DETROIT and OSLO,
Norway, Nov. 16, 2022 /PRNewswire/ -- Nel Hydrogen
US, a subsidiary of Nel ASA (Nel, OSE: NEL), has entered into a
joint development agreement with General Motors (NYSE: GM) to help
accelerate the industrialization of Nel's proton exchange membrane
(PEM) electrolyzer platform. By combining GM's extensive fuel cell
expertise and Nel's deep knowledge of electrolyzers, the two
companies are looking to enable more cost competitive sources of
renewable hydrogen.
"General Motors is one of the global leaders in hydrogen fuel
cell propulsion with more than 50 years of experience. We believe
this collaboration will give us a competitive advantage in
industrializing the production of our PEM electrolyzers and further
improving the efficiency of our technology," said Nel's CEO, Håkon
Volldal.
"Adding Nel as a strategic collaborator is an important step to
help us commercialize fuel cell technology. Electrolysis is key to
creating consistent, clean sources of hydrogen to power fuel
cells," said Charles Freese, GM
executive director, Global HYDROTEC. "Nel has some of the most
promising electrolyzer technology to help develop clean hydrogen
infrastructure, and we believe our HYDROTEC fuel cell IP can help
them get closer to scale."
Nel was the first company in the world with a fully automated
alkaline electrolyzer production line. The next step will be to
industrialize the production of its PEM electrolyzer equipment in a
similar way which will enable considerable technology
advancement.
GM is developing and commercializing both HYDROTEC hydrogen fuel
cell and Ultium battery technologies that deliver where it matters
most: performance and cost. This is opening new revenue potential
for GM as industries – including freight trucking, aerospace, power
generation and locomotive – turn to GM to improve performance and
reduce emissions.
"An automated production concept is key when scaling up and
driving down cost on electrolyzer technology. By utilizing the
combined expertise of both companies, it will help to more quickly
develop a green hydrogen technology that is competitive with fossil
fuels," said Volldal.
A PEM electrolyzer and a fuel cell are largely based on the same
principles. A PEM electrolyzer uses electricity and water to
produce hydrogen and oxygen, while a fuel cell reverses the
process, using hydrogen and oxygen to produce electricity and
water. As GM has made major steps and gained expertise with fuel
cells, the two companies see substantial synergies by transferring
this to Nel's PEM platform.
Nel will be compensating GM for the development work and IP
transfer on an ongoing basis and pay a license after successful
commercialization dependent on how much of the end product is based
on GM technology.
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. Since its origins in 1927, Nel has a proud
history of development and continual improvement of hydrogen
plants. Our hydrogen solutions cover the entire value chain from
hydrogen production technologies to manufacturing of hydrogen
fueling stations, providing all fuel cell electric vehicles with
the same fast fueling and long range as conventional vehicles
today.
This information is subject to a duty of disclosure pursuant to
Section 5-12 of the Norwegian Securities Trading Act. This
information was issued as inside information pursuant to the EU
Market Abuse Regulation, and was published by Wilhelm Finder, Head of Investor Relations, at
NEL ASA on the date and time provided.
About General Motors
General Motors (NYSE:GM) is a global company focused on
advancing an all-electric future that is inclusive and accessible
to all. At the heart of this strategy is the Ultium battery
platform, which will power everything from mass-market to
high-performance vehicles. General Motors, its subsidiaries and its
joint venture entities sell vehicles under
the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands.
More information on the company and its subsidiaries,
including OnStar, a global leader in vehicle safety and
security services, can be found
at https://www.gm.com.
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SOURCE General Motors Co.