Nel raises $155M from share sale

Nel, a Norwegian hydrogen firm, has raised 1.61 billion Norwegian crowns ($154.70 million) through the private placement of 108 million new shares at 14.90 crowns each, or 9% less than the stock’s closing price in Oslo.

Nel said in a statement that it plans to start building a new facility in the United States or to partially finance the expansion of existing Heroeya plant with the net proceeds from the private placement.

By 08:59 GMT, the group’s shares were down 7.2%, trailing a 0.1% increase in the benchmark index for Oslo. Nel announced on Tuesday that it would sell an extra 10 million shares to shareholders who had not purchased shares in the share sale on Monday.

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