Nel ASA

Earnings Release • Aug 13, 2015

NEL ASA: Second quarter 2015 results

NEL ASA: Second quarter 2015 results

(Oslo, 13 August 2015) NEL ASA ("NEL") reported breakeven adjusted EBITDA in the

second quarter of 2015 on revenues of NOK 16 million. Through the acquisition of

H2 Logic A/S (H2 Logic) of Denmark, the world's largest independent supplier of

hydrogen refuelling stations, the company has significantly strengthened its

strategic position.

NEL had a pre-tax loss of NOK 8.6 million in the second quarter, after

transaction costs of NOK 5.3 million related to the completed acquisition of H2

Logic AS, compared to a pre-tax loss of 1.6 million in the first quarter of

2015. Comparisons are made with the preceding quarter as the business

transformation makes comparisons to the second quarter of 2014 of no value.

Revenues in the second quarter were NOK 16.0 million, compared with NOK 17.6

million in the first quarter. EBITDA adjusted for the H2 Logic transaction costs

was NOK 0.0 million, compared to NOK 1.5 million in the first quarter.

Through the previously announced acquisitions of H2 Logic AS and the increased

ownership in Hyme AS, NEL is positioned to leverage the momentum in the hydrogen

industry, as major car manufacturers are now introducing fuel cell electric

vehicles. NEL is able to deliver a complete solution, from production of

hydrogen to refuelling of vehicles.

H2 Logic is not yet consolidated in the profit and loss figures of NEL, but on a

pro forma basis the combined companies would have had revenues of NOK 67.5

million and EBITDA adjusted for transaction costs of NOK 8.9 million in the

first half of 2015.

At the end of the second quarter NEL had a cash balance of NOK 152.2 million. In

connection with the acquisition of H2 Logic, NEL raised capital through a

significantly oversubscribed private placement and subsequent offering. After

these transactions the cash balance is currently approximately NOK 170 million.

For additional information, please contact:

Lars Christian Stugaard, acting chief executive officer, +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 refueling stations

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

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