Nel Hydrogen’s planned fuel division has been named Cavendish Hydrogen and has elected its initial Members of the Board, with Robert Borin appointed CEO.
Named in tribute to English scientist, Henry Cavendish – known for the discovery of hydrogen, the spin-off has been established to create two “independent pure-play companies” that want to become market leaders in their respective fields.
All of Nel’s assets, rights and liabilities related to refuelling have been transferred to Cavendish. Subject to Nel’s decision to complete the spin-off and the separate listing of Cavendish, the shares in the company are intended to be distributed to the shareholders of Nel as dividends in kind.
Cavendish Hydrogen has not yet been separately listed and Nel has stated “no assurances can be given that it will be completed.” Despite this, the company plans to complete the new company by the end of Q2 2024, in which the shares of Nel will remain listed on the OSE.
Cavendish’s CEO, Borin will be joined by Marcus Halland as Chief Financial Officer. Jon André Løkke has been elected Chair of the Board and will work with Board Members Mimi K. Berdal, Vibeke Strømme, Allan Bødskov Andersen and Kim Søgård Kristensen.
During Nel’s 2023 financial results, Nel CEO, Håkon Volldal said, “The underlying market drivers for electrolysers and hydrogen fuelling stations remain strong. We believe that two independent and focused companies represent the structure that maximises the likelihood of success for each business and therefore long-term shareholder value.”
Read more:Nel explores spin-off and separates listing of hydrogen fuelling business in 2024
Last June (2023), Nel received a purchase order for the delivery of 16 hydrogen refuelling stations to be deployed in California, the US.
Worth $24m, the order includes a previous Capacity Reservation Agreement (CRA) fee of around $7m. H2 View understands Nel agreed to deliver the first fuelling equipment in Q4 2023.
Read more:Nel ASA reaches final agreement to deliver hydrogen refuelling stations to California
