Nel ASA is a global hydrogen technology company focused on the production of renewable hydrogen. Following the June 2024 spin-off of its hydrogen fueling division into a separate publicly listed entity, Cavendish Hydrogen, Nel repositioned itself as a pure-play electrolyser manufacturer. The company operates through two core segments: Nel Alkaline Electrolyser and Nel PEM Electrolyser. These divisions design, manufacture, and install large-scale water electrolysis systems that use electricity to split water into hydrogen and oxygen. Nel's alkaline electrolysers are known for their proven reliability in large-scale industrial applications, while its proton exchange membrane (PEM) systems offer dynamic operation suitable for integration with fluctuating renewable energy sources.
Nel generates revenue primarily through the sale of electrolyser equipment, balance-of-plant components, and related technical services to engineering, procurement, and construction (EPC) partners and industrial end-users. The company also earns revenue through strategic technology licensing agreements, such as its exclusive licensing deal with Reliance Industries in India. Geographically, Nel has a strong presence in Europe and North America, operating state-of-the-art manufacturing facilities in Herøya, Norway, and Wallingford, Connecticut. By providing cost-competitive green hydrogen technology, Nel plays a critical role in the global energy transition, targeting the decarbonization of hard-to-abate sectors including transportation, steel manufacturing, oil refining, and ammonia production.
