Nel Gets $20 Million from Nikola, Fortescue Deals
By Dominic Chopping
Nel will receive around $20 million after a previous deal with Nikola was reworked and at the same time the Norwegian hydrogen company signed a supply deal with Fortescue.
Nel previously entered a supply agreement with electric-vehicle maker Nikola, but the companies have agreed to cancel that deal and instead sign a new agreement for different equipment, with Nel receiving around $9 million.
In addition, Nel will receive around $11 million from Fortescue. The Australian mining group has acquired Nikola's Phoenix Hydrogen Hub and the deal includes the installation of electrolyser equipment previously delivered by Nel to Nikola.
The payment will cover updated guarantees and warranties for the equipment and changes in the scope of delivery.
Nel shares trade 7.3% higher at NOK5.64.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
February 02, 2024 09:29 ET (14:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations