Nel has secured $29m in additional investment tax credits for its planned electrolyser gigafactory in Michigan, US, bringing its total funding to around $200m.
The extra funding came as part of the Qualifying Advanced Energy Project Tax Credit (48C) programme, which is funded by the Inflation Reduction Act (IRA) and managed by the US Department of Energy, Department of Treasury and the Internal Revenue Service.
Nel has yet to make a final investment decision (FID) on its 4GW factory, which is expected to be worth $400m. In an online statement, the Norwegian company said the “build-out of the site depends on demand.”
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