Nel ASA announced that the company has entered into Letter of Intent with Hexagon Composites ASA and PowerCell Sweden AB to establish a joint venture (JV) for the development of integrated hydrogen projects. The joint venture will initially focus on opportunities in the maritime and marine segments as well as projects to leverage renewable energy resources. The JV will be equally owned by the three parties and will initially focus on projects within marine applications.

Over time, however, the JV may also evaluate projects within other application areas, says Jon Andrè Løkke, Chief Executive Officer of Nel. The JV is aimed at creating a one-stop-shop for customers wanting to utilize hydrogen technologies across the value chain: From renewable hydrogen production, to storage, distribution and dispensing, to generating electricity via fuel cells.