Additional USD 29 million in tax credits for manufacturing expansion in Michigan By Investing.com

Oslo, Norway, January 12, 2025 /PRNewswire/ — Under the By ASA (within), (SE: NEL) allocated approx 29 million dollars with additional investment tax credits for the planned expansion of its production by Michigan as part of Eligibility Advanced Energy (NASDAQ:) Project Tax Credit Program (48C).

The 48C program is funded by the Affordable Care Act and administered by US Department of Energythe US Treasury Departmentand to Internal Revenue Service. Fully furnished sub By ASA it has been protected for approx 29 million dollars with additional tax credits, equal to 30% of the value of qualified investments. Receipt is subject to conditions, such as salary and scholarship requirements.

“Nel has a long history of investing in R&D and business development supported by government funds, building confidence in Nel’s ability to create and bring products to the field. Nel appreciates the continued support from to. Department of Energy to expand the manufacturing capacity of our advanced electrolyser products,” he says Kathy AyersVice President, Research and Development Nel.

When he was gathered, Nel was now safely nearby USD 200 million in support of both tax credits and other subsidies from the country Michigan and Department of Energy. Final financial decision for Michigan The facility has not yet been taken, and construction of the property is subject to demand.

For more information, please contact:Kjell Christian BjørnsenCFO, +47 917 02¯097William FlindersHead of Investor Relations, +47 936 11 350

About By ASA | www.nelhydrogen.com
Nel has a long history since 1927 and today it is a leading company in the field of hydrogen electrolyser known worldwide. The company specializes in Alkaline and PEM technologies for renewable hydrogen production. Nel’s products contribute significantly to the green economy of hydrogen, which makes it possible to remove carbonates in various industries such as transport, refining, steel and ammonia.

This information is subject to a disclosure duty in accordance with Section 5-12 of the Norwegian Securities Trading Act. This information is provided as internal information in accordance with the EU Market Abuse Act, and is published by Wilhelm FinderHead of Investor Relations, ho ADD ASA on a given day and time.

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https://news.cision.com/nel-asa/r/nel-asa–additional-usd-29-million-in-tax-credits-for-manufacturing-expansion-in-michigan,c4090281

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