Nel ASA

M&A Activity • Apr 20, 2017

Nel ASA: Signed final joint venture agreement with Hexagon Composites and PowerCell

Nel ASA: Signed final joint venture agreement with Hexagon Composites and PowerCell

(Oslo, 20 April 2017) Nel ASA (Nel, OSE:NEL) announced today that the Nel has

finalised the joint venture agreement with Hexagon Composites ASA and PowerCell

Sweden AB to establish a Joint Venture for the development of integrated

hydrogen projects, the joint owned company will be setup as soon as practically

possible.

"We have received numerous requests for projects since we announced the

intention to join forces with PowerCell and Hexagon Composites for establishing

our joint entity. By working with these global market leaders, we will be able

to utilise each party's respective technologies and competencies to develop

world-class, integrated hydrogen solutions. The Joint Venture will have an

initial focus on opportunities in the maritime and marine segments, as well as

projects to leverage on renewable energy resources," says Jon André Løkke, Chief

Executive Officer of Nel.

The Joint Venture will be equally owned by Nel, Hexagon Composites ASA and

PowerCell Sweden AB, and will create a one-stop-shop for customers wanting to

utilise hydrogen technologies across the value chain: From renewable hydrogen

production, to storage, distribution and dispensing, to generating electricity

via fuel cells. The jointly-owned entity will manage and develop the projects to

ensure that technologies from the partners are effectively integrated into

complete and optimal solutions for the customer.

"After deciding to establish the Joint Venture we have been energised by working

with our new partners over the last few months identifying joint business

opportunities. Combined with the project requests we have already received,

ranging from governmental organizations to marine transportation companies, we

see significant opportunities for the Joint Venture and believe the company is

positioned to deliver unparalleled customer value in the form of zero-emission

power solutions," Løkke concludes.

Hexagon Composites ASA is a global market leader for storage and transport of

gases under high pressure, while PowerCell is a leading fuel cell company

developing and producing environmentally friendly power systems for stationary

and mobile customer applications.

ENDS

For further information, please contact:

Jon André Løkke, CEO, +47 9074 4949

Bjørn Simonsen, VP Market Development and 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 PowerCell Sweden AB (publ) |www.powercell.se

PowerCell Sweden AB (publ) is the leading fuel cell company in the Nordics,

which develops and produces environmentally friendly power systems for

stationary and mobile customer applications. PowerCell Sweden AB (publ) is

listed on First North at Nasdaq Stockholm and is an industrial spinout from the

Volvo Group. G&W Fondkommission is appointed Certified Adviser by the Company.

Among the largest owners are Midroc New Technology, Fouriertransform, Finindus

and Volvo Group Venture Capital.

About Hexagon Composites ASA | www.hexagon.no

Hexagon Composites ASA is a publicly listed company with its headquarters in

Aalesund, Norway. The Group develops and produces composite pressure cylinders

and systems for storage and transportation of various gases. It is the global

leader in CNG road transportation.