Nel ASA

Share Issue/Capital Change • Mar 6, 2017

Nel ASA: Share capital increase registered

(Oslo, 6 March 2017) Reference is made to the stock exchange notice published by NEL ASA (the "Company", ticker "NEL") on 28 February 2017 regarding the completed private placement of 64,980,000 new shares, each with a par value of NOK 0.20, at a price of NOK 2.72 per share (the "Private Placement").

The share capital increase pertaining to the 64,980,000 new shares issued in the Private Placement has now been registered with the Norwegian Register of Business Enterprises.

The Company's new registered share capital is NOK 149,731,650.40, consisting of 748,658,252 shares with a par value of NOK 0.20 per share.

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 9074 4949

Bent Skisaker, CFO, +47 4682 1693

About Nel | 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.