Denmark’s Topsoe A/S is preparing to spend $300 million on a US hydrogen electrolyzer factory in the latest example of President Joe Biden’s wave of federal incentives drawing European investment.
The Danish industrial company plans to make a final investment decision on the new facility by end of this year, Chief Executive Officer Roeland Baan said in an interview. The new factory would roughly double the company’s manufacturing capacity of the machines, adding to a site in Denmark that’s currently under construction.
Biden’s Inflation Reduction Act provides generous subsidies to produce hydrogen from renewable electricity, spurring companies to invest in a technology that would be uneconomical otherwise. The move by Topsoe follows Norwegian electrolyzer maker Nel ASA’s plan to build a factory in Michigan…