Nel ASA

Regulatory Filings • Oct 22, 2024

Nel ASA: Awarded EUR 135 million in grants for industrialization of next-generation electrolyser technology in Norway

Nel ASA: Awarded EUR 135 million in grants for industrialization of next-generation electrolyser technology in Norway

(October 22, 2024 - Oslo, Norway) Nel Hydrogen Electrolyser AS, a fully owned

subsidiary of Nel ASA (Nel, OSE:NEL), has today been awarded a grant from the EU

Innovation Fund of up to EUR 135 million for industrialization of its next

-generation pressurized alkaline technology. The technology is currently being

prototyped, and the potential industrialization is planned at Herøya, Norway.

"We continue to realize the full potential of our current technology at the same

time as we develop future technologies to help our customers drive down the cost

of green hydrogen. This grant will make it significantly easier for us to bring

our new innovative pressurized alkaline technology to market," said Nel's

President and CEO, Håkon Volldal.

Nel has been developing its next-generation pressurized alkaline technology for

more than five years. The technology is currently in the prototype stage with

promising results. Nel has now been awarded a grant for a phased build-out of

production at Herøya, Norway. The grant application was supported by Enova SF,

the Norwegian national contact point for the EU Innovation Fund.

"Building on nearly 100 years of electrolyser innovation, we have developed this

new, differentiated technology that will be a step-change in cost and

performance for renewable hydrogen. Bringing a new technology to market always

entails risk, and we are thankful for the support we have previously received

from the Research Council of Norway and Innovation Norway. With this

substantially larger grant from the EU Innovation Fund, we will be able to bring

the innovation to market at an accelerated pace," Volldal says.

The initial build-out is planned for an annual capacity of 1-2 GW, utilizing

existing space at Nel's current facility in Herøya, Norway. The support will be

phased with Nel's own investments for up to 4 GW of capacity for pressurized

electrolyser equipment in Norway. A final investment decision to start building

the capacity depends on achieving successful testing in the current prototype

and planned pilot stage, as well as market acceptance of the new technology.

ENDS

For additional information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02?097

Wilhelm Flinder, Head of Investor Relations, +47 936 11 350

Lars Nermoen, Head of Communications, +47 902 40 153

About Nel ASA | www.nelhydrogen.com

Nel has a history tracing back to 1927 and is today a leading pure play hydrogen

electrolyser technology company with a global presence. The company specializes

in Alkaline and PEM technology for production of renewable hydrogen. Nel's

product offerings are key enablers for a green hydrogen economy, making it

possible to decarbonize various industries such as transportation, refining,

steel, and ammonia.

This information is subject to a duty of disclosure pursuant to Section 5-12 of

the Norwegian Securities Trading Act. This information was issued as inside

information pursuant to the EU Market Abuse Regulation, and was published by

Wilhelm Finder, Head of Investor Relations, at NEL ASA on the date and time

provided.