Nel ASA

M&A Activity • Mar 4, 2020

Press release: Enters into strategic collaboration agreement with Kvaerner

Press release: Enters into strategic collaboration agreement with Kvaerner

(Oslo, 4 March 2020) Nel ASA (Nel, OSE:NEL) has entered into a strategic

collaboration agreement with the global EPC company Kværner AS (Kvaerner,

OSE:KVAER). The companies will collaborate on specific green hydrogen projects

and standardisation of solutions for large scale hydrogen production plants.

"We're happy to enter into this collaboration agreement with Kvaerner, who have

extensive experience from large projects all over the world. As we see projects

growing in size and complexity, it's important to have a strong partner such as

Kvaerner, both for standardising large-scale green hydrogen production

facilities, and also build them. We look forward to working together with

Kvaerner and expect to see results from this collaboration in the near future,"

says Jon André Løkke, CEO of Nel.

"This is a long term commitment, and Kvaerner is excited to enter into

collaboration with a partner like Nel. Our goal is to further strengthen our

competitiveness through leveraging each other's competencies and experience, and

ensure the most efficient and predictable project deliveries for our customers,"

says Karl-Petter Løken, President and CEO of Kvaerner.

Kvaerner is a global execution specialist providing engineering, procurement and

construction (EPC) services, with extensive experience and competence in

offshore and onshore construction and installation in the energy market.

Furthermore, Kvaerner recently announced renewable energy as a separate

strategic focus area, and are already involved in several large renewable

projects.

The parties have already initiated the standardization process, with basis in a

20 megawatt module which will work as a building block for plants of several

hundred megawatts, using specific projects as a basis. Work will continue

related to standardisation and projects, as well as optimisation of EPC-elements

to prefabrication of modules, delivery, establishment and operation of green

hydrogen plants from Nel.

ENDS

For additional 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 vehicle - without the emissions.