Nel ASA

Board/Management Information • Dec 11, 2015

Jon André Løkke appointed CEO of NEL ASA

Jon André Løkke appointed CEO of NEL ASA

(Oslo, 11 December 2015) The board of directors in NEL ASA (NEL) has appointed

Jon André Løkke as chief executive officer (CEO) and Lars Christian Stugaard as

chief financial officer (CFO) in NEL from 4 January 2016.

"We are pleased to welcome Jon Andre to the NEL team, developing and leveraging

on the company´s solid strategic, financial and technological position in the

high growth hydrogen market. Jon André has a strong industrial track record, in

addition to extensive international experience from building industry leading

companies and organizations in rapidly changing markets", says Martin Nes,

chairman of NEL.

Jon André Løkke comes from the position as CEO of Norsk Titanium AS, developing

and industrializing 3D printing technology for the production of titanium

components for the aerospace and other industries. He has ten years' experience

from the REC Group, including positions as senior vice president in REC Wafer,

investor relations officer in REC ASA and CFO in REC ASA. Mr Løkke has also

worked for the ABB Group and holds an International MBA degree from Glasgow

University and a Bachelor degree in business and economics from Southampton

University. The Board proposes that Mr Løkke shall participate in a share option

scheme and be granted 6 million share options exercisable 24 months after

commencement of employment at an exercise price based on the listed share price

of the NEL share at commencement plus 20%.

"I am very excited to be a part of the NEL team, which is already a global force

within hydrogen production technologies as well as end-user markets like

hydrogen refueling stations for fuel cell electric vehicles. I see great

potential for hydrogen as an energy carrier, the key to shifting fuel for

transportation from fossil to renewable sources. I look forward to leading these

efforts going forward, working together with the Board and the rest of the NEL

organization to achieve our ambitious goals", says Løkke, who will take up the

position as CEO of NEL 4 January 2016.

Lars Christian Stugaard, acting CEO of NEL, has been appointed CFO from the same

date.

"Lars Christian has served as interim CEO in a very important and successful

period of the NEL story. He has played an important role in the development of

the company through building a listed entity and through value creating

acquisitions like NEL Hydrogen and the H2 Logic. We thank Lars Christian for his

dedication and efforts for NEL as acting CEO, and are pleased that he will take

up the position as CFO", says Nes.

For additional information, please contact:

Martin Nes, chairman of NEL, +47 47 63 05 22

Jon André Løkke, +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