Nel ASA

Capital/Financing Update • Jan 31, 2022

Nel ASA: Receives purchase orders for multiple PEM electrolyzers from an innovation leader in sustainable food production

Nel ASA: Receives purchase orders for multiple PEM electrolyzers from an innovation leader in sustainable food production

(Oslo, 31 January 2022) Nel Hydrogen US, a subsidiary of Nel ASA (Nel, OSE:NEL),

has received orders for multiple PEM electrolyzers to provide green hydrogen for

sustainable carbon negative food production.

Nel Hydrogen US has received a contract for PEM electrolysis hydrogen production

units to be delivered to a leader in the commercialization of sustainable

protein technology.  This application for green hydrogen is a novel and exciting

approach to addressing both climate change and food production for the

developing world.

"This project represents an important opportunity to showcase a green hydrogen

solution that supports carbon reduction in the food production industry.  We are

thrilled to be working with a progressive and visionary leader in this sector",

said Tom Skoczylas, Sales Manager for Nel Hydrogen US.

The purchase orders have a value of approximately USD 5 million, and deliveries

of the equipment will be staggered over the remainder of 2022, and into 2023.

ENDS

For additional information, please contact:

Jon André Løkke, CEO, +47 907 44 949

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

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.