Nel ASA

Business and Financial Review • Mar 1, 2019

Press release: Nel joins HyNet - Aiming to establish 100 hydrogen fueling stations in South Korea by 2022

Press release: Nel joins HyNet - Aiming to establish 100 hydrogen fueling stations in South Korea by 2022

(Oslo, 1 March 2019) Nel Korea Co., Ltd., a subsidiary of Nel ASA has co-signed

an agreement for the establishment of Hydrogen Energy Network (HyNet), a new

Special Purpose Company (SPC) and a joint venture (JV) between thirteen leading

industrial companies. The target of HyNet is to expand the hydrogen fueling

infrastructure in South Korea by installing 100 stations by 2022 and to operate

them until 2029.

"We are excited to see the South Korean market moving ahead with hydrogen

mobility. Nel sees significant opportunities in South Korea and is looking

forward join forces with other key players in the industry to realise this

hydrogen fueling infrastructure. Nel will contribute with our leading technology

and infrastructure development experience from other markets to ensure the

success of this high-potential development," says Martin Pfandl, General Manager

of Nel Korea.

HyNet is a JV among thirteen companies with the major shareholders being Hyundai

Motor Company, Korea Gas Corporation, and Air Liquide Korea. The company plans

to build and operate hydrogen fueling stations in South Korea together with

strategic investors and is financially supported by the Korean Ministry of

Environment. The target of HyNet is primarily to expand the hydrogen fueling

infrastructure in South Korea by installing 100 stations by 2022 and to operate

them until 2029.

The Board of HyNet consists of seven board members including Nel Korea with

Simon Choi, Sales Director and VP, who was elected as a representative of the

hydrogen refueling station equipment suppliers. Nel intends to sell H2Stations®

both directly to the HyNet JV as well as directly to other customers. Nel will

further evaluate to invest in HyNet depending on the number of possible hydrogen

stations sales.

"We believe that HyNet will significantly accelerate the deployment of both fuel

cell electric vehicles and hydrogen fueling infrastructure in South Korea, and

we are ready to provide both our well proven and compact H2Station solutions as

well as our knowhow to HyNet," concludes Pfandl.

ENDS

For further information about this press release, please contact:

Jon André Løkke, CEO, Nel ASA, +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

foundation 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.

About Nel Korea Co., Ltd.

Nel Korea is subsidiary of Nel ASA. Dedicated sales and service company for

H2Station® hydrogen fueling equipment and stations in Korea. Established to

facilitate sales, installation and operation of H2Station® in Korea. H2Station®

technology from NEL is renowned for reliable and high-performance hydrogen

fueling stations.