Nel ASA

Capital/Financing Update • Mar 13, 2024

Nel ASA: Nel and partners receive about USD 90 million in funding from DoE

Nel ASA: Nel and partners receive about USD 90 million in funding from DoE

(March 13, 2024 - Oslo, Norway, Nel, OSE:NEL). Today, Nel and its partners

received around 90 USD million from the Department of Energy (DoE) for seven

research and development projects. Nel is the leading partner on one of the

projects. About 10 % of the work under the R&D programs will be undertaken by

Nel.

"We are thankful for the support from the Department of Energy, which will help

accelerate our research and development while solving key challenges for the

future of the hydrogen industry," says Nel's Vice President for Research and

Development, Kathy Ayers.

DoE has awarded funding to the following projects in which Nel is one of the

partners:

· Low-Cost, Clean AEM Electrolysis through Transport Property Understanding,

Manufacturing Scale-up, and Optimization of Electrodes and Their Interfaces (Nel

in lead)

· Advanced Porous Transport Layer Design and Manufacturing for PEM

Electrolyzers

· Durable, Low-Cost, Manufacturable AEM Electolyzer Components

· Oxygen Evolution Reaction Catalyst Scale-Up and Validation for Proton

Exchange Membrane Water Electrolyzers

· Precious-Metal Free Coatings for PPG PTL Assemblies

· High Performance non-PFSA Membranes for Next-Generation Proton Exchange

Membrane (PEM) Electrolyzers

· H2CIRC: Circular Recycling for the Hydrogen Economy

Link to the press release from the Department of Energy:

https://www.energy.gov/eere/fuelcells/bipartisan-infrastructure-law-clean

-hydrogen-electrolysis-manufacturing-and-0?source=email.

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.

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, Chief Financial Officer, 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.