Nel ASA

Regulatory Filings • Jun 3, 2019

Nel ASA: Establishes consortium to commercialize fuel cell electric buses in Europe

Nel ASA: Establishes consortium to commercialize fuel cell electric buses in Europe

(Oslo, 3 June 2019) Nel ASA (Nel, OSE:NEL), Ballard Power Systems Inc., Hexagon

Composites ASA, Wrightbus Ltd., Ryse Hydrogen Ltd. and Everfuel Europe AS today

announce the establishment of H2Bus Consortium, an ambitious consortium to

implement commercial fuel cell electric buses throughout Europe.

"We are happy to announce the establishment of the H2Bus Consortium with our

partners as a response to the political zero emission targets. Fuel cell

electric buses have been demonstrated around Europe for more than a decade. The

technology is reliable, efficient and completely zero emission. The challenge

for the industry is now to scale up production of fuel cell electric busses to

achieve significantly cost reduction. This will now be made possible through the

H2Bus Consortium", says Jacob Krogsgaard, Chairman of the H2Bus Consortium.

The H2Bus Consortium includes the partners Nel, Ballard Power Systems, Hexagon

Composites ASA, Wright bus, Ryse Hydrogen and Everfuel Europe AS (incorporated

by Nel and further described below). Reference is also made to the OSE

notification 27 September 2018 regarding H2Bus Europe. The consortium will

cooperate closely to execute on the H2Bus Europe project where 600 fuel cell

buses, Nel electrolysers and Nel hydrogen stations will be deployed in Denmark,

Latvia and the UK, with more European markets to follow.

"With a fuel cell electric bus priced at below Euro 375,000, bus maintenance of

Euro 0.30/km and hydrogen fuel of Euro 5-7/kg, our joint offering will be the lowest

cost zero emission bus alternative", says Krogsgaard.

As part of the project, Everfuel, incorporated by Nel, will own and operate the

hydrogen value chain, and purchase equipment exclusively from Nel. Everfuel will

be managed by Mr. Krogsgaard and will enter into a fundraising process to

finance the initiatives. Nel will remain a minority shareholder in the company.

"Nel has great experience from working with consortium partners in developing

hydrogen infrastructure in different countries. We look forward to work with

Jacob and other trusted partners in developing the important and promising

market for fuel cell electric buses in Europe", says Jon André Løkke, CEO of

Nel.

For further information on H2Bus Consortium, read the joint press release on

www.h2bus.eu

ENDS

For additional information, please contact:

Jon André Løkke, CEO, +47 907 44 949

Bjørn Simonsen, VP Market Development & Public Relations, +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. 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.