Nel ASA

M&A Activity • May 4, 2016

NEL ASA: Enters into partnership agreement with GREENSTAT

NEL ASA: Enters into partnership agreement with GREENSTAT

(Oslo, 4 May 2016) NEL ASA (NEL) announced today that it has entered into a

partnership agreement with GREENSTAT AS (GREENSTAT) for the development of large

- and small scale hydrogen production facilities in Norway based on renewable

energy.

"We are pleased to announce the partnership with GREENSTAT, a company that has

great ambitions within green hydrogen production in Norway. Under this

agreement, the partners will work together to develop new hydrogen projects,

where NEL will deliver its leading electrolyser technology, in addition to

service and maintenance. GREENSTAT will become the owner and operator, and

supply green hydrogen to the end-customer," says Jon André Løkke, CEO of NEL

ASA.

By utilising excess low-cost hydropower across Norway, the long-term target for

the partners is to construct a number of hydrogen production facilities that can

serve a range of different markets, like transport (cars, buses, trucks,

ferries, ships), industrial usage where hydrogen can replace coal, or other

chemical components, to reduce CO2 emissions, in addition to export (Japan, EU,

US). The agreement will cover large-scale centralised hydrogen production

facilities, as well as smaller facilities based on renewable hydro-, wind-,

wave/tidal- and solar power.

"We are excited to be working with NEL and gaining access to their leading

electrolyser technology. The partnership is an example on how existing, well

proven technology can be a key driver in the development of new green business

models. By reducing the technological and operational risk we can cooperate to

provide the end customers with safe, reliable and low-cost green hydrogen. We

look forward to growing this partnership, continuing to develop hydrogen

production facilities in Norway, and eventually expanding to the international

market," says Vegard Frihammer, Green Executive Officer, GREENSTAT AS.

For additional information, please contact:

Jon André Løkke, CEO, +47 90 74 49 49

About NEL

NEL ASA is the first dedicated hydrogen company on the Oslo Stock Exchange.

Since its foundation in 1927, NEL Hydrogen has a proud history of development

and continual improvement of hydrogen plants. NEL is global a supplier of

hydrogen solutions, covering the entire value chain from hydrogen production

technologies to hydrogen refuelling stations for fuel cell electric vehicles. H2

Logic A/S is a leading manufacturer of H2Station® hydrogen refuelling stations

that provides fuel cell electric vehicles with the same fast fuelling and long

range as conventional vehicles today. www.nel-asa.com

About GREENSTAT

GREENSTAT AS is a "green energy company for a green generation." The company

aims to be a leading player in the transition from fossil to zero emission

energy. The main focus areas are Hydrogen, Local Energy and Insight (decision

support and analysis). GREENSTAT aims to develop a diversified portfolio of

projects within renewable energy and technology, making it attractive to

investors seeking green, risk balanced investments. www.greenstat.no