Nel ASA

Regulatory Filings • Jun 29, 2023

Nel ASA: Receives purchase order for 16 hydrogen fueling stations to California

Nel ASA: Receives purchase order for 16 hydrogen fueling stations to California

(June 29, 2023 - Oslo, Norway) Reference made to the press release issued on

December 20, 2022, regarding a Capacity Reservation Agreement (CRA). Nel

Hydrogen Inc., a subsidiary of Nel ASA, (Nel, OSE:NEL) has now received a firm

purchase order from the undisclosed US energy company for delivery of 16

hydrogen fueling stations to be deployed in California, US.

The total value of the purchase order is about USD 24 million, including the

previously announced Capacity Reservation Agreement fee of about USD 7 million.

The increase in total contract value from the CRA announcement in December

relates to the inclusion of installation assistance and commissioning services,

as well as service and maintenance agreements.

"We look forward to providing our hydrogen fueling equipment to this important

client and contributing to the deployment of hydrogen fueling infrastructure in

the US", says Robert Borin, Senior Vice President, Nel Fueling Division.

"This contract reflects a significant commitment to hydrogen in general, and to

Nel in particular," says Håkon Volldal, CEO. "This record-size contract is a

game changer for our Fueling division, amplifying the positive momentum

throughout the entire Nel organization as we continue to execute our bigger

-better-focused strategy".

Expected delivery of the first fueling equipment is scheduled in Q4 2023. In

addition, Nel has entered into a framework agreement with the customer covering

potential future purchase orders for fueling equipment.

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.