Nel ASA

Share Issue/Capital Change • Nov 6, 2020

OSE-FILING

6 November, 2020 – Oslo, Norway

Nel ASA: Exercise of employee share options and issue of shares

(Oslo, 6 November 2020) Nel ASA(the Company) today has resolved, in accordance with the authorization granted by the general meeting on 13 May 2020, to issue 354,000 new shares to fulfil the Company's obligations in the groupwide share option program comprising all employees in Nel fulfilling certain criteria, specified in the Company's annual report (note 6), thereby increasing the Company's share capital byNOK70,800. In total 6 employees in the groupexercised 354,000 options,where 24,000 optionswere exercisedat the strike price of NOK3.14, and330,000 optionswere exercisedat the strike price of NOK3.24.

ENDS

For further information, please contact:

Kjell Christian Bjørnsen, CFO, Nel ASA, +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.