Nel ASA

Regulatory Filings • Nov 25, 2020

Nel ASA: Signs MoU with Everfuel for further development of H2 Fuel Norway

Nel ASA: Signs MoU with Everfuel for further development of H2 Fuel Norway

(Oslo, November 25 2020) Nel ASA (Nel, OSE:NEL) has entered into an MoU with

Everfuel A/S (Everfuel) which among other things involves Everfuel taking a

majority stake in H2 Fuel Norway AS (H2Fuel), a fully owned company of Nel, and

changing the name to Everfuel Norway Retail AS.

"Becoming part of Everfuel's activities in Norway is a natural next step for

H2Fuel, and I look forward to continue leading the company's efforts in

developing the hydrogen retail market in Norway," says Helge Skaarberg Holen,

Managing Director of H2Fuel.

Everfuel targets an investment of NOK 26 million in H2Fuel, resulting in a 51%

ownership share in the company. Everfuel Norway Retail's strategy will be to

combine the resources and build, own and operate hydrogen fueling stations in

Norway, starting in Oslo.

Final agreement is subject to a completed due diligence. The transaction and

creation of Everfuel retail Norway is expected to be completed in December 2020.

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.