Nel ASA

Share Issue/Capital Change • Jan 23, 2015

Oversubscribed Subsequent Offering

Oversubscribed Subsequent Offering

Oslo, 23 January 2015

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

"NEL") in connection with the Subsequent Offering.

The Subscription Period for the Subsequent Offering ended yesterday, 22 January

2015, at 16:30 CET.

The Subsequent Offering was oversubscribed, resulting in gross proceeds of NOK

13 million through the issuance of 10 million new shares at a subscription price

of NOK 1.30.

The subscribers who were allocated shares will receive a letter confirming the

number of shares allocated and the corresponding amount to be paid by each

subscriber. The letters will be distributed today. Payment for the allocated

shares falls due on 28 January 2015.

The new shares may not be transferred or traded before they are fully paid and

the share capital increase has been registered with the Norwegian Register of

Business Enterprises, which is expected on or about 2 February 2015. The new

shares are expected to be delivered to the subscribers on or about 3 February

Following the registration of the new share capital with the Norwegian Register

of Business Enterprises, the Company will have 398,929,104 shares outstanding,

each with a par value of NOK 0.20.

The Subsequent Offering is managed by Carnegie AS.

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