Additional USD 29 million in tax credits for manufacturing expansion in Michigan By Investing.com

Oslo, Norway, January 12, 2025 /PRNewswire/ — subsidiary of in the ASA (in), (OSE: NEL) awarded to approx 29 million US dollars additional investment tax incentives for its planned manufacturing expansion Michigan as part of qualification Enhanced energy (NASDAQ:) Project Tax Credit (48C) program.

The 48C program is funded by the Inflation Reduction Act and administered by Inflation US Department of Energyis US Department of the Treasuryand: Internal Revenue Service. A wholly owned subsidiary in the ASA now backed up to approx 29 million USD additional tax benefits equivalent to 30% of the value of qualifying investments. The receipt is subject to conditions such as salary and apprenticeship requirements.

“Nell has a long history of investing in R&D and commercializing breakthroughs with federal funding, building confidence in Nell’s ability to manufacture and deliver products to the field. Nell appreciates this continued support.” Department of Energy in increasing the production capacity of our advanced electrolyser products,” says Kathy AyersVice President Nel.

Accumulated, Nel has now secured approx 200 million USD both for tax credits and other government grant support Michigan and: Department of Energy. Final investment decision Michigan the facility has not yet been taken and the building of the space depends on the demand.

For more information, please contact:Kjell Christian BjornsenCFO, +47 917 02¯097Wilhelm FlindersHead of Investor Relations Department, +47 936 11 350

Near in the ASA |: www.nelhydrogen.com
Nel has a history dating back to 1927 and is today a leading clean-play hydrogen electrolyzer company with a global presence. The company specializes in renewable hydrogen production technologies. Nel’s product offerings are key enablers of the green hydrogen economy enabling decarbonisation of various sectors such as transport, recycling, steel and ammonia.

This information is subject to a disclosure obligation in accordance with section 5-12 of the Norwegian Securities Trading Act Wilhelm the FinderHead of Investor Relations, j in the ASA on the date and time provided.

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https://news.cision.com/nel-asa/r/nel-asa–additional-usd-29-million-in-tax-credits-for-manufacturing-expansion-in-michigan,c4090281

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