Nel ASA

Environmental & Social Information • Apr 26, 2021

Nel ASA: Enters into framework agreement with Aibel

Nel ASA: Enters into framework agreement with Aibel

(Oslo, 26 April 2021) Nel ASA (Nel, OSE:NEL) has entered into a framework

agreement with the major energy service company Aibel. The companies will

leverage their capabilities to develop and deliver large scale, complex

renewable hydrogen projects.

"We are very excited to be announcing this collaboration with Aibel, a company

with vast experience in delivering large scale, complex projects across

industries. Their in-house construction expertise and experience in fabrication

and modularization will add significant value to Nel's global delivery and

project execution abilities. This partnership is a long-term commitment, and we

look forward to working with Aibel to further strengthen our competitiveness and

deliver efficient, cost competitive and predictable projects to our customers"

says Jon André Løkke, CEO of Nel ASA.

Aibel is a leading service company within the oil, gas and offshore wind

industries, providing customers with engineering, construction, modifications

and maintenance solutions for offshore and onshore projects throughout the

project's entire life cycle. Aibel's 4000 employees are located in Norway and

South East Asia. Aibel operates yards in Haugesund and in Thailand, with

complete prefabrication, modularization and construction capabilities.

"The agreement with Nel marks an important milestone for Aibel and represents

another strategic step in our ongoing business transformation towards renewable

energy segments. Together with Nel we foresee many new business opportunities in

a fast-growing, green energy industry," says Aibel's President & CEO Mads

Andersen.

The process of phasing in Aibel on select, ongoing projects is underway. Aibel

will  work integrated with Nel for the delivery of  the 20 MW PEM hydrogen

production plant to Iberdrola, announced 14 January 2021: Awarded Iberdrola

contract for 20 MW green fertilizer project in Spain | Nel

Hydrogen (https://nelhydrogen.com/press-release/awarded-iberdrola-contract-for

-20-mw-green-fertilizer-project-in-spain/)

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.