In a significant step towards bolstering hydrogen infrastructure in Europe, Cavendish Hydrogen ASA, a subsidiary of Nel ASA, has received a purchase order from Alperia Greenpower SRL. The order is for hydrogen fueling equipment to be installed at a site in Bruneck, South Tyrol, designed to support light- and heavy-duty fuel cell electric vehicles.
This project marks a milestone for both Alperia and Nel. “We are pleased to be chosen by Alperia to be the supplier of their first hydrogen fueling station. It will also be Nel’s first H2Station™ installation in Italy, and we are looking forward to delivering and demonstrating our performance and capabilities in this lighthouse project,” said Robert Borin, the future CEO of Cavendish Hydrogen.
Key Details of the Project
- Purpose: The hydrogen fueling station will support the 2026 Winter Olympics, fueling vehicles transporting athletes and officials between Olympic sports facilities.
- Contract Value: The total contract value is approximately EUR 3.8 million, which includes a two-year service and maintenance agreement.
- Timeline: The station is scheduled to become operational in the second half of 2025.
Strategic Spin-Off Plans
Nel ASA is contemplating a strategic spin-off of its Hydrogen Fueling activities, forming Cavendish Hydrogen. If the spin-off proceeds, the shares of Cavendish Hydrogen will be distributed to Nel’s shareholders as a dividend in kind. The decision to spin off and list Cavendish Hydrogen separately has not been finalized, but if approved, the process is expected to be completed by the end of the second quarter of 2024. Post spin-off, Nel ASA’s Electrolyser division will continue to be listed on the OSE under the ticker “NEL”.
