Nel ASA

Nel Hydrogen US, a subsidiary of Nel ASA, has received a new purchase order from Collins Aerospace for PEM electrolyser stacks valued at approximately USD 12 million. The equipment will generate oxygen for life-support systems used on US submarines, with deliveries expected throughout 2027 and 2028. The stacks will be manufactured at Nel's facility in Wallingford, Connecticut. Chief Commercial Officer Todd Cartwright said the order extends a long-standing cooperation built around reliable oxygen generation for demanding submarine applications, and confirms the continued relevance of Nel's PEM technology and manufacturing capabilities. The order reflects growing momentum for Nel's technology in defence applications, where reliability, operational resilience and a long service life are paramount.

Nel ASA has entered into a framework agreement with Hydrasun to establish dedicated assembly and integration capabilities in Europe for the MC Series, Nel's modular and scalable PEM technology platform. Under the agreement, Hydrasun will procure, integrate and manufacture the balance of plant systems surrounding the electrolyser stack, enabling delivery of a fully integrated, modular and containerized electrolyser offering, while stack production continues at Nel's Wallingford, Connecticut facility in the US. The partnership gives Nel an experienced European integration partner alongside its existing integration setup in the US, expanding manufacturing flexibility and supply chain resilience and bringing production closer to key growth markets. Hydrasun's initiative is supported by the Scottish Government's Just Transition Fund and will see the company invest in and upgrade its Aberdeen facilities, with the potential to create up to 12 new jobs while safeguarding a further 11 existing roles. James Gaskell, Chief Executive at Hydrasun, called the agreement a defining moment in the company's evolution and said establishing Scotland's first electrolyser assembly and integration facility is a proud milestone, while Tushar Ghuwalewala, SVP PEM Operations at Nel, said the collaboration enhances Nel's ability to serve key markets with greater flexibility and scalability across its production network.

The global green hydrogen market is projected to grow from USD 12.5 billion in 2025 to USD 188.9 billion by 2035, at a compound annual growth rate of 31.2%, according to a new report by Custom Market Insights. The market is expected to reach USD 16.4 billion in 2026. Growth is driven by demand from heavy industries such as steel, chemicals, and refining seeking to decarbonize, as well as increasing adoption of hydrogen fuel cells in transportation. North America held the largest market share in 2025, while the Asia Pacific region is forecast to grow at the highest rate during the forecast period. Key players include Siemens Energy, Nel ASA, ITM Power, and Plug Power.