Norwegian company Nel has secured a €135 million grant from the EU’s Innovation Fund to advance its next-generation electrolyzer technology. The technology, currently in the prototype stage, is set to have an initial annual capacity of 1-2 GW at Nel's Herøya facility in Norway. The grant will support the scaling of capacity up to 4 GW for pressurized electrolyzer equipment, subject to successful testing and market acceptance. Nel sees this funding as a crucial step in scaling green hydrogen production, driving technological innovation, and aiding Europe in achieving its climate objectives. In a related development, Nel recently decided to halt production at its alkaline electrolyzer facility in Herøya due to lower-than-expected order intake in 2023 and 2024. The company's shift towards solely focusing on electrolyzer development for renewable hydrogen led to the spin-off of its fueling division as Cavendish Hydrogen, listed on the Oslo Stock Exchange. The final investment decision to expand capacity depends on the successful testing of the new technology and its acceptance in the market. Nel's efforts align with the broader push towards sustainable energy solutions and the transition to a greener economy.