Nel ASA — Investor Presentation 2021

Jan 21, 2021

Capital Markets Day

January 21, 2021

Welcome

Leila Asdal Danielsen Brand Manager

Forward-looking information

This Presentation includes and is based, inter alia, on forward-looking information and statements relating to the business, financial performance and results of Nel ASA and/or industry and markets in which it operates that are subject to risks and uncertainties that could cause actual results to differ materially from the statements expressed or implied in this Presentation by such forward-looking statements. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Nel ASA and Nel ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" , "aims", "anticipates", "intends", "plans", "projects", "targets" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Nel's businesses, raw material prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation.

Although Nel ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation, and you are cautioned not to place any undue reliance on any forward-looking statements. Nel ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Nel ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use of this Presentation. This presentation was prepared in connection with the January 21, 2021 Capital Markets Day of Nel ASA. Information contained in this Presentation will not be updated. This Presentation should be read and considered in connection with the information given orally during the presentation. The Nel ASA shares have not been registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act. The global Covid-19 pandemic is expected to continue to cause disruptions in Nel ASA's operations and financials in the near- and medium-term. Production, order intake, customer dialogue, installations, commissioning and associated revenue recognition have all been impacted by "stay home" policies and the general business slowdown.

CAPITAL MARKETS DAY 2020

Programme

15 minutes

The global market leader

Jon André Løkke Chief Executive Officer

This is Nel

Nel is a global, dedicated hydrogen technology company that delivers optimal solutions to produce, store and distribute hydrogen from renewable energy

We serve a range of different customers with leading hydrogen technologies and we continuously improve our product offering to maintain a leadership position and remain in the forefront of the development

Green hydrogen approaching fossil parity – game-changer across applications and markets

VISION

Empowering generations with clean energy forever

9

We deliver optimal solutions to produce, store, and distribute hydrogen from renewable energy

MISSION

Simplicity

Simplicity

Commitment Honesty Boldness VALUES

Leading pure play hydrogen technology company with a global footprint

Pure play hydrogen technology company listed on Oslo Stock Exchange (NEL.OSE)

Manufacturing facilities in Norway, Denmark, and U.S., and a global sales network

World's largest electrolyser manufacturer, with >3,500 units delivered in 80+ countries since 1927

Leading manufacturer of hydrogen fueling stations, with 110+ H2StationTM solutions delivered/in progress to 13 countries

The front runner within hydrogen technologies

Alkaline and PEM electrolysers Compact hydrogen fueling station

Converting water and electricity to hydrogen and oxygen – for industry, mobility and energy purposes

World's most compact fueling stations, capable of fueling any kind of vehicle and simple to integrate with other fuels

Strong field know-how and manufacturing capacity

PEM electrolysers

Wallingford, USA

Systems delivered: 2,700+ Production capacity: >50 MW/year History: 23 years

Alkaline electrolysers Notodden/Herøya, Norway

Systems delivered: 800+ Production capacity: 40 MW/year 500 MW/year (~2 GW/year) History: 90 years

Hydrogen refueling stations

Herning, Denmark

Stations delivered: 110+ Production capacity: 300 HRS/year History: 16 years

Building a world-class organization

The hydrogen opportunity

Large opportunities for electrolysis within existing hydrogen market

Global hydrogen market by end use

Ammonia Refineries Methanol Other

• Currently only 1% from water electrolysis
• Large growth potential driven by increasing focus on climate and renewable energy, decreasing both electricity prices and electrolyser capex
• Focus on renewable hydrogen for refineries and ammonia, accounting for ~80% of market
• Electrolysis set to take larger share of overall hydrogen market. Annual electrolyser market potential of >\$20 billion/year within existing hydrogen market alone

Overall hydrogen market set to grow by 8x

Global energy demand supplied with hydrogen

Growing hydrogen demand primarily driven by:

• Regulations to lower surplus demand for fuel
• Decreased crude quality requires more hydrogen for processing
• Electrification of transport sector
• Move from coal to hydrogen for various industries
• As electrolysers start from a small base, this market potential will grow by >800x

