A subsidiary of Nel ASA has been granted up to approximately USD 29 million in investment tax credits for its proposed manufacturing expansion in Michigan as part of the 48C program. This program, funded by the Inflation Reduction Act and overseen by the US Department of Energy, the Department of Treasury, and the Internal Revenue Service, provides tax credits equivalent to 30% of the qualifying investments. Nel ASA's Vice President of Research and Development, Kathy Ayers, expressed gratitude for the support, highlighting the company's track record of R&D investment and successful commercialization of advancements. Nel ASA has received close to $200 million in combined support from tax credits and grants in Michigan and from the Department of Energy. The final decision on investing in the Michigan facility is pending, with the site development hinging on market demand for their advanced electrolyser products. Nel ASA, a prominent hydrogen electrolyser technology company, plays a pivotal role in enabling a green hydrogen economy, offering solutions for decarbonizing various industries like transportation, refining, steel, and ammonia.