Gas technology company GTT has announced a strategic review of its PEM electrolyser subsidiary, Elogen, aimed at reducing its financing requirements.
In an online statement, the parent company wrote, “In a challenging market environment for green hydrogen and with the aim of limiting the financing needs of its subsidiary Elogen, GTT announces that it is undertaking a strategic review of the latter’s activities.
“This strategic review will lead the Group to explore all possible options regarding its subsidiary. Its initial conclusions are expected to be presented in the coming weeks, and no later than at the release of the 2024 annual results.
Since GTT acquired Elogen in 2020, the French company has announced various electrolyser sale agreements ranging from 2.5MW to 100MW capacities, although they received no new orders in 2024.
In 2022, the French government confirmed it would support the development of its electrolyser gigafactory with a subsidy of up to €86m ($87.7m). The facility, based in Vendôme, began construction a year ago and is scheduled to begin production this year.
Elogen’s confirmed electrolyser agreements include partnerships with Charbone Hydrogen, Symbio, Valmax Technology Corporation, Enertrag and CrossWind.
Read more:Elogen to supply Enertrag with 10MW PEM electrolyser for German hydrogen project
In November 2022, the French firm agreed with Canadian-based Charbone Hydrogen on a multi-year supply agreement, securing a supply chain of up to 100MW of PEM electrolysers.
In November 2022, the French firm agreed on a multi-year supply agreement with Canadian-based Charbone Hydrogen, which would take place between 2023 and 2026.
Elogen revealed it would supply Charbone with electrolysers ranging from 0.5MW to 5MW for all its green hydrogen projects in North America.
Read more:Charbone Hydrogen secures up to 100MW of electrolyser supply from Elogen
Looking ahead, GTT has stated it will refrain from commenting on the options under consideration regarding its subsidiary.
The company’s statement added, “Furthermore, GTT confirms its 2024 revenue and EBITDA targets, which are expected to be at the top of the guidance ranges, as indicated in October 2024.”
Nel pauses alkaline electrolyser production in Herøya, announces layoffs
Norwegian electrolyser firm has announced it will cut jobs and temporarily halt production of its alkaline hydrogen production technology as it faces slow uptake.
The longstanding hydrogen technology company said order intake in 2023 and 2024 “fell short of expectation” with several customer projects delayed or “at risk of being cancelled.”
Furthermore, Nel said that a customer has failed to pay for delivered equipment, with payment now being more than a year overdue, and is undertaking a process to retain ownership of the equipment.
This, it says, has resulted in a “limited need” to produce new alkaline electrolyser equipment in the near-term, and has temporarily halted production at its 1GW Herøya plant in Norway.
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