Nel ASA

Share Issue/Capital Change • Apr 4, 2017

Nel ASA: Cancellation of subsequent offering

Nel ASA: Cancellation of subsequent offering

(Oslo, 4 April 2017) Reference is made to the stock exchange notice of 28

February 2017 regarding the completion of a private placement (the "Private

Placement") and subsequent offering (the "Subsequent Offering") of up to 10 000

000 shares directed towards Nel ASA's ("Company") shareholders as of 27 February

2017 who were not allocated shares in the Private Placement.

The Company has decided not to initiate the Subsequent Offering. Since the

completion of the Private Placement, the Company's shares have traded on the

Oslo Stock Exchange, with a sufficient trading volume, at prices below the NOK

2.72 price of the contemplated Subsequent Offering. Shareholders wishing to

avoid or reduce the dilution effects of the Private Placement have therefore had

the opportunity over a lengthy period to purchase shares in the open market, at

prices below the offer price of the contemplated Private Placement.

ENDS

For additional information, please contact:

Jon André Løkke, CEO, +47 907 44 949

Bent Skisaker, CFO, +47 468 21 693

About Nel Hydrogen | 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 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.