Nel ASA

Board/Management Information • Jan 5, 2022

Nel appoints Håkon Volldal as new Chief Executive Officer

Nel appoints Håkon Volldal as new Chief Executive Officer

(Oslo, 5 January 2022). The Board of Directors of Nel ASA ("Nel" or the

"Company", OSE: NEL) announces the appointment of Håkon Volldal as new Chief

Executive Officer (CEO), replacing the current CEO Jon André Løkke.

"In mid-2021, Jon André expressed to the Board that he had been CEO of the

Company for over five years and that the time was right to initiate a process

for identifying his successor. On that basis, the Board initiated a broad

international search of available candidates based on a pre-defined set of

criteria, including a proven track record on global business development,

innovative top line initiatives, operational productivity improvements and

growth strategy. That process is now completed, and the Board is delighted to

announce the appointment of Håkon Volldal as the Company's new CEO. Mr Volldal

joins Nel from his current position as CEO of Q-Free ASA and brings vast

experience also from McKinsey & Company and various executive positions in Tomra

Systems. He represents a modern leadership culture and market approach, and

fulfils all criteria we set for the position. We are confident that Håkon,

together with the Company's executive management team and supported by the Board

of Directors, is a very good candidate to lead Nel going forward", says Ole

Enger, Chair of the Board of Nel. "At the same time, the Board takes the

opportunity to express its sincere gratitude to Jon André Løkke for his

contributions over the last six years. The development in the Company's market

capitalisation, market position and organizational strength under his tenure as

CEO has been profound", Mr Enger continued.

Mr Volldal is expected to assume the position at the end of the second quarter

of 2022, and Mr Løkke will continue as CEO until said time.

The Company's nomination committee states that it is positive to proposing to

the annual shareholders meeting in April 2022 that Jon André Løkke is elected as

a board member of Nel ASA, with effect from the date the CEO transition becomes

effective.

"I have followed Nel's development over the last years with interest and

admiration. The company is a technology-leader and has established an attractive

position in a fast-growing market. To me this is essential for global success

and I look forward to contributing to Nel's further growth in an industry with

enormous potential for value creation and decarbonization", Håkon Volldal

comments.

"It has been a pleasure to serve as CEO over the latest six years, and to work

with the entire Nel team to develop the leading hydrogen technology company in

the world. The company has a rock-solid platform for the expected growth and

expansion. The succession has been planned closely with the Board of Directors,

comes at the right time following the opening of our Herøya facility, and

provides me with somewhat more flexibility in life", Jon André Løkke concludes.

As prescribed by the continuing obligations for listed companies, the Company

discloses that Mr Volldal will be granted 500,000 options on each of the first,

second and third anniversary of the commencement date. Each option vests after

three years of grant and may, subject to continued employment, be exercised over

a two year period thereafter.  Each option entitles him to acquire one new share

of the Company at an exercise price equal to the listed price at the date of

grant plus 10%. A maximum profit level has been implemented which limits the

accumulated profit for all options to NOK 25 million, and to NOK 30 per option.

ENDS

For additional information, please contact:

Ole Enger, chairman, + 4791138223

Jon André Løkke, CEO, + 90744949

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. Our

roots date back to 1927, and since then, we have had a proud history of

development and continuous improvement of hydrogen technologies. Today, our

solutions cover the entire value chain: from hydrogen production technologies to

hydrogen fueling stations, enabling industries to transition to green hydrogen,

and providing fuel cell electric vehicles with the same fast fueling and long

range as fossil-fueled vehicles - without the emissions.

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 Kjell Christian Bjørnsen, CFO at NEL ASA

on the date and time provided.