Nel ASA

Regulatory Filings • Apr 25, 2024

Nel ASA: Hy Stor Energy places gigawatt capacity reservation for Mississippi Clean Hydrogen Hub

Nel ASA: Hy Stor Energy places gigawatt capacity reservation for Mississippi Clean Hydrogen Hub

(April 26, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) partners with Hy Stor

Energy on the Mississippi Clean Hydrogen Hub (MCHH) and receives a capacity

reservation for more than 1 gigawatt of alkaline electrolysers.

"We are thrilled to partner with Hy Stor Energy on the Mississippi Clean

Hydrogen Hub. This project can enable significant carbon emission reductions and

leave in its wake a blueprint for successful, large-scale green hydrogen

projects," said Nel's President and CEO, Håkon Volldal.

As Hy Stor Energy's exclusive electrolyser partner for phase one of the MCHH,

Nel will provide alkaline and PEM technology at scale and contribute with its

hydrogen expertise and experience. The parties signed a Front-End Engineering

Design (FEED) contract in December, and today Hy Stor Energy has entered into a

capacity reservation agreement with Nel to secure more than 1 gigawatt of

alkaline electrolyser capacity for the project. Pending final investment

decision, electrode production at Nel's state-of-the-art plant at Herøya, Norway

is expected to run through 2025, 2026, and the first part of 2027. In line with

Nel's accounting standards, the capacity reservation will not be considered as

order intake or backlog until a firm purchase order has been received.

"Without ambitious pioneers, decarbonization at scale will not happen. Pioneers

aim to do today what most people say can't be done in years. To me, Hy Stor

Energy is such a bold pioneer, and it makes me proud that the company has chosen

Nel as its electrolyser partner on this game-changing project," Volldal

commented.

The Mississippi Clean Hydrogen Hub project will be the largest zero-carbon, off

-grid hydrogen production and salt cavern storage hub in the U.S. With extensive

storage and expansion capabilities, the MCHH project will help drive the growth

of the domestic and global hydrogen economy to accelerate renewable hydrogen

adoption at scale. Under a previously announced and recently extended exclusive

Letter of Intent (LoI), Hy Stor Energy has agreed to supply zero-carbon

renewable hydrogen from the MCHH in a direct offtake partnership to support

production of green steel in the U.S. (reference is made to

https://hystorenergy.com/hy-stor-energy-partner-steelmaker-ssab-selected-by

-department-of-energy-for-award-negotiation-to-accelerate-industrial

-decarbonization/). Schneider Electric has also entered into an LoI with Hy Stor

Energy under which it will exclusively provide automation, electrical, and

digital energy management solutions to be incorporated into the MCHH.

"Nel Hydrogen has proven electrolyser technologies and an automated

manufacturing capability that fit perfectly with Hy Stor Energy's plans to

produce and deliver green hydrogen reliably and cost-effectively," said Laura L.

Luce, CEO and Founder of Hy Stor Energy.

"Trailblazing the development of the green hydrogen economy will require

innovation and collaboration among industry first movers, and Hy Stor Energy is

leading the charge in the production, storage and delivery of green hydrogen for

emission-free manufacturing, transportation, and energy solutions. By pairing

Nel's technology with the Mississippi Clean Hydrogen Hub project, we're ready to

deliver tangible results for our customers," Luce added.

About Hy Stor Energy

Hy Stor Energy is facilitating the transition to a fossil-free energy

environment by developing and advancing renewable hydrogen at scale. Its large,

fully integrated projects will produce, store and deliver carbon-free renewable

energy, providing customers with cost-efficient, and reliable renewable energy

on-demand. Developed as part of a scalable integrated hub, these projects are

the solution to 24/7, dispatchable renewable energy and long-duration energy

storage of carbon and methane free energy. Made up of a team that has deep

knowledge and significant long-term experience in infrastructure development and

the energy sector and led by energy storage industry and hydrogen technology

expert Laura L. Luce, Hy Stor Energy is a pioneer in the renewable hydrogen

revolution. For more information, please visit

www.hystorenergy.com

ENDS

For additional information, please contact:

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

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

Media inquiries to Hy Stor Energy: hystor@fischtankpr.com

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.

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.

Forward-looking statements: This announcement contains certain forward-looking

statements. By their nature, forward-looking statements involve risk and

uncertainty because they reflect the company's current expectations and

assumptions as to future events and circumstances that may not prove accurate. A

number of material factors could cause actual results and developments to differ

materially from those expressed or implied by these forward-looking statements.