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OSLO, Norway, May 21, 2024 /PRNewswire/ -- Nel Hydrogen Electrolyser AS, a fully owned subsidiary of Nel ASA (Nel),(OSE: NEL), has entered into a technology licensing agreement with Reliance Industries Limited (RIL). The agreement provides RIL with an exclusive license for Nel's alkaline electrolysers in India and also allows RIL to manufacture Nel's alkaline electrolysers for captive purposes globally.
"The signing of this agreement is a great milestone in Nel's history. Reliance is an impressive company with enormous ambitions as a global producer of renewable hydrogen, and I am proud that they have selected Nel as their technology partner. In addition to supporting Reliance in achieving their global aspirations, Nel will through this agreement get a revenue stream from a rapidly growing market Nel could not have accessed on its own," says Nel's President and CEO, Håkon Volldal.
RIL is a Fortune 500 company and India's largest private sector corporation. The company is renowned for its capacity to execute large-scale projects and robust investments in technology and innovation. RIL is building a multi-GW fully integrated end-to-end new energy value chain, from photon to green molecules, paving the way for abundant and affordable access to sustainable energy for everyone, as per the vision set by RIL's Chairman and Managing Director, Mr. Mukesh Ambani. Green hydrogen is a critical element of the new energy value chain – and the partnership between RIL and Nel in relation to alkaline electrolysers is an important milestone towards the sustainable energy future.
Through the agreement, Reliance gets access to Nel's leading, proven technology platform for manufacturing electrolysers. RIL has successfully built multiple businesses of truly global scale. This partnership of Nel's robust technology platform with RIL's execution prowess – will further add to the success story for both partners.
Both partners will also collaborate on future performance improvements and cost optimization through research and development (R&D), value engineering, standardization and modularization to improve the competitiveness of the alkaline technology platform.
According to the agreement, Nel can procure equipment from Reliance for its own projects. Nel will continue to serve the Indian market with technology platforms that are not covered by the agreement.
For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02 097
Lars Nermoen, Head of Communications, +47 902 40 153