Nel ASA

Share Issue/Capital Change • Jul 7, 2015

Reminder of expiry of subscription period in the Subsequent Offering

Reminder of expiry of subscription period in the Subsequent Offering

Oslo, 7 July 2015

Reference is made to the stock exchange announcement by NEL ASA (the "Company"

or "NEL") on 24 June 2015 regarding the approved prospectus and start of

subscription period in the Subsequent Offering.

The subscription period in the Subsequent Offering expires 7 July 2015 at 16:30

CET.

Subscription rights that are not used to subscribe for Offer Shares before the

end of the Subscription Period will lapse without compensation and consequently

be of no value.

Each subscription right gives the right to subscribe for and be allocated one

Offer Share. Over-subscription is allowed.

The Prospectus together with the Subscription Form is available at www.nel

-hydrogen.com and www.carnegie.no, and is also available free of charge at the

business offices of the Company and Carnegie. Norwegian investors with a VPS

account can in addition subscribe for Offer Shares online at www.carnegie.no.

For further information, please contact:

Lars Christian Stugaard

Acting CEO

+47 23 01 49 06 / +47 47 63 05 22

lars.christian.stugaard@nel-hydrogen.com

Important information:

The release is not for publication or distribution, in whole or in part directly

or indirectly, in or into Australia, Canada, Japan or the United States

(including its territories and possessions, any state of the United States and

the District of Columbia).

This release is an announcement issued pursuant to legal information

obligations, and is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act. It is issued for information

purposes only, and does not constitute or form part of any offer or solicitation

to purchase or subscribe for securities, in the United States or in any other

jurisdiction. The securities mentioned herein have not been, and will not be,

registered under the United States Securities Act of 1933, as amended (the

"Securities Act"). The securities may not be offered or sold in the United

States except pursuant to an exemption from the registration requirements of the

Securities Act. The Company does not intend to register any portion of the

offering of the securities in the United States or to conduct a public offering

of the securities in the United States. Copies of this announcement are not

being made and may not be distributed or sent into Australia, Canada, Japan or

the United States. The subscription or purchase of shares in the Company is

subject to specific legal or regulatory restrictions in certain jurisdictions.

Neither the Company nor the Manager assumes any responsibility in the event

there is a violation by any person of such restrictions.

The distribution of this release may in certain jurisdictions be restricted by

law. Persons into whose possession this release comes should inform themselves

about and observe any such restrictions. Any failure to comply with these

restrictions may constitute a violation of the securities laws of any such

jurisdiction. The Manager is acting for the Company and no one else in

connection with the Subsequent Offering and will not be responsible to anyone

other than the Company for providing the protections afforded to their

respective clients or for providing advice in relation to any other matter

referred to in this release.

Forward-looking statements:

This release and any materials distributed in connection with this release may

contain certain forward-looking statements. By their nature, forward-looking

statements involve risk and uncertainty because they reflect the Company's

current expectations and assumptions as to future events and circumstances that

may not prove accurate. A number of material factors could cause actual results

and developments to differ materially from those expressed or implied by these

forward-looking statements.