A Letter of Intent (LoI) between three leaders in the hydrogen (H2) sector have joined forces to create a one-stop-shop for customers wanting to use H2 technologies across the value chain.
The entity, formed of Norway-based Nel ASA, Hexagon Composites ASA and PowerCell Sweden AB, will be equally owned. The parties intend to stimulate and develop projects to fully utilise each company’s respective technologies and competencies.
Hexagon Composites focuses on the storage and transport of high pressure gases whilst fuel cell specialist PowerCell focuses on developing and producing environmentally-friendly power systems. Dedicated H2 business Nel focuses on the production, storage and distribution of H2 from renewable energy.
Fundamentally, the partnership aims to be a single source for H2 technologies; from renewable production to storage, distribution and dispensing, as well as generating electricity via fuel cells.
“This cooperation is strategically important as we will be working with global market leaders and utilising each party’s respective technologies”
Jon Andrè Løkke, CEO of Nel
It will initially focus on opportunities in the maritime and marine segments as well as projects to leverage renewable energy resources, but it is expected that the collaboration will evaluate other potential application areas in the future.
Nel’s CEO Jon Andrè Løkke emphasised, “This cooperation is strategically important as we will be working with global market leaders and utilising each party’s respective technologies and competencies to develop new H2 solutions.”
“Together with Nel’s leading technology for H2 production and fuelling, the three companies are positioned to deliver unparalleled customer value in the form of zero-emission power solutions.”