Korean engineering company Samsung E&A has acquired a 9.1% stake in Norwegian hydrogen company Nel ASA for approximately $33 million and signed a strategic partnership agreement.
As disclosed, Samsung E&A will own 10% of newly issued Nel ASA shares, becoming the Norwegian company’s largest single shareholder.
To note, Nel offers various electrolyzer solutions for hydrogen production based on renewable energy. The company is developing proton exchange membrane (PEM) and atmospheric alkaline electrolyzers.
Through the collaboration agreement, Samsung E&A aims to develop and offer its customers complete design packages for hydrogen plants based on Nel’s alkaline and PEM electrolyzers. In addition, the two companies will, reportedly, work on a larger consolidated balance of stack (BoS) system for Nel’s alkaline electrolyzers.
Håkon Volldal, President and CEO of Nel ASA, said: “Our strategy is to focus on electrolyser stack and balance of stack technology. Therefore, we need to work with EPC companies who can provide balance-of-plant solutions and increase our global market reach. It is an honor that a highly reputable and solid company like SAMSUNG E&A has decided to partner with Nel because of our technology and manufacturing leadership.”
Hong Namkoong, CEO of Samsung E&A, commented: “SAMSUNG E&A will provide integrated electrolyser solutions with competitive value and bankability to green hydrogen project owners with Nel. Green hydrogen is a core technology in clean tech with carbon-neutral technologies and has a high value not only as itself but also as a basic ingredient for green ammonia, green methanol, SAF, and e-fuel. Nel is a market-leading electrolyser company and the only company that has competitive technology in both Alkaline and Proton Exchange Membrane electrolyser with a 100-year history. We are very glad to announce our partnership with Nel.”
“We will continue to proactively secure technologies in the energy transition field, such as hydrogen and carbon neutrality, through technological investment and collaboration. We plan to create a virtuous business cycle by attracting high value-added EPC (engineering, procurement, construction) linked orders based on technological solutions.”
It is worth mentioning that, in 2025, Nel formally signed a €135 million grant agreement with the European Union’s (EU’s) Innovation Fund to support the industrialization of its next-generation electrolyzer technology. According to Nel, the EU’s support will be phased with the company’s own investments for up to 4 GW of capacity for pressurized electrolyzer equipment.
As for Samsung E&A, in 2025, it secured an engineering, procurement and construction (EPC) contract worth $1.7 billion to build UAE’s first methanol plant. The facility is projected to produce 1.8 million tons per annum (mtpa) of green methanol, powered by clean energy from the grid.