The hydrogen company Nel enters into a letter of intent with Spain’s largest electricity company Iberdrola. Together, they will develop green hydrogen production with a capacity of over 200 megawatts by 2023.
Published:Updated: November 18, 2020 9:01 PM, Published: November 18, 2020 8:10 PM
Nel and Spanish Iberdrola have entered into a letter of intent which means that together they will develop a green production plant with a capacity of over 200 megawatts (MW) in Spain by 2023.
Iberdrola is one of the world’s largest power companies.
CFO Kjell Christian Bjørnsen in Nel emphasizes that so far only a letter of intent has been entered into and no specific, binding contracts.
– How much money are we talking about?
– It is a significant million. But it depends on the size of the project and commercial negotiations, he says to E24.
– We have an ambition to deliver 200 electrolysers in 2023, he adds.
Read on E24 +
Also read: (+) Guide for Green Investors: How Much is a MegaWatt?
The project must be started immediately
The parties will immediately start strategic discussions about the project. The goal is to start operations with a start-up of 20 MW in 2021.
– Iberdrola shares the same goal with Nel, namely to make green hydrogen competitive against fossil hydrogen. We see this collaboration as a solid step towards succeeding with just that, says Nel CEO Jon André Løkke, in the press release.
Earlier this month, Iberdrola launched plans to develop an 800 MW green hydrogen project for the production of green ammonia.
Nel has also recently received a contract with the company for the delivery of a 20 MW electrolyser solution for a fertilizer project in Spain.
“This initiative will accelerate the production of green hydrogen in Spain and will create a new industry, the production of electrolysis systems, with high growth potential,” said Iberdrola CEO and chairman Ignacio Galán, in the announcement.
Read on E24 +
Also read: (+) These are NEL’s powerful competitors
Here you will find the message from the company
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