Nel ASA

Business and Financial Review • Aug 18, 2021

Nel ASA: Enters development partnership with SFC Energy

Nel ASA: Enters development partnership with SFC Energy

(Oslo, 18 August 2021) Nel ASA (Nel, OSE:NEL) has entered a development

partnership with SFC Energy AG to jointly develop the world's first integrated

electrolyser and hydrogen fuel cell system for decentralized energy generation

and storage. The development will be accelerated through using already mature

products and proven technology from each respective party as basis for the

integrated offering

"We are very excited to be joining forces with SFC Energy to jointly extend our

industrial offering for environmentally friendly, decentralized energy

generation and storage. With their proven track record and years of experience,

we see a significant potential in developing solutions together to serve the

distributed power generation market, where we see good growth prospects" says

Jon André Løkke, CEO of Nel ASA.

The partnership will focus on developing industrial solutions to replace less

efficient diesel generators with more efficient systems based on hydrogen fuel

cells in combination with green hydrogen production through electrolysis.

Initially, SFC Energy and Nel will address applications in a power range of up

to 50kW with a daily operating time of two to ten hours which can be used as

reliable emergency power generators for critical power applications. In the

medium-term, the partnership is aiming to develop systems in the power range of

up to 500 kW for telecom, data center and auxiliary power unit (APU) markets.

The parties aim to introduce the first products to the market during the second

half of 2022.

By using renewable energies such as solar or wind power, Nel's electrolysers

will produce the green hydrogen required for the entire system. This is stored

in a tank. The SFC Energy hydrogen fuel cell will then convert the gas reliably

and climate neutrally back into electrical energy when needed. The integrated

offering has potential to replace diesel generators with a high CO2-emissions,

therefore making a significant contribution to the race-to-zero and

decarbonization of the global economy.

"Through this development partnership, we aim to tap into the major market

opportunities in environmentally friendly energy generation systems based on

hydrogen and fuel cells. This brings together two market and technology leaders

to focus their strengths and provide a viable response to the major challenges

of climate change. With the world's first integrated electrolyser and hydrogen

fuel cell system, we are addressing a wide range of applications such as

critical and communication infrastructure as well as smart grid applications"

says Dr. Peter Podesser, CEO of SFC Energy

SFC Energy AG is a leading provider of hydrogen and methanol fuel cells for

stationary and mobile hybrid power solutions and has delivered more than 50,000

fuel cells to date. The company is headquartered in Brunntal/Munich and operates

production facilities in Germany, The Netherlands, Romania and Canada. SFC

Energy is listed on the Deutsche Boerse Prime Standard.

ENDS

For further information, please contact:

Jon André Løkke, CEO, +47 907 44 949

Kjell Christian Bjørnsen, CFO, +47 917 02 097

SFC Press contact:

Jens Jüttner

Tel. +49 89 125 09 03-32

Email: jens.juettner@sfc.com

SFC IR Contact:

Susan Hoffmeister

Tel. +49 89 125 09 03-33

Email: susan.hoffmeister@sfc.com

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.

About SFC Energy AG

SFC Energy AG is a leading provider of hydrogen and methanol fuel cells for

stationary and mobile hybrid power solutions. With the Clean Energy and Clean

Power Management business segments, SFC Energy is a sustainably profitable fuel

cell producer. The Company distributes its award-winning products worldwide and

has sold more than 50,000 fuel cells to date. The Company is headquartered in

Brunnthal/Munich and operates production facilities in Germany, the Netherlands,

Romania, and Canada. SFC Energy AG is listed on the Deutsche Boerse Prime

Standard (GSIN: 756857, ISIN: DE0007568578).