RIL & Nel enter agreement to increase new energy investments

27 May 2024 CW Team

Reliance Industries Ltd (RIL) recently forged a technology partnership with Norway's Nel ASA, a move aimed at accelerating its investments in new energy ventures, particularly in the realm of green hydrogen production. Under the agreement inked on May 21, RIL secured an exclusive license for Nel's alkaline electrolysers within India, along with the authority to manufacture these electrolysers for internal use globally. This strategic alliance is viewed as mutually beneficial, with RIL advancing its aspirations in the new energy sector while Nel gains access to revenue streams previously untapped in the Indian market. Morgan Stanley, in an analysis, hailed the partnership as supportive of RIL's endeavour to expedite its new energy initiatives, facilitating the establishment of an integrated energy vertical and the decarbonisation of its portfolio.

For Nel, the agreement presents an avenue for revenue generation beyond its traditional operations, reducing reliance solely on securing large electrolyser orders. The deal empowers Nel to procure equipment from Reliance for its own projects, while still servicing the Indian market with technology platforms not covered by the agreement. Recognising the significance of executing on new energy plans for future value creation, both parties are poised to leverage Nel's established technology platform for electrolyser manufacturing, advancing RIL's green energy aspirations and contributing to India's renewable energy targets. (Source: ET)

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