Nel ASA

Legal Proceedings Report • Sep 30, 2024

Nel ASA: Hy Stor Energy terminates the capacity reservation agreement for the Mississippi Clean Hydrogen Hub

Nel ASA: Hy Stor Energy terminates the capacity reservation agreement for the Mississippi Clean Hydrogen Hub

(September 30, 2024 - Oslo, Norway) Reference made to the stock exchange notice

by Nel ASA (Nel, OSE:NEL) on April 26, 2024, where Nel and Hy Stor Energy signed

a capacity reservation agreement for more than 1 GW of alkaline electrolyser

equipment. Hy Stor Energy has now decided to terminate the agreement.

In line with Nel's accounting standards, the capacity reservation was not

considered order intake, hence the cancellation will not impact the order

backlog. Nel will retain the non-refundable capacity reservation fee.

ENDS

For additional information, please contact:

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

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

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.