Hydrogen is expanding its areas of application

Steady growing market Markets expected to see fast growth going forward

Strong tailwind for hydrogen solutions

IVECO & Nikola partnering in European fuel cell HDV market

Anglo American/ENGIE to develop fuel cell electric mining trucks

Ammonia Refinery Steel

Hyundai reveals HDV concept – plan to deliver 1,600 trucks to Switzerland

Cost of wind and solar dropping significantly – green hydrogen to follow

Global average cost USD

• With falling LCOE1 of wind and solar prices, renewable hydrogen follows the same path, as electrical power constitutes 70-80% of hydrogen's total cost
• Record low auction prices for solar PV and wind – prices as low as \$13.5/MWh and \$17.86/MWh respectively 3,4
• Prices expected to drop further, LCOE of solar PV and onshore wind expected to fall by 71% and 58% respectively5
• Renewable hydrogen competitive with fossil fuels at \$50/MWh – competitive in most markets at \$30/MWh

21 Sources: 1 LCOE = Levelised cost of energy (total production cost of building and operating electricity-generating plant, 2 Lazard; Renewables Now, 3 PV magazine, 4 IRENA (International Renewable Energy Agency, 5 BloombergNEF New Energy Outlook 2018

Growth in renewable hydrogen will accelerate with reduced capex for electrolysers

200 300 400 500 600 700 800 Historic With current ongoing expansion (500 MW/year) 2 GW capacity | New product/technology development Nel large scale alkaline electrolysis Capex of steam methane reformers (SMR) vs. Nel's alkaline electrolysers \$/kW alternative production methods Large scale natural gas reformers SMR – capex range

• Steam methane reforming (SMR) dominates hydrogen production using natural gas and steam
• Nel establishing new manufacturing plant targeting >40% cost reduction – further capex reduction expected due to increased production volume and further size scaling
• Nel targets capex to drop below SMR over time
• Electrolysis expected to be preferred production method if opex (i.e. power prices) is low enough, or at parity, with

Hydrogen technology catching up on maturity curve

• Hydrogen industry potential to become as large as wind and solar today – however, maturity is far behind
• Will see same cost reduction focus
• Increased volumes will reduce costs

1.5 \$/kg

Nel green hydrogen cost target by 2025

Assumptions: Nel analysis based on electricity of 20 \$/MWh, >8% cost of capital, cost of land, civil works, installation, commissioning, building water etc., lifetime 20 years incl. O&M cost, at 30 bar

A regulatory landslide is coming

A REGULATORY LANDSLIDE IS COMING

It was a hot strategic hydrogen summer

Multiple countries publishing their hydrogen strategies

• Hydrogen strategies expected in countries representing over 80% of global GDP by 2025
• Green hydrogen central to all strategies
• Initial applications focus on transport and industry sectors
• Refineries and chemical first important large-scale hydrogen markets mid-term

We have reached a tipping point in policy awareness

A REGULATORY LANDSLIDE IS COMING

40 B€ market for green hydrogen production in EU until 2030

• Europe taking leading role on green hydrogen after launching EU hydrogen strategy
• 2020-24 Phase 1: 6 GW goal, 2025-30 Phase 2: 40 GW goal, to 2050 Phase 3: Large-scale use of hydrogen
• Country pledges so far amount to >30 GW and EUR >40 billion
• Backed up by support schemes such as the IPCEI-program
• Europe also exploring possibilities for deployment of 40 GW in surrounding regions
• Supporting legislation changes (grants, permits, electricity tariffs) and concrete projects required to deliver on ambition

28 Sources: BloombergNEF, H2View

A REGULATORY LANDSLIDE IS COMING

USA and Australia to follow suit

Published March 2020 Published December 2019

US foresees 6 M tons added annual hydrogen capacity needed by 2030

• Equals ~40 GW electrolyser capacity if hydrogen is provided from renewable sources
• New administration more positive towards green technologies

Australia launched massive green hydrogen ambitions to support the hydrogen strategy

• AUD 70 million from Australia Renewable Energy Agency in 2020 to support Australian government's target of "H2 under \$2" (equal to USD 1.5)
• 26 GW Asian Renewable Energy Hub in Pilbara launched fall 2020 – target for 23 GW green hydrogen/ammonia production

SUMMARY

Green hydrogen on top of the agenda: represents a large opportunity, but also presents significant challenges and risks

