Nel ASA

Capital/Financing Update • Mar 16, 2022

Nel ASA: Nel to supply an alkaline electrolyser system for Solar Foods

Nel ASA: Nel to supply an alkaline electrolyser system for Solar Foods

(Oslo, 16 March 2022) Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA

(Nel, OSE:NEL), has received an order for an alkaline electrolyser system to

provide green hydrogen for producing food from CO\2\ and electricity.

The new Solar Foods production facility, called Factory 01, is under

construction in Vantaa, Finland. The company estimates that the commercial

Solein® production will begin in the first half of 2023 and Factory 01 will

serve as Solar Foods' platform for scaling up production. Solein is produced

using a bioprocess where microbes are fed with gases (carbon dioxide, hydrogen

and oxygen) and small amounts of nutrients.

"This project shows again the growing opportunities for green hydrogen solution.

We are very pleased to be working with Solar Foods", said Henning Langås, Sales

Director for Nel Hydrogen Electrolyser AS.

"We are excited to proceed in the construction of Factory 01 on schedule. Nel is

supplying technology for a core process steps. We cannot wait to ramp-up the

facility in 2023", said Ville-Veikko Vaaranmaa, Project Director for Solar

Foods.

The purchase orders have a value of approximately EUR 2 million, and delivery of

the equipment is expected to be late-2022 / early-2023.

ENDS

For additional information, please contact:

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

Wilhelm Flinder, Head of IR, +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. 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

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

provided.