Nel ASA: Nel realigns relationship with Nikola and will support Fortescue on its 80 MW Phoenix Hydrogen Hub
(February 2, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) and Nikola have realigned their previous agreement, and at the same time Nel will become Fortescue’s supplier for their 80 MW electrolyser, for a total consideration of about USD 20 million. In 2018, Nel entered into a supply agreement with Nikola, followed by a firm purchase order for 85 MW of electrolyser equipment in 2020 that has been delivered. The two parties have now agreed to cancel the old supply agreement (which also included Balance of Plant and fueling stations) and will agree to a new agreement for 110 alkaline stacks