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H2 Logic to develop world’s largest factory for hydrogen fueling stations

H2 Logic to develop world’s largest factory
for hydrogen fueling stations – sufficient for fueling 200.000 new FCEVs annually

H2 Logic A/S, a leading manufacturer of hydrogen fueling stations and part of Oslo Stock Exchange listed NEL ASA, has entered into a contract for the purchase of a facility in Herning, Denmark for the development of a new large-scale production factory. H2 Logic will relocate from present facilities to the nearby new factory during 2017. When fully expanded the factory will have an annual capacity to manufacture hydrogen fueling stations sufficient for fueling of 200.000 new Fuel Cell Electric Vehicles (FCEV).

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This press release is issued on basis of and subsequent to the NEL ASA market announcement to the Oslo Stock Exchange: http://www.newsweb.no/newsweb/search.do?messageId=398501

With a total investment of NOK ~85 million (~€9 million / ~$10 million), including a contingency of 10%, H2 Logic intends to convert the facility into a state-of-the-art volume production factory for fueling stations based on lean production principles. When ramp-up and plant optimization is complete, the facility will have a production capacity of up to 300 fueling stations per year. This will ensure further product improvements over time as well as other scale benefits.

Global leading car manufacturers are introducing FCEVs into more and more markets and plan for significant growth in volumes onwards 2020 and beyond. This requires an adequate capacity for manufacturing of hydrogen fueling stations to support a widespread roll-out of hydrogen infrastructure.

The new factory facility in Denmark will be prepared for the next generation fueling technology (H2Station®) that will offer major breakthrough’s in areas like increased fueling capacity and performance, reduced footprint as well as potential for significant cost reductions. The new H2Station® technology has been designed for lean volume manufacturing which is essential to achieve sufficient scale benefits.

Since 2011, H2 Logic has gained experience with volume manufacturing of hydrogen fueling, however, at a lower level. This has resulted in a market share in Europe of more than 30%. With the new facility, H2 Logic will take the production concept to the next level and create a benchmark facility not yet seen anywhere in the world.

H2 Logic will start to relocate to the new facility in the second half of 2016, and will complete the rebuild and relocation during 2017.

Jacob Krogsgaard CEO of H2 Logic states: “We have spent the last years on developing and perfecting a new generation of H2Station® technology and preparing it for lean volume manufacturing. This will enable us to meet the infrastructure market demand stemming from the car manufacturer’s introduction of FCEVs to global market regions for years to come.

NEL ASA market announcement to the Oslo Stock Exchange:
http://www.newsweb.no/newsweb/search.do?messageId=398501
Further information:
H2 Logic A/S, CEO, Jacob Krogsgaard, +45 2871 8945, jk@h2logic.com
About H2 Logic A/S
H2 Logic A/S is a leading manufacturer of H2Station® hydrogen refueling stations that provides fuel cell electric vehicles with the same fast fueling and long range as conventional vehicles today. H2 Logic is part of NEL ASA listed on the Oslo Stock Exchange. NEL ASA is a leading global supplier of hydrogen technology for industrial, energy and transport purposes, and has made over 500 deliveries in more than 50 countries. www.nel-asa.com

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