Nel ASA

Share Issue/Capital Change • Sep 5, 2018

Nel ASA: Invests USD 5 million in Nikola C round financing

Nel ASA: Invests USD 5 million in Nikola C round financing

(Oslo, September 5, 2018) Nel ASA ("Nel") today announced that it has invested

USD 5 million into Nikola Motor Company ("Nikola") as part of their C-round

financing. On August 6, 2018, Nikola announced that they had secured USD 100

million investment (pre-money valuation of USD 1.1 billion) in the current C

-round and that the process to raise more than USD 200 million was progressing

well. This USD 5 million investment is in line with earlier communications from

Nel and further strengthens the partnership and collaboration between Nel and

Nikola.

"We fully support Nikola in their exciting journey to revolutionize the heavy

-duty trucking industry and look forward to strengthening our collaboration even

further with this equity investment. Nikola intends to build a U.S. nationwide

network of hydrogen stations for zero-emission truck and passenger vehicles, and

they are front runners in a massive transportation technology shift. On August

22, Nel announced the construction of the world's largest electrolyzer

manufacturing plant, which will fully support Nikola's ambitions to outcompete

fossil alternatives," says Jon André Løkke, Chief Executive Officer of Nel.

Nikola Motor Company is pioneering hydrogen-electric renewable technology within

heavy-duty transportation. Nikola has an ambition to build a network of 700

hydrogen fueling stations across North America by 2028 and has been awarded an

800-truck order commitment from Anheuser-Busch, the total number of truck pre

-orders is currently exceeding 11,000. Nikola and Nel announced earlier this

year a multi-billion NOK partnership where Nel will deliver 448 electrolyzers

and associated hydrogen production equipment for the fueling network.

"To say we have come a long way in 2018 is an understatement. Nikola's business

model has been vetted, and the investment world is taking notice. The C-round

financing is progressing well and we are proud to have Nel as part of the new

equity owners as they already hold an integrated role in our story. Together,

Nikola and Nel pave the way for an emissions-free future," says Trevor Milton,

CEO of Nikola.

ENDS

For further information, please contact:

Jon André Løkke, CEO, Nel ASA, +47 907 44 949

Bent Skisaker, CFO, +47 46 82 16 93

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.