Norway's Nel mulls spin-off, listing for fuelling division (updated)
28/02/2024 06:51
(Adds details from paragraph 2)
Feb 28 (Reuters) - Norwegian hydrogen company Nel
NEL.OL is considering a spin-off and separate listing in 2024
of its fuelling division, which has been under review since
end-2022, the company said on Wednesday.
The hydrogen sector has been facing difficulties
scaling-up because of a lack of subsidies and oversupply, while
Nel's electrolyser unit lost an order from a significant
customer.
The fuelling division, which designs, manufactures and
installs hydrogen fuelling stations, has been underperforming in
recent quarters.
The spun-off shares would be distributed to all existing
shareholders as a dividend-in-kind.
(Reporting by Agata Rybska and Jesus Calero; Editing by Himani
Sarkar and Tom Hogue)
((agata.rybska@thomsonreuters.com))