Additional $29 Million in Tax Breaks for Michigan Manufacturing Expansion by Investing.com

Oslo, Norway, January 12, 2025 /PRNewswire/ — Subsidiary company In Asa (in), (OS: Neal) It was awarded up to approx 29 million US dollars In additional investment tax credits for planned manufacturing expansion in Michigan As part of the qualifiers Advanced energy (NASDAQ:) Enterprise Tax Credit Program (48C).

The 48C program is funded under and administered by the Inflation Control Act US Department of Energythe US Department of Treasuryand Internal Revenue Service. A wholly owned subsidiary of In Asa Up to approx 29 million US dollars Additional tax exemptions equivalent to 30% of the value of eligible investments. Receipt is subject to conditions, such as wage and job training requirements.

“Neal has a long history of investing in R&D and commercialization of developments supported by federal funding, which creates confidence in Neal's ability to manufacture products and bring them to the field. Neal appreciates this continued support from Department of Energy “In expanding the manufacturing capacity of our advanced electrolyzer products.” Cathy AyersVice President of Research and Development at Nel.

Accumulated, Neil has now secured near 200 million dollars To support both tax credits and other grants from the state Michigan and Department of Energy. Final investment decision Michigan The facility has not yet been taken over, and site construction is dependent on demand.

For additional information, please contact:Kjell Christian BjörnsenCFO, +47 917 02¯097Wilhelm FlindersHead of Investor Relations, +47 936 11 350

on In Asa | www.nelhydrogen.com
With a history dating back to 1927, Nel is today a leader in pure hydrogen electrolysis technology with a global presence. The company specializes in alkaline and PEM technology for renewable hydrogen production. Nel's product offerings are key enablers of the green hydrogen economy, making possible the decarbonisation of various industries such as transport, refining, steel and ammonia.

This information is subject to a duty of disclosure under Section 5-12 of the Norwegian Securities Trading Act. This information has been released as inside information under the EU Market Abuse Regulation and is published by Wilhelm discovererHead of Investor Relations, V In Asa On the date and time provided.

This information is brought to you by Cision http://news.cision.com

https://news.cision.com/nel-asa/r/nel-asa–additional-usd-29-million-in-tax-credits-for-manufacturing-expansion-in-michigan,c4090281

The following files are available for download: