Nel ASA

Capital/Financing Update • Apr 21, 2020

Nel ASA: Enters into framework agreement for delivery of electrolysers in France

Nel ASA: Enters into framework agreement for delivery of electrolysers in France

(Oslo, 21 April 2020) Nel Hydrogen Electrolyser AS, a subsidiary of Nel

ASA (Nel, OSE:NEL) has entered into a framework agreement for the delivery of up

to 60 megawatt of electrolysers to Lhyfe Labs SAS (Lhyfe) in France.

"We are proud to be the choice of preference for Lhyfe. Our electrolysers have

an unparalleled track record of providing the combination of high efficiency and

reliability, and we're happy to support Lhyfe in their hydrogen endeavors going

forward," says Jon André Løkke, CEO of Nel.

The framework agreement follows a previously unannounced EUR 1 million purchase

order for an A150 alkaline electrolyser in March 2020, which will be used to

produce green hydrogen for a fleet of buses in Bouin, France. The agreement

covers 20 additional electrolysers, equal to around 60 MW, intended to be

purchased over the next 4 years under similar terms and conditions. The first

electrolyser will be installed early 2021 next to a wind farm at Bouin, 50 km

southwest of Nantes, France.

"We're happy to see that the long-term outlook for hydrogen remains positive,

despite current challenges, including supply chain and travel restrictions

affecting production and deployment," Løkke concludes.

ENDS

For additional information, please contact:

Jon André Løkke, CEO, +47 907 44 949

Bjørn Simonsen, VP Investor Relations and Corporate Communication, +47 971

79 821

About Nel Hydrogen | 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 vehicle, without emissions.