Nel ASA Receives Up to $41 Million in Tax Credits for Michigan Manufacturing Expansion Under Inflation Reduction Act.

Nel ASA has been awarded up to USD 41 million in investment tax credits for its planned manufacturing expansion in Michigan as part of the Qualifying Advanced Energy Project Tax Credit (48C) program. The program is funded by the Inflation Reduction Act and managed by the US Department of Energy, the US Dept of Treasury, and the Internal Revenue Service. A fully owned subsidiary of Nel ASA will receive up to about $ 41 million, equivalent to 30% of the value of qualifying investments, subject to conditions such as wage and apprenticeship requirements. This support increases the attractiveness of investing in expanding Nel’s capacity and capability in the US. Nel has already secured close to USD 170 million in accumulated support from the Department of energy and the State of Michigan for its Michigan facility.