CAPITAL MARKETS DAY 2020

Programme

15 minutes

The global market leader Jon André Løkke, CEO

Taking electrolysis to GW-scale Erik Løkke-Øwre, VP Operations Alkaline

Nel electrolyser activities

• Filip Smeets, SVP Electrolyser
• Guest speaker Mikael Nordlander, Vattenfall/HYBRIT
• Nel fueling station activities Jørn Rosenlund, SVP Fueling

Taking electrolysis to GW-scale

Erik Løkke-Øwre VP Operations, Alkaline

TO GW AND BEYOND Safety first

• Zero LTI since February 2018
• Zero TRI since July 2020
• Safety built into the design
• Analysis performed 2019-20 to verify safe design and operations
• ISO 9001, 14001, 45001 certified

LTI and TRI-rates, Dec 2018 – Dec 2020

Success factors to achieve world class performance

Market drive towards large Nel alkaline plants

Large scale electrode production at Herøya

Capacity expansion at Herøya

Fully automated and designed according to lean manufacturing and industry 4.0 principles

Industrial scale production of most efficient electrolysers in the market, at a game-changing cost

Large scale production line improvements identified, name plate capacity up from ~360 to ~500 MW

Room to expand to ~2 GW annually

CO2 reduction potential in line 1 (pilot) of 1.000,000 ton – with 2 GW, 4-5 million ton

Test production in new line Q2'21, start of ramp-up Q3'21

Development of tomorrow's factory starts today

• New plant capacity with 24/7 operations Notodden current capacity: 40 MW/year
  • Full-scale pilot as basis for next phases – further potential identified for subsequent lines
  • Increased capacity in future lines from optimization of process and product improvements

Production line 1 – fully automated

Production line 1 – pre-treatment of electrode parts

Production line 1 – chemical line

Production line 1 – assembly and final control

Fewer process steps and improved product reduce electrode cost

Original process New and improved process

• Fewer process steps reduce factory footprint and consumption of energy and chemicals
• Product performance increased
• Large reduction in energy and raw materials consumption

New plant business case: reducing electrode cost

Game-changing project on schedule for startup in Q3, 2021

Alkaline product development

Notodden, Norway R&D & test centre

47

Porsgrunn, Norway Large scale production

ALKALINE PRODUCT AND PROCESS DEVELOPMENT

Building core competence in product and process development, engineering and project execution

employees in 2018 employees in 2021

Significant staff increase Building core competence Recruiting from competitive industries

Oil services Chemicals and metal industries

Solar and wind Automotive

ALKALINE PRODUCT AND PROCESS DEVELOPMENT

The world's most efficient electrolyser becoming even more efficient

Energy consumption (kWh/Nm3 H2) Roadmap to reduce energy consumption towards theoretical minimum

Main enablers in product and manufacturing process will reduce specific energy consumption with 5 to 10 pct.

• Zero gap electrodes
• Surface treatment / texturing
• Reduced production variation

Standardization to improve cost and reduce delivery-time

Building independent

All main components as skids

All hydrogen safety standards imbedded

Safe work zones and walkways

Pre-fabricated pipe rack

Stacks arriving on skids preassembled

Long experience with large-scale renewable energy plants as foundation to design 2020-standard plants

ALKALINE PRODUCT AND PROCESS DEVELOPMENT

Further product development – improving efficiency and capacity of cell stack

Current vs. future 20 MW cell stacks Enablers:

• Electrode size and form improvement
• Increase active electrode area
• Increase current density

Balance of plant on existing platform compatible with future

SUMMARY

Reiterating strong long-term outlook

First production line will start H2 2021

Capacity expansion will enable CO2 reduction at hydrogen customers of 4-5 millions tons/year

Strong growth momentum in market: Green hydrogen to outcompete fossil by 2025

Continue to develop technology to maintain leading position on TCO

Accelerate investments in organization, technology and partnerships

CAPITAL MARKETS DAY 2020

Programme

15 minutes

The global market leader Jon André Løkke, CEO

• Taking electrolysis to GW-scale Erik Løkke-Øwre, VP Operations Alkaline
  • Nel electrolyser activities
  • Filip Smeets, SVP Electrolyser
• Guest speaker Mikael Nordlander, Vattenfall/HYBRIT
• Nel fueling station activities Jørn Rosenlund, SVP Fueling

