Slide 1: The next-generation pressurized alkaline electrolyser
The next-generation pressurized alkaline electrolyser Marius Løken, CTO, Nel ASA ©2026 Nel – All rights reserved
Slide 2: Total project cost must decline to unlock more projects
06.05.2026 NEXT GENERATION ALKALINE ELECTROLYSER Total project cost must decline to unlock more projects Full turn-key system CAPEX1) assumptions in current market (USD/kW) LCOH2) (USD/kg) 3 150 7.2 2 850 2.5 2 200 5.0 0.4 1 800 2.2 0.4 4.3 2.4 Reference projects (20-30 MW) McKinsey study (2 GW) Ref
Slide 3: How Nel approaches the challenge
How Nel approaches the challenge We fundamentally rethink the large-scale electrolyser – designed for cost and efficiency 3 ©2026 Nel – All rights reserved
Slide 4: Highlights from the design brief
NEXT GENERATION ALKALINE SOLUTION Highlights from the design brief • Improve energy efficiency • Minimize system footprint • Remove the building • Dramatically reduce project engineering hours • Dramatically reduce site works • Enable a wide operating range • Design for dynamic operations 4 ©2026 Ne
Slide 5: Eight years of development is behind this event
NEXT GENERATION ALKALINE ELECTROLYSER Eight years of development is behind this event 2026 2025 2023 2020 2019 Commercialization 2018 Full-length stack 230-cell Short stack Short stack 50-cell 10-cell Small cell-stack Small single-cell 5 ©2026 Nel – All rights reserved
Slide 6: Introducing…
Introducing… 6 ©2026 Nel – All rights reserved
Slide 7: The next-generation Pressurized Alkaline electrolyser
NEXT GENERATION ALKALINE ELECTROLYSER The next-generation Pressurized Alkaline electrolyser 7 ©2026 Nel – All rights reserved
Slide 8: Standardized and prefabricated modules to minimize site work and project complexity
NEXT GENERATION ALKALINE ELECTROLYSER Standardized and prefabricated modules to minimize site work and project complexity 8 ©2026 Nel – All rights reserved
Slide 9: 10 ton per day
NEXT GENERATION ALKALINE ELECTROLYSER 10 ton per day 25 MW, 15 bar(g) balanced pressure 9 ©2026 Nel – All rights reserved
Slide 10: Process module
NEXT GENERATION ALKALINE ELECTROLYSER Process module Process module • Separators • Interconnecting piping • Lye circulation • Vents • Controls 10 ©2026 Nel – All rights reserved
Slide 11: Electrolyser stack module
NEXT GENERATION ALKALINE ELECTROLYSER Electrolyser stack module 2 x Stack skids • Four stack skids à 6.25 MW • Four stacks per skid • 25 MW per system 2 x Stack skids 11 ©2026 Nel – All rights reserved
Slide 12: Power module
2 x Power supply NEXT GENERATION ALKALINE ELECTROLYSER Power module Transformers and rectifiers 2 x Power supply 12 ©2026 Nel – All rights reserved
Slide 13: Footprint reduced by up to 80%
NEXT GENERATION ALKALINE ELECTROLYSER Footprint reduced by up to 80% 35 m 6.5 m 13 ©2026 Nel – All rights reserved
Slide 14: System CAPEX reduction 40-60%
NEXT GENERATION ALKALINE ELECTROLYSER System CAPEX reduction 40-60% 14 ©2026 Nel – All rights reserved
Slide 15: Energy consumption 51-53 kWh/kg
NEXT GENERATION ALKALINE ELECTROLYSER Energy consumption 51-53 kWh/kg 15 ©2026 Nel – All rights reserved
Slide 16: The next-generation Pressurized Alkaline electrolyser
NEXT GENERATION ALKALINE ELECTROLYSER The next-generation Pressurized Alkaline electrolyser Footprint System CAPEX Energy reduction reduction consumption 80% 40-60% 51-53 kWh/kg 16 Vs. Nel’s atmospheric alkaline solution ©2026 Nel – All rights reserved
Slide 17: 25 MW building blocks scale to larger plants
NEXT GENERATION ALKALINE ELECTROLYSER 25 MW building blocks scale to larger plants 40 TPD / 100 MW in 1 750 m2 50 m 35 m Plant plot includes transformer, rectifier, electrolyser, gas management at 15 bar output Excludes sub-station, water purification, coolers, purging and compression above 15 bar ©
Slide 18: Selected design features, benefits, and key metrics
Selected design features, benefits, and key metrics 18 ©2026 Nel – All rights reserved
Slide 19: Key stack metrics
NEXT GENERATION ALKALINE SOLUTION Key stack metrics • Stack efficiency: 48.8-51.2 kWh/kg • Degradation: 1-1.4 pp/yr • Load range: 20-100% (system level 12.5-100%) • Pressure: 15 bar(g), balanced • Hydrogen purity: >99.5% • Dynamic response: 2 sec/pp • Design lifetime: 80 000 h / 10 yrs • Factory ass
Slide 20: Key stack design features
NEXT GENERATION ALKALINE SOLUTION Key stack design features Selected concepts • 20ft ISO-skid eases handling • Maximize gas flow per skid Cell diameter [cm] 1 800 950 750 Cell width [cm] 25 20 16 • Allows injection moulded cells Number of cells 160 920 100 • Avoid diaphragm and Flow [kg/day] 1 479 2
Slide 21: Key design features for injection moulding
NEXT GENERATION ALKALINE SOLUTION Key design features for injection moulding • Gasket free cell design • Patented double-seal concept • Manifold design to minimize shunt currents • Short cycle times with frame, structural core and goffer plate integrated in one moulding step • Future-proof to suppor
Slide 22: Shunt currents
Shunt currents a historic blind spot of pressurized alkaline electrolysis 22 ©2026 Nel – All rights reserved
Slide 23: What are shunt currents?
