Norwegian electrolyser OEM Nel has revealed that it will not build its planned gigafactory in Michigan, the US, until there is a sustainable market.

The announcement follows Nel’s 23% year-over-year drop in order backlog to NOK 1.6bn ($144m) in 2024, alongside a 44% decline in cash reserves, which fell from NOK 3.3bn ($297m) to NOK 1.8bn ($162m) over the same period.

This is a paid article, to read the article in full you can
sign in if you are subscribed or
subscribe today.