Nel ASA

Regulatory Filings • Jan 6, 2023

Nel ASA: Nel and Statkraft pave the way for a green hydrogen value chain in Norway

Nel ASA: Nel and Statkraft pave the way for a green hydrogen value chain in Norway

(January 6, 2023 - Oslo, Norway) Hydrogen technology company Nel and Europe's

largest supplier of renewable energy, Statkraft, newly signed a contract for

delivery of 40 MW of electrolyser equipment, and will thus collaborate to create

a strong value chain for production of green hydrogen in Norway.

"We are determined that we will contribute towards making Norway a leading

producer of renewable hydrogen, and to establish an eco-system of electrolyser

and equipment suppliers," says Nel's CEO Håkon Volldal and CEO of Statkraft,

Christian Rynning-Tønnesen.

The announcement was made in connection with the German Vice Chancellor Robert

Habeck's visit to Nel's fully automated electrolyser manufacturing facility at

Herøya in Norway. The Norwegian Minister of Trade and Industry, Jan Christian

Vestre, is also joining the delegation together with his colleague, Minister of

Petroleum and Energy, Terje Lien Aasland.

The Ministers are enthusiastic about the two companies' plans for a green

hydrogen value chain in Norway.

"It is encouraging that leading Norwegian players such as Nel and Statkraft are

planning value chains for green hydrogen in Norway. This is an important step in

the right direction to achieve our ambitions to build a coherent value chain for

hydrogen and facilitate the production of hydrogen with no or low emissions to

cover the national demand for hydrogen", says Minister of Petroleum and Energy

Terje Aasland.

Statkraft recently placed a purchase order for 40 MW (link to press

release (https://nelhydrogen.com/press-release/nel-asa-receives-40-mw

-electrolyser-order-from-undisclosed-north-european-client/)) of alkaline

electrolyser equipment from Nel. The electrolyser stacks will be produced at

Nel's manufacturing plant at Herøya and used for the production of renewable

hydrogen in one of Statkraft's many hydrogen projects.

As Europe's largest supplier of renewable energy, Statkraft has the ambition to

accelerate its annual development rate to 4 GW of new power production per year

and to add 2 GW of renewable hydrogen production by 2030. In Norway Statkraft

will strengthen its efforts in developing new renewable power production as well

as flexibility within hydropower and wind power both on- and offshore.

"The contract with Nel is the first important step in materializing our

ambitious target of 2 GW of green hydrogen and securing production capacity for

our diverse pipeline of hydrogen projects," says Rynning-Tønnesen.

Volldal is very excited to have Statkraft on the customer list.

"Statkraft is Europe's largest producer of renewable energy and a well reputed

and highly knowledgeable renewable energy company with an ambitious growth

agenda. We are extremely proud that they have elected us as a supplier of green

hydrogen technology," Volldal says.

"With this and other orders Nel is strengthening its position as a leading

supplier and exporter of hydrogen equipment, which is crucial for the green

transition in Europe and beyond, and for the development of new green jobs in

Norway," Volldal says.

ENDS

For additional information, please contact:

Kjell Christian Bjørnsen, CFO - Nel ASA, +47 917 02?097

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

Lars Nermoen, Head of Communications - Nel ASA, + 47 902 40 153

Bjørn Holsen, Senior Vice President Hydrogen - Statkraft, +47 415 53 715

Geir Fuglseth, Communications Manager - Statkraft, + 47 913 70 572

About Nel ASA | www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to

produce, store and distribute hydrogen from renewable energy. We serve

industries, energy and gas companies with leading hydrogen technology. Since its

origins in 1927, Nel has a proud history of development and continual

improvement of hydrogen plants. Our hydrogen solutions cover the entire value

chain from hydrogen production technologies to manufacturing of hydrogen fueling

stations, providing all fuel cell electric vehicles with the same fast fueling

and long range as conventional vehicles today.

About Statkraft | www.statkraft.no

Statkraft is a leading company in hydropower internationally and Europe's

largest generator of renewable energy. The Group produces hydropower, wind

power, solar power, gas-fired power and supplies district heating. Statkraft is

a global company in energy market operations. Statkraft has 5000 employees in 20

countries.