Nel ASA

Regulatory Filings • Oct 15, 2022

Nel ASA: Receives a NOK 600 million purchase order from Woodside Energy

Nel ASA: Receives a NOK 600 million purchase order from Woodside Energy

(Oslo, 15 October 2022) Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA

(Nel, OSE:NEL), has entered into a contract for alkaline electrolyser equipment

from Australian company Woodside Energy for its proposed hydrogen project, H2OK,

in Ardmore in the state of Oklahoma, US. The contract has a total value of about

NOK 600 million.

"We are extremely proud to be elected by Woodside Energy, a quality company with

a strong track record of developing high-quality assets, for this exciting and

meaningful project", says Nel's CEO Håkon Volldal.

H2OK is Woodside's first hydrogen project in the US, this equipment will support

phase 1 of the proposed project (60 tpd). Woodside will site the facility in

Ardmore, Oklahoma, an area well suited for hydrogen production with good

availability of water and energy. The company will utilize these resources to

produce liquid hydrogen to hydrogen fuel cell-powered commercial and heavy

transport vehicles.

Woodside Energy is looking to expand its US footprint and is also working on two

proposed hydrogen projects in Australia: H2Perth and H2Tas.

The contract with Woodside was signed only a couple of months after Nel received

its record size 200 MW purchase order for another large-scale project in the US.

"The electrolyser market is developing favorably for Nel. We are now securing

quality contracts with favorable terms and a manageable risk profile. The

contract with Woodside will have a substantial positive financial impact on the

company", says Volldal.

"It is extremely exciting to work with the professional team at Woodside to

realize a project such as this. The Ardmore project will become an excellent

showcase for Nel's electrolyser technology as it aims to enable broader

utilization for renewable energy into transportation and industrial sectors"

says Tom Skoczylas, Regional Sales Manager for Nel Hydrogen US.

The electrolyser stacks will be manufactured in Nel's factory at Herøya, the

world's only fully automated electrolyser facility.

This is a firm purchase order for alkaline stacks, balance of stack (BoS)

equipment and engineering for the balance of plant (BoP) equipment (which

Woodside will provide). There are pass-through mechanisms for steel and nickel

price increases. Woodside aims to proceed with FID in 2023. Production of

electrodes is estimated throughout 2024.

ENDS

For additional information, please contact:

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

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

Lars Nermoen, Head of Communications, + 47 902 40 153

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.

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.