06.05.2026 NEXT GENERATION ALKALINE SOLUTION What are shunt currents? Wasted energy Current not passing through a cell produces no hydrogen. It just generates heat - a direct efficiency loss – or even In an electrolyser, electricity is supposed worse – produce the wrong gas in the wrong place. to fl
Slide 24: Nel's approach to shunt currents
NEXT GENERATION ALKALINE SOLUTION Nel’s approach to shunt currents Injection moulding enables the design freedom behind our patented manifold and cell architecture – unlocking a unique approach to reducing shunt currents, thereby improving system efficiency 24 ©2026 Nel – All rights reserved
Slide 25: Price estimate for a turnkey system
Price estimate for a turnkey system 25 ©2026 Nel – All rights reserved
Slide 26: Estimated total system price below USD 1 450/kW
NEXT GENERATION ALKALINE SOLUTION Estimated total system price below USD 1 450 /kW HW as illustrated include (ex. works) Normalized to 30 bar(g), 99.99% purity • Stack module • Process module • Power modules (transformer and rectifier) • Standard Nel warranties 25 MW system USDm USD/kW HW as illustr
Slide 27: …enabling supply of hydrogen at a significantly lower price
NEXT GENERATION ALKALINE SOLUTION …enabling supply of hydrogen at a significantly lower price Full turn-key CAPEX comparison Full turn-key LCOH comparison USD/kW USD/kg 3 150 7.2 2 850 2.5 4.5 0.4 1 435 2.8 4.3 0.3 1.3 Reference projects (20-30 MW) Pressurized Alkaline (25 MW) Reference projects (20
Slide 28: The future belongs to the front-runners
The future belongs to the front-runners ©2026 Nel – All rights reserved
Slide 29: Next-generation electrolyser production capabilities
Next-generation electrolyser production capabilities Mats Bohman, VP Alkaline Operations ©2026 Nel – All rights reserved
Slide 30: The new pressurized alkaline platform designed for manufacturing
NEXT GENERATION PRODUCTION CAPABILITIES The new pressurized alkaline platform designed for manufacturing • The produced units are part of a modular system with well-defined interfaces in order to minimize installation at site • The stack is a standard product fully fabricated at Nel production plant
Slide 31: The journey of industrialization
NEXT GENERATION PRODUCTION CAPABILITIES The journey of industrialization 1 2 3 4 5 Design for manufacturing Validate maturity Apply learnings Process validation Build the roadmap Design & process Design & processes Tolerances & assembly Serial line and tools Scalable volume ramp-up 3 ©2026 Nel – All
Slide 32: Manufacturing concept
NEXT GENERATION PRODUCTION CAPABILITIES Manufacturing concept 1 Standardized assembly 2 Make vs buy A clearly defined sequence ensures Driven by Nel's core technology weighed Quality, Repeatability and Just In Time against complexity, flexibility and total cost Delivery 3 Manual vs automated 4 Capac
Slide 33: Process overview: Supplier scope
NEXT GENERATION PRODUCTION CAPABILITIES Process overview: Supplier scope Manufacturing of Decoil and Cathode electrode Coating expand to mesh Cathode Electrodes Manufacturing of Anode electrode Nickel sheet Bipolar Decoil and plate slit cut Manufacturing of Bipolar plate Steel core frame manufacturi
Slide 34: The new production line
The new production line 500 MW
Slide 35: The new production line
NEXT GENERATION PRODUCTION CAPABILITIES The new production line Sprue cutting Quality inspection cell Injection moulding cell
Slide 36: The new production line
NEXT GENERATION PRODUCTION CAPABILITIES The new production line Laser Welding Electrode Assembly Diaphragm
Slide 37: The new production line
NEXT GENERATION PRODUCTION CAPABILITIES The new production line Stacking cell
Slide 38: The new production line
NEXT GENERATION PRODUCTION CAPABILITIES The new production line Test station
Slide 39: The product
The product ©2026 Nel – All rights reserved
Slide 40: Quality in every step
NEXT GENERATION PRODUCTION CAPABILITIES Quality in every step 1 Built-in quality 2 FMEA in every step PA is designed for robust Quality from Every process step is analyzed in detail the very beginning by combining design, to identify and mitigate risks before processes and equipment. they occur in r
Slide 41: Supply chain & Sourcing strategy
NEXT GENERATION PRODUCTION CAPABILITIES Supply chain & Sourcing strategy 1 Designed for 2 Early supplier 3 Global + regional 4 Result resilience involvement balance Scalable supply chain Supply chain built to reduce Suppliers engaged early to Qualified suppliers enables volume ramp-up risk while sup
Slide 42: Scaling the system
500MW 2GW 1GW Scaling the • Standardized line concept enables short lead-time for expansion of production system capacity • Pressurized Alkaline system designed for • The design of the line ensures pull flow and a stable, predictable production pace from launch to volume stepwise capacity increases
Slide 43: Support from the EU Innovation Fund to de-risk production capacity growth
NEXT GENERATION PRODUCTION CAPABILITIES Support from the EU Innovation Fund to de-risk production capacity growth Total funding up to Manufacturing capacity Total GHG emissions avoidance built in phases EUR 135 million 1 GW ready by 2027 33.5 Mt CO2 To commercialize and produce the Further scale to
Slide 44: The future belongs to the front-runners
The future belongs to the front-runners ©2026 Nel – All rights reserved