Nel ASA: Additional USD 29 million in tax credits for manufacturing expansion in Michigan
(January 12, 2025 - Oslo, Norway) A subsidiary of Nel ASA (Nel, OSE:NEL) has been awarded up to about USD 29 million in additional investment tax credits for its planned manufacturing expansion in Michigan as part of the Qualifying Advanced Energy Project Tax Credit (48C) program. The 48C program is funded by the Inflation Reduction Act and managed by the US Department of Energy, the US Department of Treasury, and the Internal Revenue Service. A fully owned subsidiary of Nel ASA has now secured up to about USD 29 million in additional tax credits, equivalent to 30 % of the value of