Nel ASA

Transaction in Own Shares • Dec 12, 2023

Nel ASA: Sale of Everfuel shares

Nel ASA: Sale of Everfuel shares

(December 12, 2023 - Oslo, Norway) Nel ASA (Nel, OSE:NEL), has agreed to sell

all its shares in Everfuel. A total of 11,698,918 shares are sold for a total

consideration of NOK 116.6 million, equal to NOK 9.97 per share. Nel has

reported the holding in Everfuel as a financial current asset and expects to

book a gain in the fourth quarter of 2023 of NOK 23 million related to the

transaction.

HyVC ApS, a company owned by the leading Japanese corporations Itochu

Corporation and Osaka gas, is the block buyer of the shares.

"Nel is in a build-up phase streamlining the company and focusing all resources

on our own growth. We are therefore divesting non-strategic financial positions.

With this sale we no longer own any equity listed instruments" says Kjell

Christian Bjørnsen, CFO of Nel.

Everfuel was spun out of Nel in 2020 and has since then been a key client for

both Nel's Electrolyser and Fueling departments.

"With this transaction, Everfuel will get a solid, long-term industrial

cornerstone investor. Nel has been with Everfuel from the beginning, and while

we are no longer shareholders, we look forward to a close relationship with the

company" says Bjørnsen.

The transaction price represents the volume-weighted average trading price of

the Everfuel share over the past 5 trading days. Closing of the transaction is

contingent upon regulatory approvals.

Carnegie acts as financial advisor to Nel in connection with the transaction.

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.