Nel Hydrogen Electrolyser AS, a fully owned subsidiary of Nel ASA (Nel) on Tuesday (May 21) announced it has entered into a technology licensing agreement with India's largest private sector corporation, Reliance Industries Limited (RIL).
The licensing agreement gives Reliance the exclusive license to use Nel's alkaline electrolyzers in India and manufacture Nel's alkaline electrolyzers for Reliance's captive purposes globally.
"Reliance is an impressive company with enormous ambitions as a global producer of renewable hydrogen, and I am proud that they have selected Nel as their technology partner," said Håkon Volldal, President and CEO of Nel.
"In addition to supporting Reliance in achieving their global aspirations, Nel will through this agreement get a revenue stream from a rapidly growing market Nel could not have accessed on its own."
The Indian conglomerate is currently building a multi-gigawatt fully integrated end-to-end new energy value chain, and green hydrogen is a critical aspect of Reliance's new energy value chain.
Earlier this year, RIL was selected as one of the winners of a government tender seeking green hydrogen producers for setting up local production facilities in India.
As for Nel, the agreement states it can procure equipment from Reliance for its projects. Both partners have also agreed to collaborate on future performance improvements and cost optimization through research and development (R&D), value engineering, standardization, and modularization to improve the competitiveness of the alkaline technology platform.
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