Nel ASA

Share Issue/Capital Change • Jan 19, 2024

Nel ASA: Receives purchase order for 10 MW of electrolyser equipment from Samsung C&T

Nel ASA: Receives purchase order for 10 MW of electrolyser equipment from Samsung C&T

(January 19, 2024 - Oslo, Norway) Nel Hydrogen Electrolyser AS, a subsidiary of

Nel ASA (Nel, OSE:NEL), has signed a contract for 10 MW of alkaline electrolyser

equipment for about EUR 5 million with Samsung C&T Corporation Engineering &

Construction Group ('Samsung C&T') for its first off-grid green hydrogen

production project to be deployed in South Korea.

"We are thrilled to have been selected for this pilot project. Samsung C&T is

dedicated to learning and developing within the green hydrogen industry, and we

look forward to a productive and fruitful collaboration with the company," says

Nel's CEO, Håkon Volldal.

Samsung C&T (Construction and Trading) focuses on global engineering,

procurement, and construction. The company has signed several green hydrogen

agreements and continues to strengthen its energy transition business portfolio.

"The key to building our energy transition business portfolio is to secure

reliable water electrolysis facilities. We are delighted to be able to build a

partnership with Nel - a company with remarkable technology and history -

through this contract. Samsung C&T hope that the two companies will be able to

maintain close relations and continue cooperating in various overseas green

hydrogen production projects," says Samsung C&T's Head of Energy Solution

Business Unit, Byung Soo Lee.

This is a firm purchase order for alkaline stacks and balance-of-stacks (BoS).

The electrodes will be produced in the Herøya facility in Norway, the world's

first fully automated electrolyser production line.

ENDS

For additional information, please contact:

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

Wilhelm Flinder, Head of Investor Relations, +47 936 11 350

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

Wilhelm Finder, Head of Investor Relations, at NEL ASA on the date and time

provided.