Nel ASA

Nel ASA: Statkraft has cancelled the 40 MW alkaline electrolyser contract

(April 30, 2025 - Oslo, Norway) Reference made to the announcements published

November 14, 2022, and January 6, 2023, where Nel Hydrogen Electrolyser AS, a

subsidiary of Nel ASA (Nel, OSE:NEL), signed a 40 MW contract with Statkraft.

The client has now decided to cancel the contract.

This purchase order was listed as one of the contracts with significant risk of

delays or cancellation as stated in the Q1'2025 financial report. With this

cancellation, the total reduction in backlog will be NOK 120 million.

"Statkraft has over several years put considerable engagement and commitment

into developing and attracting funding to a hydrogen project in Mo. Despite the

efforts we have not been able to create a viable commercial model for the

project in the current market conditions. We therefore need to adjust the plan

accordingly and cancel our order with Nel says SVP for hydrogen in Statkraft,

Bjørn Holsen".

ENDS

For additional information, please contact:

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

Wilhelm Flinder, Head of IR, Communications and 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.

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