Nel ASA

Board/Management Information • Jul 1, 2022

PRESS RELEASE

July 1, 2022 – Oslo, Norway

Nel ASA: Håkon Volldal starts as new CEO of Nel today

(Oslo 1 July 2022). Today, Håkon Volldal starts as the new CEO of Nel, while Jon André Løkke enters the company's Board of Directors.

"I have looked forward to this day for a long time", says Nel's new CEO Håkon Volldal. "Nel is an exciting company with a bright future, not only commercially, but also as a vital part of the green energy transition."

Volldal states that Nel's strategy and ambitions will remain firm.

"We will further develop our company and technology offering, help our customers decarbonize their businesses and keep our position as the leader in green hydrogen technologies," says Volldal.

Volldal has CEO experience from Q-Free, a publicly listed company that develops solutions for tolling and traffic management. He also has background from consultancy company McKinsey and one of the world's leading suppliers of recycling machines, TOMRA.

"I want to spend my professional life in companies that make the world a better place, and Nel is undoubtedly such a company," says Volldal, adding that he is impressed by the fantastic journey the company has made over the last years.

Nel's resigning CEO, Jon André Løkke, is convinced Volldal has the leadership capabilities necessary for Nel to reach its full potential.

"Håkon has achieved remarkable results in his previous positions. He is an analytical and knowledgeable leader and is now fully up to speed on Nel. I am convinced that the transition will be very smooth, and that he has the capabilities required to take or company to the next level," says Løkke.

Løkke joins Nel's Board of Directors today.

ENDS

For additional information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02 097

Wilhelm Flinder, Head of Investor Relations, +47 936 11 350

About Nel ASA | www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to produce, store and distribute hydrogen from renewable energy. We serve industries, energy and gas companies with leading hydrogen technology. Since its origins in 1927, Nel has a proud history of development and continual improvement of hydrogen plants. Our hydrogen solutions cover the entire value chain from hydrogen production technologies to manufacturing of hydrogen fueling stations, providing all fuel cell electric vehicles with the same fast fueling and long range as conventional vehicles today.