Nel ASA

Capital/Financing Update • Mar 13, 2024

Nel ASA: Receives additional USD 75 million in support for Michigan facility

Nel ASA: Receives additional USD 75 million in support for Michigan facility

(March 13, 2024 - Oslo, Norway, Nel, OSE:NEL). The US Department of Energy (DOE)

and the state of Michigan have awarded a collective USD 75 million in cash

incentives and grants for Nel's next electrolyser production facility in

Michigan.

"The support from the Department of Energy and the state of Michigan is crucial

for realizing our factory, which will create new green industrial jobs and be a

significant contribution to the energy transition," says Nel's President and

CEO, Håkon Volldal.

"It is encouraging to see the Department of Energy taking these strategic steps

to stimulate a clean energy economy, and we appreciate their long-time support

to take our products from R&D to commercial products," he says.

On 13 March, the Department of Energy announced that they have granted Nel USD

50 million in direct investment support for the company's planned new US

gigafactory and workforce development initiatives in the Detroit region.

Partnering with General Motors, Macomb Community College, Wayne State

University's College of Engineering, and others, DOE's investment will further

enhance domestic electrolyser manufacturing production capacity while building a

robust clean hydrogen value chain and an industrialized manufacturing training

program.

In parallel, the state of Michigan awarded USD 25 million in direct investment

support to lead the nation in the clean energy transition.

"By harnessing our Make it in Michigan Competitiveness Fund and partnering with

the Biden-Harris Administration, we are creating more than 500 good-paying, high

-tech jobs in Plymouth," says Governor Whitmer. "Today's investment in Nel

Hydrogen will create a hydrogen production facility and ensure we stay on the

cutting-edge of clean energy production and advanced manufacturing. Let's keep

working together to bring jobs and projects home as we grow our economy and

deliver for Michigan families."

"Today's announcement is another example of how Michigan is leading America's

technology and clean energy future," says Lieutenant Governor Garlin Gilchrist

II. "Because of a matching investment from the Michigan Competitiveness Fund,

this federal grant will enable our partners to create more than 500 good-paying,

high-tech jobs in Plymouth. Governor Whitmer and I will keep working to create

jobs and win projects that will grow our economy and help more people 'make it'

in Michigan."

Nel has previously been awarded approximately USD 50 million from the state of

Michigan in support of this electrolyser production facility (see the press

release issued on 8 July 2023). Total support from federal and state authorities

amounts to approximately USD 125 million.

Fully built out, the Michigan site is expected to have an annual nameplate

production capacity of 4 GW. In the planned new facility, Nel will manufacture

its next-generation electrolyser technologies: the PEM stacks currently being

developed together with General Motors, and pressurized alkaline stacks.

A final investment decision has not yet been made and depends on market demand

for electrolysers.

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.