Nel ASA

Capital/Financing Update • Dec 3, 2015

NEL and Uno-X to build hydrogen refuelling station network

NEL and Uno-X to build hydrogen refuelling station network

(Oslo, 3 December 2015) NEL ASA (NEL) has signed a letter of intent with Uno-X

Gruppen AS (Uno-X), part of Reitangruppen AS, for the rollout of minimum 20

hydrogen refuelling stations covering all the major cities in Norway within

"We are pleased to enter into an agreement with Reitangruppen and Uno-X for the

rollout of the first commercial network of hydrogen refuelling stations in

Norway. By combining Uno-X's leading retail experience and NEL´s leading

hydrogen technology and competence, we will provide fuel cell electric vehicles

across Norway with the same fast refuelling and long range as conventional

vehicles today. In addition, we are providing a clear response to the

government´s hydrogen ambitions in parallel with launch of fuel cell vehicles

from key automakers", says Martin Nes, chairman of NEL.

NEL and Uno-X will establish a joint venture, owned by Uno-X and NEL with 51 %

and 49 % respectively. The joint venture will build a network of hydrogen

refuelling stations, where fuel cell electric vehicles (FCEVs) can operate

between all the major cities in Norway. The stations will be deployed in cities

like Oslo, Bergen, Trondheim, Stavanger, Kristiansand, along with corresponding

corridor locations. The target is that FCEVs can drive between the most

populated cities in Norway within 2020.

The Norwegian government provides the world-class FCEV incentives, with no

vehicle or value added tax, free access public transport lanes, free public

parking and free passage on toll roads.

"With hydrogen in Norway being 100% renewable, it makes Norway the perfect

country for the introduction of FCEVs. The national government recently

announced the intention of a grant and support scheme for the rollout of

hydrogen refuelling stations in Norway. The joint venture welcomes this public

-private partnership model and will enter into a dialogue with the relevant

governmental entities for the realization of the hydrogen network", says Nes.

"We are proud to be the first to establish a commercial network of hydrogen

refuelling stations in Norway with our dedicated hydrogen partner. The world's

leading car manufacturers are investing heavily in hydrogen as their preferred

clean energy technology, and large scale rollout of FECVs are expected to

accelerate from 2016. Uno-X aims at being in the forefront of this technology

development and look forward to provide a network of hydrogen refuelling

stations for our customers", says Ole Johannes Tønnessen, CEO of Uno-X Automat

AS.

For additional information, please contact:

Lars Christian Stugaard, acting chief executive officer of NEL, +47 47 63 05 22

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 Reitangruppen

Reitangruppen comprises four business areas: REMA 1000, Reitan Convenience,

Reitan Real Estate and the Uno-X Group. Reitangruppen is also holding 15.6

percent of Axfood. Reitan Group's head office is at Lade Gaard in Trondheim, the

Reitan Group's cultural and financial center. REMA 1000 and Reitan Servicehandel

has its operational center in Oslo, while Reitan Real Estate is based in

Trondheim. Uno-X is based in Oslo and Copenhagen. Reitangruppen had a turnover

in 2014 (including franchise sales) of 82 billion NOK, and employs 36,611 people

in Scandinavia and the Baltic region. www.reitangruppen.com

About Uno-X

Uno-X Gruppen is a trading company, specialising in marketing and sale of fuels

and lubricants for commercial and private customers. The group's business areas

are organised in dedicated limited companies, in order to facilitate market

focus, development and growth. Today, Uno-X Gruppen consists of seven

financially strong and companies, four in Norway and three in Denmark.

www.unox.no