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Nel ASA Secures €37.8M Tax Credits for Michigan Gigafactory, Total Support Reaches Nearly $170 Million

Norwegian hydrogen solutions provider, Nel ASA (OSE:NEL), has secured up to €37.8m in investment tax credits for its planned gigafactory in Michigan. The company’s latest financial support comes under the Qualifying Advanced Energy Project Tax Credit (48C) programme. This brings Nel’s total support to nearly USD 170 million, which includes the USD 75 million previously disclosed. The tax credits a fully-owned unit of Nel will receive are equal to 30% of the value of qualifying investments under the 48C. The new Michigan factory will have an annual nameplate capacity of 4 GW and will produce PEM stacks developed with General Motors. Nel continues to work on the expansion of its existing electrolyser factory in Connecticut.

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