Nel ASA

Regulatory Filings • May 30, 2024

Nel ASA: Receives purchase order from Alperia Greenpower SRL for hydrogen fueling equipment in Italy

Nel ASA: Receives purchase order from Alperia Greenpower SRL for hydrogen fueling equipment in Italy

(Oslo, 30 May 2024) A subsidiary of Cavendish Hydrogen ASA, itself a subsidiary

of Nel ASA (Nel, OSE: NEL) has received a purchase order from Alperia Greenpower

SRL for hydrogen fueling equipment for one site to be used for light- and heavy

-duty fuel cell electric vehicles in Bruneck, South Tyrol, Italy.

"We are pleased to be chosen by Alperia to be the supplier of their first

hydrogen fueling station. It will also be Nel's first H2StationT installation in

Italy, and we are looking forward to deliver and demonstrate our performance and

capabilities in this lighthouse project", says Robert Borin, future CEO of

Cavendish Hydrogen.

The hydrogen fueling station will primarily be built for the 2026 Winter

Olympics to fuel vehicles for the transfer between the Olympic sports

facilities. The contract has a total value of around EUR 3.8 million and

includes a 2-year service and maintenance contract. The station is scheduled to

be operational in the second half of 2025.

Nel is preparing for a potential spin-off of its Hydrogen Fueling activities

under the name Cavendish Hydrogen. Subject to Nel's decision to complete the

spin-off and pursue the separate listing of Cavendish Hydrogen, the shares in

Cavendish Hydrogen are intended to be distributed to the shareholders of Nel as

dividend in kind. The decision to spin off and separately list Cavendish

Hydrogen has not yet been concluded, and no assurances can be given that it will

be completed. However, if such a decision is made, the company plans to conduct

the spin-off by the end of the second quarter of 2024. If completed, the shares

of Nel (comprising its Electrolyser division) will remain listed on the OSE

under the ticker "NEL".

ENDS

For additional information, please contact:

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

About Nel ASA | www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to

produce, store and distribute hydrogen from renewable energy. We serve

industries, energy and gas companies with leading hydrogen technology. Since its

origins in 1927, Nel has a proud history of development and continual

improvement of hydrogen plants. Our hydrogen solutions cover the entire value

chain from hydrogen production technologies to manufacturing of hydrogen fueling

stations, providing all fuel cell electric vehicles with the same fast fueling

and long range as conventional vehicles today.

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

Kjell Christian Bjørnsen, CFO,of NEL ASA on the date and time provided.