Fortescue’s acquisition of Nikola’s Phoenix Hydrogen Hub includes the installation of 80 MW of electrolyzer equipment previously supplied by Nel to Nikola. (Source: Shutterstock)
Nel ASA and Nikola Corp. have realigned their previous supply agreement for the supply of 110 alkaline stacks, Nel announced Feb. 2 in a press release.
At the same time, Nel is becoming metal mining and green energy company Fortescue’s supplier for its 80-megawatt (MW) electrolyser. The agreements have a total consideration of about $20 million, according to the press release.
In 2018, hydrogen technology company Nel and green energy company Nikola originally entered into a supply agreement, followed by a firm purchase order for 85 MW of electrolyzer equipment in 2020.
The original arrangement is now canceled, and both companies have a new supply agreement for 110 alkaline stacks and related balance of stack equipment. As compensation for the modified scope, Nel will receive around $9 million, the release stated.
Fortescue’s acquisition of Nikola’s Phoenix Hydrogen Hub includes the installation of 80 MW of electrolyzer equipment previously supplied by Nel to Nikola. In return for updated guarantees and warranties for the equipment and changes in the scope of delivery, Nel will receive about $11 million from Fortescue.
Recommended Reading
E&P Highlights: Sept. 9, 2024
2024-09-09 - Here’s a roundup of the latest E&P headlines, with Talos Energy announcing a new discovery and Trillion Energy achieving gas production from a revitalized field.
E&P Highlights: Oct. 7, 2024
2024-10-07 - Here’s a roundup of the latest E&P headlines, including a major announcement from BP and large contracts in the Middle East.
US Drillers Cut Oil, Gas Rigs for Second Week in a Row
2024-09-27 - The oil and gas rig count fell by 1 to 587 in the week to Sept. 27, the lowest since early September.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks
2024-10-11 - The oil and gas rig count rose by one to 586 in the week to Oct. 11. Baker Hughes said the total count was still down 36 rigs or 6% from this time last year.
US Drillers Add Oil, Gas Rigs for First Time in Five Weeks
2024-09-13 - The oil and gas rig count rose by eight in the week to Sept. 13 to 590, returning to mid-June levels. The increase was the biggest since the week to Sept. 15, 2023.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.