Nel ASA

Share Issue/Capital Change • Aug 17, 2022

Nel ASA: Share capital increase registered and sale of Nikola shares

Nel ASA: Share capital increase registered and sale of Nikola shares

(Oslo, 17 August 2022) Reference is made to the stock exchange announcement by

Nel ASA (the "Company") on 12 August regarding the issuance of shares in Nel

ASA.

The share capital increase pertaining to the issuance of the 4,452,600 new

shares has now been registered with the Norwegian Register of Business

Enterprises. The Company's new registered share capital is 312,658,220.80,

divided into 1,563,291,104 shares, each with a par value of NOK 0.20.

In addition, Nel ASA has now sold all its shares in Nikola. A total of 1,106,520

shares were sold for a total consideration of about USD 7.5 million. Nel has

reported the holding in Nikola as a financial current asset. The sale does not

in any way influence the good working relationship with Nikola.

ENDS

For further information, please contact:

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

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

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. Our

roots date back to 1927, and since then, we have had a proud history of

development and continuous improvement of hydrogen technologies. Today, our

solutions cover the entire value chain: from hydrogen production technologies to

hydrogen fueling stations, enabling industries to transition to green hydrogen,

and providing fuel cell electric vehicles with the same fast fueling and long

range as fossil-fueled vehicles - without the emissions.

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.