Nel ASA

M&A Activity • May 21, 2024

Nel ASA: Has signed a licensing agreement with Reliance

Nel ASA: Has signed a licensing agreement with Reliance

(May 21, 2024 - Oslo, Norway) Nel Hydrogen Electrolyser AS, a fully owned

subsidiary of Nel ASA (Nel, OSE:NEL) has entered into a technology licensing

agreement with Reliance Industries Limited (RIL). The agreement provides RIL

with an exclusive license for Nel's alkaline electrolysers in India and also

allows RIL to manufacture Nel's alkaline electrolysers for captive purposes

globally.

"The signing of this agreement is a great milestone in Nel's history. Reliance

is an impressive company with enormous ambitions as a global producer of

renewable hydrogen, and I am proud that they have selected Nel as their

technology partner. In addition to supporting Reliance in achieving their global

aspirations, Nel will through this agreement get a revenue stream from a rapidly

growing market Nel could not have accessed on its own," says Nel's President and

CEO, Håkon Volldal.

RIL is a Fortune 500 company and India's largest private sector corporation. The

company is renowned for its capacity to execute large-scale projects and robust

investments in technology and innovation. RIL is building a multi-GW fully

integrated end-to-end new energy value chain, from photon to green molecules,

paving the way for abundant and affordable access to sustainable energy for

everyone, as per the vision set by RIL's Chairman and Managing Director, Mr.

Mukesh Ambani. Green hydrogen is a critical element of the new energy value

chain - and the partnership between RIL and Nel in relation to alkaline

electrolysers is an important milestone towards the sustainable energy future.

Through the agreement, Reliance gets access to Nel's leading, proven technology

platform for manufacturing electrolysers. RIL has successfully built multiple

businesses of truly global scale. This partnership of Nel's robust technology

platform with RIL's execution prowess - will further add to the success story

for both partners.

Both partners will also collaborate on future performance improvements and cost

optimization through research and development (R&D), value engineering,

standardization and modularization to improve the competitiveness of the

alkaline technology platform.

According to the agreement, Nel can procure equipment from Reliance for its own

projects. Nel will continue to serve the Indian market with technology platforms

that are not covered by the agreement.

ENDS

For additional information, please contact:

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

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

technology company with a global presence. The company specializes in

electrolyser technology for production of renewable hydrogen, and hydrogen

fueling equipment for road-going vehicles. 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.

About RIL | www.ril.com

Reliance is India's largest private sector company, with a consolidated turnover

of INR 974,864 crore (USD 118.6 billion), cash profit of INR 1,25,951 crore (USD

15.3 billion), and net profit of INR 73,670 crore (USD 9.0 billion) for the year

ended March 31, 2023. Reliance's activities span hydrocarbon exploration and

production, petroleum refining and marketing, petrochemicals, advanced materials

and composites, renewables, retail and digital services.

Currently ranking 88th, Reliance is the largest private sector company from

India to feature in Fortune's Global 500 list of "World's Largest Companies" for

2023. The company stands 45th in the Forbes Global 2000 rankings of "World's

Largest Public Companies" for 2023 -top-most among Indian companies. Reliance

has been ranked among the world's 20 best companies to work with, highest

amongst Indian companies in Forbes' World's Best Employers for 2022. It features

among LinkedIn's "Top Companies 2023: The 25 Best Workplaces to Grow Your Career

in India

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, at NEL ASA on the date and time provided.