By Michael Elkins
Nel ASA, a subsidiary of the Norwegian Nel Hydrogen, announced Wednesday that they have entered into a joint development agreement with General Motors (NYSE:GM) to help accelerate the industrialization of Nel's proton exchange membrane electrolyzer platform.
"General Motors is one of the global leaders in hydrogen fuel cell propulsion with more than 50 years of experience. We believe this collaboration will give us a competitive advantage in industrializing the production of our PEM electrolyzers and further improving the efficiency of our technology," said Nel's CEO, Håkon Volldal.
"Adding Nel as a strategic collaborator is an important step to help us commercialize fuel cell technology. Electrolysis is key to creating consistent, clean sources of hydrogen to power fuel cells," said Charles Freese, GM executive director, Global HYDROTEC. "Nel has some of the most promising electrolyzer technology to help develop clean hydrogen infrastructure, and we believe our HYDROTEC fuel cell IP can help them get closer to scale."
Nel will be compensating GM for the development work and IP transfer on an ongoing basis and pay a license after successful commercialization dependent on how much of the end product is based on GM technology.
Shares of GM are down 3.21% near end of day trading on Wednesday.