Nel ASA

Earnings Release • Jul 18, 2022

Nel ASA: Receives record size purchase order for 200 MW of alkaline electrolyser equipment

Nel ASA: Receives record size purchase order for 200 MW of alkaline electrolyser equipment

(Oslo, 18 July 2022) Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel,

OSE:NEL), has received its largest ever purchase order from an undisclosed US

customer for 200 MW of alkaline electrolyser equipment for industrial

application.

"We are truly excited to announce Nel's largest purchase order to date. This

project will showcase Nel's large-scale delivery and execution capabilities and

become a valuable reference for future large-scale contracts. It will have a

substantial, positive impact on Nel's financials, electrolyser product and

production cost, technology development and scale-up plans," says Nel's CEO

Håkon Volldal.

The Client, which has developed the project over several years, will fully fund

the project through private investors, and has also received significant

state/local government incentives given the environmental benefits of the

proposed project. The Client's development efforts have also resulted in a 20

-year off-take commitment from local partners as well as a 20-year electricity

power purchase agreement (PPA).

"This project represents an excellent opportunity for Nel to demonstrate its

hydrogen technology and scaling capabilities, crucial to meet the rapid growing

demand we see for green hydrogen", says Tom Skoczylas, Regional Sales Manager

for Nel Hydrogen US. "We are very happy to be elected for this ground-breaking

project where Nel was chosen based on maturity of technology and proven

electrolyser plant experience," he says.

The contract for the electrolyser stacks is a firm order with a value in excess

of EUR 45 million. Production and delivery of stacks is planned from February

2023 until mid-2024 at Nel's large-scale electrolyser production facility at

Herøya. Pending an ongoing engineering study, Nel could also get the opportunity

to provide additional balance-of-plant equipment for the project.

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 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.