Nel ASA

Regulatory Filings • Jun 24, 2021

Nel ASA: Signs frame agreement with Howden for supply of hydrogen compressors

Nel ASA: Signs frame agreement with Howden for supply of hydrogen compressors

(Oslo, 24 June 2021) Nel Hydrogen Electrolyser, a division of Nel ASA (Nel,

OSE:NEL), has signed a framework agreement with leading manufacturer of gas

handling solutions, Howden, for supply of hydrogen compressors for Nel's

electrolysers.

"We are pleased to enter into this frame agreement with Howden, which ties into

the ambitions we announced at our Capital Markets Day and reiterated in our Q1

2021 report around forming strategic partnerships. Working with Howden allows us

to optimize our offerings towards existing and future customers" says Jon André

Løkke, chief executive officer of Nel.

The non-exclusive frame agreement with Howden is an important step towards

achieving Nel's cost target of green hydrogen production at USD 1.5/kg. The two

companies will work closely together to develop cost competitive hydrogen

compressor systems for Nel's industry leading electrolysers.

Ross Shuster, Howden's CEO, comments: "We are delighted to enter into this

agreement with Nel as it illustrates achievements already made in integrating

Howden's hydrogen compression solution with Nel's electrolysers to lower the

life-cycle cost of production and accelerate the adoption of hydrogen as a zero

-carbon fuel."

Howden is a leading provider of mission critical air and gas handling products,

technologies and services.. With the power of engineering expertise and

technology, Howden's equipment provides safe and reliable solutions that are

both sustainable and efficient. Howden supports multiple sectors including

infrastructure, power generation, oil & gas, wastewater, metals, mining and

transportation.

ENDS

For further information, please contact:

Jon André Løkke, CEO, +47 907 44 949

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

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.