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At the same time, Nel is becoming metal mining and green energy company Fortescue’s supplier for its 80-megawatt (MW) electrolyser. The agreements have a total consideration of about $20 million, according to the press release.
In 2018, hydrogen technology company Nel and green energy company Nikola originally entered into a supply agreement, followed by a firm purchase order for 85 MW of electrolyzer equipment in 2020.
The original arrangement is now canceled, and both companies have a new supply agreement for 110 alkaline stacks and related balance of stack equipment. As compensation for the modified scope, Nel will receive around $9 million, the release stated.
Fortescue’s acquisition of Nikola’s Phoenix Hydrogen Hub includes the installation of 80 MW of electrolyzer equipment previously supplied by Nel to Nikola. In return for updated guarantees and warranties for the equipment and changes in the scope of delivery, Nel will receive about $11 million from Fortescue.
2024-02-15 - Energy Transfer co-CEO Tom Long said the company is continuing to evaluate deal opportunities following the acquisitions of Lotus and Crestwood Equity Partners in 2023.
2024-02-14 - Williams to continue developing natural gas infrastructure in 2024 with growth capex expected to top $1.45 billion.
2024-02-20 - Midstream company Targa Resources reports a record fourth quarter in volumes and NGL fractionation.
2023-12-10 - A closer look at the Appalachian midstream capacity picture shows some opportunities that producers can exploit now and in the future.
2023-12-13 - The East Daley Analytics webinar ‘Dirty Little Secrets’ forecasts instability over the mid-term as major changes come to most sectors of the oil and gas industry.