By Dominic Chopping

Nel signed an agreement with Reliance Industries that provides the Indian conglomerate with a license for its alkaline electrolyzers.

The Norwegian hydrogen company said the deal allows Reliance to manufacture Nel's alkaline electrolyzers and will see the two companies collaborate on performance improvements and cost-optimization measures to improve competitiveness of the alkaline technology.

Nel will continue to serve the Indian market with technology platforms that aren't covered by the agreement.

"In addition to supporting Reliance in achieving their global aspirations, Nel will through this agreement get a revenue stream from a rapidly growing market Nel could not have accessed on its own," Nel Chief Executive Hakon Volldal said Tuesday.

Financial terms weren't disclosed.

Write to Dominic Chopping at

(END) Dow Jones Newswires

05-21-24 1001ET