Nel ASA

Share Issue/Capital Change • Jan 31, 2019

Nel ASA: Key information relating to subsequent offering to be carried out by Nel ASA

Nel ASA: Key information relating to subsequent offering to be carried out by Nel ASA

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANYOTHER

JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

Nel ASA: Key information relating to subsequent offering to be carried out by

Nel ASA

(Oslo, 31 January 2019) Reference is made to the stock exchange notice from Nel

ASA (the "Company") on 30 January 2019, regarding a private placement of up to

84,906,560 new shares in the Company (the "Private Placement") and a possible

subsequent offering at the same subscription price as in the Private Placement

(the "Subsequent Offering").

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|Date on which the terms and conditions of |30 January 2019|

|the potential repair issue were announced:| |

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|Last day including right: |30 January 2019|

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|Ex-date: |31 January 2019|

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|Record date: |1 February 2019|

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|Maximum number of new shares: |12,500,000    |

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|Subscription price: |NOK 5.45 |

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Other information (optional): The Subsequent Offering is subject to the approval

of an extraordinary general meeting of the Company, the date of which will be

announced when determined, and the publication of a prospectus approved by the

Norwegian Financial Supervisory Authority. Notwithstanding the foregoing, the

board of directors may, in its sole discretion, decide that the Company shall

not carry out the Subsequent Offering. This information is published in

accordance with the requirements of the Continuing Obligations.

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

ENDS

For additional information, please contact:

Jon André Løkke, CEO, +47 907 44 949

Bent Skisaker, CFO: +47 468 21 693

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.