Oslo, Norway, Jan. 12, 2025 /PRNewswire/ — A subsidiary of In WHERE (At), (OSE: NEL) has been awarded to those USD 29 million of additional investment tax credits for his planned manufacturing expansion in Michigan as part of Qualification Advanced Energy (NASDAQ:) Project Tax Credit Program (48C).

The 48C program is funded by the Inflation Reduction Act and administered by US Department of EnergyTHE US Department of Treasuryand the Internal Revenue Service. A wholly owned subsidiary of In WHERE are now assured of those USD 29 million in additional tax credits, equal to 30% of the value of qualified investments. Receipt is subject to conditions, such as salary and apprenticeship requirements.

“Nel has a long history of investing in R&D and commercializing advances supported by federal funding, which creates confidence in Nel’s ability to manufacture and deliver agricultural products. Nel appreciates this continuous support from Department of Energy to increase the production capacity of our advanced electrolyser products,” said Kathy AyersNel’s Vice President, Research and Development.

Accumulated, Nel is now sure of near to USD 200 million in support of both tax credits and other grants from the state Michigan and Department of Energy. Final investment decision for Michigan The facility has yet to be acquired, and off-site construction is dependent on demand.

For more information, please contact:Kjell Christian BjørnsenCFO, +47 917 02-097Wilhelm FlindersHead of Investor Relations, +47 936 11 350

About In WHERE | www.nelhydrogen.com
Nel has a history that traces back to 1927 and is now a leading pure play hydrogen electrolyser technology company with a global presence. The company specializes in Alkaline and PEM technology for the production of renewable hydrogen. Nel’s product offerings are key enablers of a green hydrogen economy, making it possible to decarbonize various industries such as transportation, refining, steel, and ammonia.

This information is subject to the duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act. This information is issued as inside information in accordance with the EU Market Abuse Regulation, and published by Wilhelm FinderHead of Investor Relations, at WHERE on the date and time provided.

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https://news.cision.com/nel-asa/r/nel-asa–additional-usd-29-million-in-tax-credits-for-manufacturing-expansion-in-michigan,c4090281

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