Nel Hydrogen Electrolyser AS signed a 40 MW contract with HyCC. The client has postponed its H2eron project to being realised in 2028 at the earliest and has therefore cancelled the purchase order. The cancellation is in accordance with the initial agreement for this project where production was communicated to start in Fourth Quarter 2025.

Nel has not booked any revenue for the project, and the cancellation will have a negative backlog impact of about EUR 12 million. HyCC and Nel are planning to continue their partnership and are in talks to use Nel's alkaline electrolysers in the new setup for the H2eron project, with a capacity of up to 50 MW.