Nel ASA

Regulatory Filings • Jun 24, 2022

Nel ASA: Enova funding provides breakthrough for hydrogen project in Glomfjord

Nel ASA: Enova funding provides breakthrough for hydrogen project in Glomfjord

(Oslo, 24 June 2022) Yesterday, Enova announced that Glomfjord Hydrogen, where

Nel owns 23 percent of the shares, will receive up to NOK 150 million in funding

as one of five maritime hydrogen hubs along the Norwegian coastline.

"This is great news for Glomfjord Hydrogen and Nel. The funding from Enova is

crucial for the realization of the project." says Nel's CEO Jon André Løkke.

Glomfjord Hydrogen plans to establish a 20 MW hydrogen plant in Glomfjord in

Meløy municipality for production of renewable hydrogen to customers in the

maritime sector. The project, which is owned by Greenstat ASA, Meløy commune and

Troms Kraft ASA in addition to Nel, was initiated in June 2016.

"The 20 MW hydrogen plant in Glomfjord will, if realized, be the same size as

Europe's currently largest hydrogen plant", says Løkke, referring to Iberdrola's

hydrogen plant in Puertollano, Spain, where Nel also delivered the

electrolysers.

"Glomfjord is a place with a long and proud industrial history in Norway, and

until the 90s Glomfjord Industrial Park was the largest hydrogen production site

in the world. It is therefore very gratifying that Glomfjord once again seems to

become a new green hydrogen hub in Norway", says Løkke.

Enova, which is a state enterprise owned by the Norwegian Ministry of Climate

and Environment, also announced that four additional hydrogen hubs will receive

funding. These projects will be located in Rørvik, Hitra, Florø and

Kristiansand.

"We are happy to see so many large and interesting projects developing on our

own home turf in Norway, where we have our roots and a natural competitive

advantage", says Løkke.

All in all, the five hydrogen hubs will receive up to NOK 669 million in support

from Enova, which also announced that they will support seven game-changing

hydrogen and ammonia driven vessels with more than NOK 451 million.

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. 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.