Nel ASA, a subsidiary of Nel, has secured up to USD 29 million in additional investment tax credits for its planned manufacturing expansion in Michigan. This funding is part of the Qualifying Advanced Energy Project Tax Credit (48C) program, supported by the US Department of Energy, the US Department of Treasury, and the Internal Revenue Service. The tax credits, equivalent to 30% of qualifying investments, are subject to conditions like wage and apprenticeship requirements. Nel ASA has a history of investing in research and development (R&D) and commercializing advancements with federal funding, which has led to confidence in the company's ability to manufacture and deliver hydrogen electrolyser products. With substantial financial support from Michigan state and the Department of Energy amounting to nearly USD 200 million, Nel ASA aims to scale up its manufacturing capabilities. The final decision to proceed with the Michigan facility is pending and contingent on market demand. Nel ASA, founded in 1927, specializes in Alkaline and PEM technology for renewable hydrogen production, enabling a green hydrogen economy to decarbonize industries like transportation, refining, steel, and ammonia. This positive development reflects Nel ASA's commitment to advancing green technology and contributing to a sustainable future.