Norwegian company Nel has decided to create 500 new jobs in the US instead of Europe, despite efforts by the European Union to attract clean tech investment. Nel’s CEO, Håkon Volldal, cited benefits such as being close to customers and partners, as well as financial incentives in the US. The EU plans to produce and import 20 million tons of renewable hydrogen per year by 2030, but the US is now aiming to overtake Europe in hydrogen production and electrolyzer technology. Michigan is hoping to establish itself as a hub for the hydrogen industry and has attracted Nel with the promise of federal grants. The US government argues that its energy policy benefits both the US and its allies. European officials acknowledge that the US is becoming an attractive prospect for companies due to the subsidies available and the less complex application process. However, they insist that Europe is still offering funding and incentives to support the industry. Some experts believe the competition is beneficial, pushing both the US and Europe to increase their ambitions in clean energy investment. Others argue that European governments should provide more financial support if they want to compete with the US.
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