Nel ASA

Share Issue/Capital Change • Apr 7, 2020

Nel ASA: Last day of subscription period in the Subsequent Offering

Nel ASA: Last day of subscription period in the Subsequent Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER

JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL.

(Oslo, 7 April 2020) Reference is made to the stock exchange announcement by Nel

ASA ("Nel" or the "Company") on 31 March 2020, regarding the commencement of a

subsequent offering of up to 13,350,000 new shares (the "Offer Shares") (the

"Subsequent Offering").

The subscription period for the Subsequent Offering will expire today, 7 April

2020, at 16:30 hours (CEST). The Subscription Rights may be used to subscribe

for Offer Shares in the Subscription Period and before the expiry of the

Subscription Period on 7 April 2020 at 16:30 hours (CEST). Subscription Rights

that are not used to subscribe for Offer Shares before 16:30 hours (CEST) on 7

April 2020 will have no value and will lapse without compensation to the holder.

For more information regarding the Subsequent offering, please refer to the

Company's prospectus dated 30 March 2020 (the "Prospectus"). The Prospectus is

available electronically at www.nelhydrogen.com, www.arctic.com, www.carnegie.no

and www.sb1markets.no, or by contacting Arctic Securities AS, Carnegie AS or

SpareBank 1 Markets AS.

Arctic Securities AS, Carnegie AS and SpareBank 1 Markets AS act as managers in

the Subsequent Offering (the "Managers"). Advokatfirmaet Schjødt AS acts as

Norwegian legal counsel to Nel.

ENDS

For further information, please contact:

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.

Important Notices

This document is not an offer to sell or a solicitation of offers to purchase or

subscribe for shares. Copies of this document may not be sent to jurisdictions,

or distributed in or sent from jurisdictions, in which this is barred or

prohibited by law. The information contained herein shall not constitute an

offer to sell or the solicitation of an offer to buy, in any jurisdiction in

which such offer or solicitation would be unlawful absent registration, or an

exemption from registration or qualification under the securities laws of any

jurisdiction.

This document is not for publication or distribution in, directly or indirectly,

Australia, Canada, Japan, the United States or any other jurisdiction in which

such release, publication or distribution would be unlawful, and it does not

constitute an offer or invitation to subscribe for or purchase any securities in

such countries or in any other jurisdiction. In particular, the document and the

information contained herein should not be distributed or otherwise transmitted

into the United States or to publications with a general circulation in the

United States of America.

This document is not an offer for sale of securities in the United States.

Securities may not be offered or sold in the United States absent registration

with the United States Securities and Exchange Commission or an exemption from

registration under the U.S. Securities Act of 1933, as amended (the "Securities

Act"). The Company does not intend to register any part of the offering in the

United States or to conduct a public offering in the United States of the shares

to which this document relates.

The Managers are acting for the Company in connection with the Private Placement

and no one else and will not be responsible to anyone other than the Company for

providing the protections afforded to their respective clients or for providing

advice in relation to the Private Placement or any transaction or arrangement

referred to in this press release.

This announcement and any materials distributed in connection with this

announcement may contain certain forward-looking statements. By their nature,

forward-looking statements involve risk and uncertainty because they reflect

Nel's current expectations and assumptions as to future events and circumstances

that may not prove accurate. A number of material factors could cause actual

results and developments to differ materially from those expressed or implied by

these forward-looking statements. This information is subject to a duty of

disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act.