Nel ASA has reiterated its cost target for green hydrogen production at $1.5/kg by 2025 with the company also discussing several projects aimed at reaching this intended goal.
This is comes with the news that Nel has achieved revenues of NOK 156.9m ($18m) in the first quarter of 2021, up 24% from NOK 126.5m ($15.1m) in the same quarter of 2020.
The key element to deliver on the cost target is the expansion of the electrolysis production to accommodate large-scale projects by constructing a fully automated manufacturing facility in Herøya, Norway the company said on Tuesday (4th May).
The construction process is on track, with more than 33,000 manhours completed and with zero health and safety incidents.
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