Nel ASA

Regulatory Filings • May 4, 2016

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 withGREENSTAT AS(GREENSTAT) for the development of largeand small scale hydrogen production facilities in Norway based on renewable energy.

"We are pleased to announce the partnershipwithGREENSTAT, a company that has great ambitions within green hydrogen production inNorway. Under this agreement, the partners will work together to develop new hydrogen projects, whereNELwill deliver its leading electrolyser technology, in addition to service and maintenance. GREENSTATwill become the owner and operator, and supply green hydrogen to the end-customer," says JonAndré Løkke, CEOof NELASA.

By utilising excess low-cost hydropower across Norway, the long-termtarget 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 usagewhere hydrogen can replace coal, or other chemical components, to reduceCO2 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 beworkingwithNEL 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 riskwe can cooperate to provide the end customers with safe, reliable and lowcost green hydrogen. We look forward to growing this partnership, continuing to develop hydrogen production facilities inNorway, and eventually expanding to the international market," says Vegard Frihammer, Green ExecutiveOfficer, GREENSTATAS.

For additional information, please contact:

JonAndré Løkke, CEO, +47 90 74 49 49

AboutNEL

NELASAisthefirstdedicatedhydrogencompanyontheOsloStockExchange.Sinceitsfoundationin1927,NELHydrogenhasaproudhistoryofdevelopmentandcontinual improvementofhydrogenplants.NELisglobal asupplier ofhydrogensolutions, coveringthe entirevaluechainfromhydrogenproductiontechnologiestohydrogenrefuellingstationsfor fuel cell electricvehicles.H2LogicA/Sisaleadingmanufacturer ofH2Station®hydrogenrefuellingstationsthatprovidesfuel cell electricvehicleswiththesamefastfuellingand longrangeasconventional vehiclestoday.www.nel-asa.com

AboutGREENSTAT

GREENSTATASisa"greenenergycompanyfor agreengeneration." Thecompanyaimstobealeadingplayer inthetransitionfromfossil tozeroemissionenergy.ThemainfocusareasareHydrogen,Local EnergyandInsight(decisionsupportandanalysis). GREENSTATaimstodevelopadiversifiedportfolioofprojectswithinrenewableenergyandtechnology,makingitattractivetoinvestorsseekinggreen,riskbalancedinvestments.www.greenstat.no