fueling stations, enabling industries to transition to green hydrogen, and providing fuel cell electric vehicles with the same fast fueling and long range as fossil-fueled vehicles - without the emissions.

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