Norwegian electrolyser OEM Nel has revealed that it will not build its planned gigafactory in Michigan, the US, until there is a sustainable market.
The announcement follows Nel’s 23% year-over-year drop in order backlog to NOK 1.6bn ($144m) in 2024, alongside a 44% decline in cash reserves, which fell from NOK 3.3bn ($297m) to NOK 1.8bn ($162m) over the same period.
Speaking during the company’s Q4 2024 earnings call, Chief Financial Officer (CFO) Kjell Christian Bjørnsen said that despite receiving up to around $200m in funding to build the 4GW PEM electrolyser facility, it’s still waiting for a market.
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