Nel electrolyser activities

Filip Smeets SVP Electrolyser

Market developments

Traditional electrolyser market / niche applications

MARKET DEVELOPMENTS

Electrolyser market going forward

Hydrogen demand grows eightfold by 2050

• attainable market for electrolytic hydrogen to full spectrum of use cases
• New use cases to develop into major markets: Transportation fuel, industrial heat and power, building heat and power, and power generation and storage
• Hydrogen consumption could reach 540Mt per year by 2050, driven by industrial processes and transportation

PtX projects ramping up fast in EU and China

Power-to-X projects announced, studied, under construction as of July 2020

	EU	DE	NL	FR	ES	IT	UK	NO	CH	UA	RU	JP	KR	CN	AU	CA	MO
PtX plants in operation	64	34	2	8	1	4	4	1	5	0	0	15	0	1	3	1	0
PtX MW in operation	57	29	1	1	<1	1	3.5	1	1	0	0	11	<1	<1	6	<1	0
PtX plants in preparation*	106	77	14	19	8	4	16	13	2	0	0	2	1	7	10	3	1
PtX MW in preparation*	9500	750	3800	1600	161	2000	308	288	40	0	0	0	~10	5200	20	30	100

• EU's large-scale green hydrogen production plans signal transition to plants which are at least two orders of magnitudes larger and a stark move to an industrialization of sector
• The same can be observed in China

MARKET DEVELOPMENTS

Galloping pipeline growth

>3 billion USD >100 projects >10 GW 80% value, >100 MW

Single largest

400 MW

Ideal for alkaline atmospheric electrolysers

• Proven
• Reliable
• Large-scale
• Leading on capex
• World-class efficiency

Our unique electrolyser solutions

OUR UNIQUE ELECTROLYSER SOLUTIONS

Nel is the largest electrolyser manufacturer worldwide

The world's largest electrolyser manufacturers Ranked by 2019 revenues

OUR UNIQUE ELECTROLYSER SOLUTIONS

Bankability + reliability

Broadest product portfolio in the market

Alkaline electrolysers since 1927 and PEM electrolysers since 1996

Scalable design from <1 to >8,000 kg/day production capacity – able to deliver 100+ MW systems

Designed for high volume manufacturing to achieve large scale plants with fossil price quality

From kW- to multi-MW industrial size hydrogen production plants

#1 independent player with global footprint and reach

OUR UNIQUE ELECTROLYSER SOLUTIONS

Sales process

Industrial-scale hydrogen plant suppliers scope

MARKETS	PRODUCTS	INVESTOR RELATIONS	ABOUT	CONTACT
		Design your hydrogen plant
				4. Installation & services
Choose your additional services
EPC Financing/leasing
Operations	Service & maintenance
Performance guarantees				Next

Aftermarket: an integral part of our business

• Important growth market
• Strong captive market
• Cell stacks replacement at certain intervals
• Attractive aftermarket margins
• Several plants in operation for decades – added value for customers and Nel

OUR UNIQUE ELECTROLYSER SOLUTIONS

Why are customers choosing Nel?

A strong product application fit – both alkaline and PEM

Low project risk / bankable projects

Optimal balance efficiency / durability

High availability

Reliable after-sales & service

Best Total Cost of Ownership

Scaling technology for a 10X market

SCALING TECHNOLOGY FOR A 10X MARKET

Standardization reducing system cost to enable \$1.5/kg

SCALING TECHNOLOGY FOR A 10X MARKET

New containerized large-scale PEM electrolysers – MC250 and MC500 Automated MW-class on-site hydrogen generators

New PEM electrolyser launched including new stack

EPCm partner strategy

Strategic cooperations with EPC partners

• Standardized turn-key solutions
• Tender engine
• Execution muscle
• Single-purpose vehicle
• Extensive approved supplier list

Screening market for other partnerships

• Geographical fit
• Bring added value in developing market
• Able to provide local content

Gas Analyser System	Transformers	Hydrogen Compressors	External Piping Works	Electrical	Fire Fighting	UPS
IP / IC standards Instrumentation	Rectifiers	Oxygen Compressors	Cooling Water System	Hydrogen Vent	Oxygen Vent	Production Control Logic
Installation Procedures	Cell Stacks	Deoxo-dryers	Drainage Facilities	Civil Works	Nitrogen System	Demin Water Unit
Commissioning Procedures	Gas Liquid Seperatros	Dew Point Meters	KOH storage unloading	Grid Power Substation	Gas Metering	Drainage Facilities
Building Requirements	Electrolyte Tank	Gas Holders	HVAC	Buildings	Potable Water	Instrument Air
Electrolyser System Design	Gas Scrubbers	Control and Safeguard	Hydrogen Transfer Line	IP / IC	Permitting	Gas Storage(s)

