Nel ASA provides alkaline and PEM electrolyzers that split water into hydrogen and oxygen using renewable electricity. These systems allow refineries and chemical plants to replace fossil fuel based hydrogen with low carbon alternatives. The company uses a modular design to scale production from small industrial sites to multi megawatt installations. This technology is critical for decarbonizing heavy industry and supporting hydrogen fueling infrastructure for heavy duty transport.
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The distinction between alkaline and PEM is the real story here. PEM is great for following the swings of wind and solar, but the cost per kilowatt is usually higher. I wonder what the actual capacity factors are for these US deployments.
Capacity factors matter, but the tax credits in the US are often tied to the carbon intensity of the electricity used. If the grid mix is too dirty, the green hydrogen label disappears regardless of the hardware choice.
Modular is a good buzzword, but the real cost is in the balance of plant. Water treatment and gas handling equipment often take up as much space and budget as the electrolyzer stacks themselves.
Basic overview of Nel's tech. It covers the shift from steam methane reforming to electrolysis. Worth a look if you want to see how industrial hydrogen is moving away from natural gas.
