Nel ASA

Share Issue/Capital Change • Jul 3, 2019

Nel ASA: Exercise of options and issue of shares

(Oslo, 3 July 2019) Today, Nel ASA (the "Company") resolved, in accordance with the authorization granted by the general meeting on 28 March 2019, to issue 285,576 new shares to fulfil the Company's obligations, specified in the Company's annual report (note 6), towards employees of the Company's US subsidiary Proton Energy Systems, Inc. ("Proton OnSite"), thereby increasing the Company's share capital by NOK 57,115.20.

The shares were subscribed at a total subscription/exercise price of NOK 547,449.19.

The Nel options held by the employees are options in Proton OnSite converted to options in Nel as part of the acquisition as of 30 June 2017.

Following the share capital increase, the share capital of Nel ASA will be NOK 243,475,381.20, divided into 1,217,376,906 shares, each with a par value of NOK 0.20. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw.: Foretaksregisteret) as soon as practically possible after the share contribution has been fully paid.

ENDS

For additional information, please contact: Bent Skisaker, CFO, +47 468 21 693

About Nel ASA | www.nelhydrogen.com

Nel Hydrogen 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. Since its origins in 1927, Nel has a proud history of development and continual improvement of hydrogen plants. Our hydrogen solutions cover the entire value chain from hydrogen production technologies to manufacturing of hydrogen fueling stations, providing all fuel cell electric vehicles with the same fast fueling and long range as conventional vehicles today.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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