Nel's scope EPC scope

Electrolyser capex evolution

AE CAPEX Evolution

(2010-2030, \$ per kW)

• Capex for electrolyser expected to dramatically decrease by
• PEM trailing alkaline earlier years
• Both converging towards 300\$/kW by the end of decade

SCALING TECHNOLOGY FOR A 10X MARKET

Renewable/green hydrogen is on a trajectory to outcompete grey and blue hydrogen

Forecast global range of levelized cost of hydrogen/TCO production from large projects 2019 \$/kg

• Green hydrogen cost expected to decline and close gap with fossil sources by 2030
• IEA expects cost parity by 2030 – Nel expects to reach this target by 2025
• Focus on reduction of capex, increase lifetime, improve efficiency, increasing current density, lowering catalyst, and scaling up system components

SUMMARY

Leading global electrolyser market in scope, scale, and capacity

Capex for electrolysers expected to decrease dramatically by 2030

Largest and most experienced within both alkaline and PEM – well-positioned to capitalise on market growth

Large-scale solutions ready to be built – refineries, green ammonia, fossil-free steel and mobility as important drivers

CAPITAL MARKETS DAY 2020

Programme

15 minutes

The global market leader Jon André Løkke, CEO

Taking electrolysis to GW-scale Erik Løkke-Øwre, VP Operations Alkaline

Nel electrolyser activities

• Filip Smeets, SVP Electrolyser
• Guest speaker Mikael Nordlander, Vattenfall/HYBRIT
• Nel fueling station activities Jørn Rosenlund, SVP Fueling

Guest speaker

Mikael Nordlander Head of R&D Portfolio Industry Decarbonization, Vattenfall Deputy Board Member, HYBRIT

One of the greatest challenges of our time

BY 2050:

30) million

Increase in number of people in the world every year

Will live in urban areas, compared to todays 55%

9-7 billion

Will be the world's population, compared to todays 7.6 billion

75%

Growth in global steel demand compared to 2016

"Without action, the world's average surface temperature is likely to surpass 3 degrees Celsius this century."

The UN

Enabling fossil-free living within a generation

Why electrification?

Transition to fossil-free energy in a global perspective

79.7 % Fossil fuels

Modern renewables are gaining ground in energy consumption

2.2 % Nuclear energy

Traditional biomass 7.5 %

10.5 % Modern renewables

Why replacing fossil fuels with renewables works

Electric ReGeneration

Decarbonising Industry and Society Through Electrification:

We take electricity from a power source to a source of innovation

Fossil free electricity

Direct electrification

Electrolysis

The electricity splits water (H2O) into hydrogen (H3) and oxygen (0) and the hydrogen can be used both as a carrier of energy, and for chemical reactions

VATTENFALL

REDUCTION POTENTIAL OF SWEDENS TOTAL CO2 EMISSIONS - 10% " THE FIRST 1 TECHNOLOGY IN THE WORLD

SILFREE STEEL

HYDROGEN BREAKTHROUGH IRONMAKING TECHNOLOGY

Pre-study & Research program	Feasability study & Pilot request	Demonstration plant with commercial fossil free steel & Restructuring of SSAB's production facilities
2016 - 2017	2018 - 2024	2025 - 2040

Pre-study & Research program Feasability study & Pilot request

Demonstration plant with commercial fossil free steel & Restructuring of SSAB's production facilities

2016 - 2017	2018 - 2024	2025 - 2040
2016	2018	2025	2030 - 2040
· Pre-study with help of the Swedish Energy Agency	Decision for Pilot together with the Swedish Energy Agency	· Restructuring - from blast furnace to arc furnace at SSAB Oxelösund	· Restructuring - from blast furnace to arc furnace at SSAB Raahe & Lulea
Start of a 4-year research program with help of the Swedish Energy Agency	2019 - 2021 · Pilot Fossil Free Pellets	· HYBRIT demonstration plant
	2020 - 2024	2026
2017 · Joint venture between SSAB, LKAB and	· Pilot Hydrogen based direct reduction of iron	· First commercial Fossil Free Steel by SSAB
Vattenfall	2021 - 2024

