Nel ASA

Nel ASA: Exercise of options and issue of shares

(Oslo, 2 April 2019) The board of directors of Nel ASA (the "Company" or "Nel")

has resolved, in accordance with the authorization granted by the general

meeting on 28 March 2019, to issue 3,490,864 new shares to fulfil the Company's

obligations, specified in the Company's annual report 2017 (note 5), towards a

former employee of the Company's US subsidiary Proton Energy Systems, Inc.

("Proton OnSite"), thereby increasing the Company's share capital by NOK

698,172.80.

The shares were subscribed at a total subscription/exercise price of NOK

1,689,578.18.

The Nel options held by the former employee were options in Proton OnSite

converted to options in Nel as part of the acquisition of Proton OnSite as of 30

June 2017.

Following the share capital increase, the share capital of Nel ASA will be NOK

240,389,761.20, divided into 1,201,948,806 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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