Nel ASA

Regulatory Filings • Jun 3, 2020

Nel ASA: Receives purchase order from Nikola

Nel ASA: Receives purchase order from Nikola

(Oslo, 3 June, 2020) Nel Hydrogen Inc., a wholly owned subsidiary of Nel ASA

(Nel, OSE:NEL), has received a purchase order from Nikola Corporation (Nikola),

a global leader in zero-emissions transportation and infrastructure solutions,

for 85 megawatt alkaline electrolysers related to the deployment of the world's

first 8 ton/day hydrogen fueling stations.

"We're very excited to have reached this landmark milestone with Nikola. Since

our partnership began in 2017, we have been working together to develop a

massive large-scale hydrogen fueling station. It's been amazing to see the

significant progress made by the Nikola team specific to vehicle development and

the station design, and now we are ready to start building," says Jon André

Løkke, chief executive officer of Nel.

"We are building the largest hydrogen network in the world and I couldn't be

prouder to have Nel part of it," said Trevor Milton, Nikola Corporation's

founder and executive chairman. "These electrolysers will support five heavy

-duty hydrogen stations which will cover multiple states and trucking routes in

the USA. The future of clean transportation is here, and fleets are lining up to

be part of the transition with Nikola."

The purchase order has a value in excess of USD $30 million, and the

electrolysers will primarily be delivered from the new electrolyser mega-factory

currently under development in Norway. This purchase order will support Nikola's

five initial stations with 8 ton per day hydrogen production capacity. The

remaining equipment will be covered by a separate purchase order that is

expected to be finalized within the coming months.

"The framework agreement was one of the key triggers for deciding to develop our

alkaline electrolyser mega-factory in Norway, and has enabled Nikola to reserve

capacity in the new plant," Løkke concludes.

The purchase order is subject to final approval by Nel.

ENDS

For further information, please contact:

Jon André Løkke, CEO, +47 907 44 949

Bjørn Simonsen, VP Investor Relations & Corporate Communication, +47 971 79 821

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 Nikola Corporation

Nikola Corporation is globally transforming the transportation industry. As a

designer and manufacturer of battery-electric and hydrogen-electric vehicles,

electric vehicle drivetrains, vehicle components, energy storage systems, and

hydrogen fueling station infrastructure, Nikola is driven to revolutionize the

economic and environmental impact of commerce as we know it today. Founded in

2015, Nikola Corporation is headquartered in Phoenix, Arizona and becomes

publicly traded on the Nasdaq beginning June 4[th] under the ticker NKLA. For

more information, visit nikolamotor.com or Twitter:

@nikolamotor (https://twitter.com/nikolamotor).