• Pilot hydrogen storage

VATTENFALL

Pre-study & Research program Feasability study & Pilot request

Demonstration plant with commercial fossil free steel & Restructuring of SSAB's production facilities

2016 - 2017	2018 - 2024	2025 - 2040
Have we thought about this wrong in any way?	2018 Decision for Pilot together with the Swedish Energy Agency	2025 · Restructuring - from blast furnace to arc furnace at SSAB Oxelösund	2030 - 2040 · Restructuring - from blast furnace to arc furnace at SSAB Raahe & Lulea
	2019 - 2021 · Pilot Fossil Free Pellets	· HYBRIT demonstration plant
	2020 - 2024 · Pilot Hydrogen based direct reduction of iron	2026 · First commercial Fossil Free Steel by SSAB
	2021 - 2024 · Pilot hydrogen storage

Feasability study

& Pilot request

Pre-study & Research program

Demonstration plant with commercial fossil free steel & Restructuring of SSAB's production facilities

2016 - 2017	2018 - 2024	2025 - 2040
Have we thought about this wrong in any way?	How could this technique look like and work at large scale?	2025 · Restructuring - from blast furnace to arc furnace at SSAB Oxelösund JVDDIT domanetration	2030 - 2040 · Restructuring - from blast furnace to arc furnace at SSAB Raahe & Lulea

2026

plant

· First commercial Fossil Free Steel by SSAB

Pre-study & Research program Demonstration plant with commercial fossil free steel & Restructuring of SSAB's production facilities

2016 - 2017	2018 - 2024	2025 - 2040
Have we thought about this wrong in any way?	How could this technique look like and work at large scale?	First enter the market with fossil free steel - Then restructure the whole production of SSAB

Feasability study

& Pilot request

Parallel work streams

Pre-study Research program	Feasability study Pilot request	Demonstration plant with commercial fossil free steel & Restructuring of SSAB's production facilities
2016 - 2017	2018 - 2024	2025 - 2040

HYBRIT's pilot projects in Norrbotten, Sweden

One H, storage equals a million Teslas - and can supply a full scale iron/steel mill with H, for five days

Bringing electrification to new sectors

Fossil free plastics

Agriculture

Biofuels

Cement

Innovative value chain cooperation initiate market for green products

Impact of decarbonization on product cost US\$ / % price increase

Intermediate product		End product
Cement	+100% (+30%)		+3% Ex: +\$15,000 for a \$500,000 house from fossil free cement
Steel	+20%		+1% Ex: +\$180 for a car made of fossil free steel
Plastics	450%*		<3% Ex: +\$0.01 for a bottle of soda from fossil free plastic

Thinking broader

• 1. Fossil free electricity/hydrogen replacing fossil fuels crucial for industry
• 1. Think broader across conventional borders of our value chains
• 1. Find unexpected partners to build relationships with
• Collaborate to innovate ব
• 1. Back casting is the new black

CAPITAL MARKETS DAY 2020

Programme

15 minutes

The global market leader Jon André Løkke, CEO

Taking electrolysis to GW-scale Erik Løkke-Øwre, VP Operations Alkaline

Nel electrolyser activities

• Filip Smeets, SVP Electrolyser
• Guest speaker Mikael Nordlander, Vattenfall/HYBRIT
• Nel fueling station activities Jørn Rosenlund, SVP Fueling

Nel fueling station activities

Jørn Rosenlund SVP Fueling

Hydrogen fueling in brief

HYDROGEN FUELING IN BRIEF

Fueling fully aligned with global mega-trend on electrification of transportation

HYDROGEN FUELING IN BRIEF

Fueling fully aligned with global mega-trend on electrification of transportation

Hydrogen as the common energy carrier – H2 as fuel is most cost effective

Hydrogen is becoming relevant in all forms of mobility

The challenge: Achieve <\$5/kg by 2025 = diesel price parity

Hydrogen pump prices for fossil parity

Type approved standardized hydrogen fueling products

Fast fueling LDVs with 600 km in 3-5 minutes is a must

Fast fueling HDVs with 1,000 km range in 10-15 minutes is a must

Hyper-fast-fueling is key to serve many customers quickly

Land requirements for charging stations for all New York City taxis would be equal to…

