Nel shares rise after major clean energy contract in the US
26/04/2024 08:48
** Shares in Nel NEL.OL rise 8.5% after the Norwegian
hydrogen company signed on Friday a major deal to supply
equipment for a large-scale clean energy project in the U.S.
** The deal, which involves supplying 1 GW of alkaline
electrolysers for the Mississippi Clean Hydrogen Hub, signals
Nel's entry into large-scale manufacturing, RBC says
** "No financials have been disclosed at this stage although
we estimate this could result in a purchase order worth well
over $100 million, that is >NOK 1 billion," the broker says
** RBC adds that this would represent significant upside to
revenue expectations for 2025 and 2026
** About 5.1 million Nel shares have traded so far on
Friday, nearly 60% of their 30-day moving average full-day
volume of 8.8 million shares
(Reporting by Jesus Calero)
((Jesus.calero@thomsonreuters.com))