Nel ASA

M&A Activity • Mar 11, 2025

Nel ASA: Signs collaboration agreement and conducts private placement with SAMSUNG E&A

Nel ASA: Signs collaboration agreement and conducts private placement with SAMSUNG E&A

(March 11, 2025 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) has signed an EPC

collaboration agreement that allows SAMSUNG E&A to offer its customers complete

hydrogen plants of its own design using Nel's electrolysers. In a separate

transaction, SAMSUNG E&A will purchase 10% of newly issued Nel ASA shares

through a direct placement, implying a post transaction ownership of 9.1%. As a

result of this transaction, SAMSUNG E&A will become the largest single

shareholder in Nel.

Nel is a global leader within both alkaline and PEM electrolyser technology,

working with clients both directly and through EPC partners. With the SAMSUNG

E&A EPC collaboration agreement, Nel continues to widen its global delivery

capabilities and strengthen its overall competitiveness.

"Our strategy is to focus on electrolyser stack and balance of stack technology.

Therefore, we need to work with EPC companies who can provide balance-of-plant

solutions and increase our global market reach. It is an honor that a highly

reputable and solid company like SAMSUNG E&A has decided to partner with Nel

because of our technology and manufacturing leadership" says Håkon Volldal,

President and CEO of Nel ASA.

SAMSUNG E&A, formerly Samsung Engineering, is a Korean total solutions provider,

that offers comprehensive solutions for the global energy industry. The company

provides a full range of engineering services including feasibility studies,

design, procurement, construction, and commissioning across multiple industries

with a special focus on smart manufacturing, energy systems, and infrastructure.

The company is already involved in several large-scale hydrogen projects

globally.

"SAMSUNG E&A will provide integrated electrolyser solutions with competitive

value and bankability to green hydrogen project owners with Nel. Green hydrogen

is a core technology in clean tech with carbon-neutral technologies and has a

high value not only as itself but also as a basic ingredient for green ammonia,

green methanol, SAF, and e-fuel," says Hong Namkoong, CEO of SAMSUNG E&A.

"Nel is a market-leading electrolyser company and the only company that has

competitive technology in both Alkaline and Proton Exchange Membrane

electrolyser with a 100-year history. We are very glad to announce our

partnership with Nel", Namkoong says.

The collaboration agreement will enable SAMSUNG E&A to develop and offer its

customers complete design packages for hydrogen plants based on Nel's Alkaline

and PEM electrolysers. In addition, the two companies will work on a larger

consolidated Balance of Stack (BoS) system for Nel's Alkaline electrolysers.

In a separate transaction, Nel ASA will issue 167,132,530 shares to SAMSUNG E&A

for NOK 2.1125 per share, representing the arithmetic average of the last seven

-day volume weighted average prices as of March 10[th] 2025, for a total, all

cash, consideration of about NOK 353 million. The transaction is subject to

approval by the Board of Directors pursuant to an authorization to increase the

share capital granted by Nel ASA's annual general meeting held on 23 April 2024.

Post transaction, SAMSUNG E&A will have a 9.1% shareholding in Nel ASA. SAMSUNG

E&A has agreed to a two-year lock-up and standstill arrangement subject to

customary exceptions. The Nel ASA Board of Directors is supportive of SAMSUNG

E&A nominating a member to Nel's Board of Directors for the upcoming 2025 Annual

General Meeting. Morgan Stanley & Co. International plc acted as financial

advisor to Nel ASA in connection with the private placement.

"We appreciate the commitment SAMSUNG E&A demonstrates to the future success of

our partnership by becoming a cornerstone investor in Nel," Volldal says.

"SAMSUNG E&A is currently securing hydrogen and carbon-neutral technologies

through strategic investments and partnerships to commercialize new technologies

and build a technology licensing model. The company is now also exploring new

market opportunities based on business development with flagship projects where

we work to expand the business model from primarily EPC to more technology

-based," Hong Namkoong says.

ENDS

For additional information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02?097

Wilhelm Flinder, Head of IR, Communications & Marketing +47 936 11 350

About Nel ASA | www.nelhydrogen.com

Nel has a history tracing back to 1927 and is today a leading pure play hydrogen

electrolyser technology company with a global presence. The company specializes

in Alkaline and PEM technology for production of renewable hydrogen. Nel's

product offerings are key enablers for a green hydrogen economy, making it

possible to decarbonize various industries such as transportation, refining,

steel, and ammonia.

This information is subject to a duty of disclosure pursuant to Section 5-12 of

the Norwegian Securities Trading Act. This information was issued as inside

information pursuant to the EU Market Abuse Regulation, and was published by

Wilhelm Finder, Head of Investor Relations, at NEL ASA on the date and time

provided.