Battery

180 NBA courts 12

Hydrogen

NBA courts

300 x10 of 2019

Capacity for 300 H2StationTM per year – sufficient for fueling 200,000 cars/2,500 trucks

94

annually H2StationTM manufactured at the world's largest factory in Denmark

HYDROGEN FUELING IN BRIEF

Installed or sold stations across the world

Our unique fueling solutions

OUR UNIQUE FUELING SOLUTIONS

Control over the full value chain

OUR UNIQUE FUELING SOLUTIONS

Real-time station monitoring & diagnostics

1. Remote monitoring Instant remote event solving by Nel Hydrogen Service technicians in CA, EU and Korea all time zones

2. Dispatching of service team If event is not solved remotely, local service technicians are sent to site

Why are customers choosing Nel H2Station™ solutions?

In-house developed technologies

Full value-chain services

Nel operations and maintenance organization in key markets

Standardized and certified products

World's largest manufacturing capacity

Scaling technology for a 10X market

H2StationTM fueling capacity and fuel dispensing increasing rapidly

Accumulated installed H2StationTM

Number of stations installed - Index

2010 2015 2020 f 2022 f

H2StationTM fueling capacity and fuel dispensing increasing rapidly

Accumulated installed H2StationTM

Number of stations installed - Index

Accumulated fuel dispensed on H2StationTM

H2 quantity dispensed - Index

Harvesting Big Data – continuous improvement

SCALING TECHNOLOGY FOR A 10X MARKET

H2StationTM evolution: 10 times capacity increase and 90% capex reduction

	2008	2010	2015	2020	2020+
Vehicles
Capacity	50kg/day	100kg/day	200kg/day	500kg/day	>1000kg/day
Pressure	250 bar	350+700 bar	350+700 bar	350+700 bar	350+700 bar
Capex/kg capacity (index)	150	100	50	20	10
Technology	-	Fueling control	CO cooling 2	Fueling compressor	Scaling core technologies
			20 patents acquired for development of core fueling technologies

SCALING TECHNOLOGY FOR A 10X MARKET

Hydrogen fueling, as fast as diesel, is a must – an industry-wide challenge

Hydrogen and energy transfer during fueling • End-users expect same

• performance as today
• Today, cars and busses are fueled with 1-2 kg H2/min
• Heavy duty vehicles will require 10 kg /min – x10 today
• A very large amount of energy transferred to the vehicle
• Industry group working on new HDV nozzle

Evolution of the hydrogen fueling station market

First Nel fueling station Denmark, 2004

First Nel fueling station for light duty vehicles Denmark, 2008

Northern California: H2StationTM for passenger cars

First 14 H2StationTM California, 2018

Evolution of the hydrogen fueling station market

OUTLOOK

Hydrogen fueling station sales is expected to grow in average >30% from 2020 to 2030

SUMMARY

Global leadership through proven track record and high-quality fueling stations

Break

15 minutes

We'll be back in

15 minutes

CAPITAL MARKETS DAY 2020

Programme

15 minutes

The global market leader Jon André Løkke, CEO

• Taking electrolysis to GW-scale Erik Løkke-Øwre, VP Operations Alkaline
  • Nel electrolyser activities
  • Filip Smeets, SVP Electrolyser
• Guest speaker Mikael Nordlander, Vattenfall/HYBRIT
• Nel fueling station activities Jørn Rosenlund, SVP Fueling

Guest speakers

Joseph S. Cappello Executive Officer of Iwatani Corporation Chairman and CEO, Iwatani Corporation of America (ICA)

Forward Looking Statements

Certain statements included in this press release that are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate" "anticipate," "intend," "should," "plan," "plan," "plan," "plan," "plan," "plan," "plan," "plan," "plan," "plan," "predict, "potential" "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company's ability to advance its development of hydrogen fuelity to help create and expand the hydrogen economy; including the ability to decarbonize certain transportation markets; the company's ability to produce market leading low-cost hydrogen; and its impact on the company's vertical hydrogen integration of productions regarding its hydrogen business, and related business model and strategy; and market opportunities related to the company's hydrogen planous assumptions, whether or not identified in this press release, and on the current expectations of watan's management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-ooking but not limited to general economic, financial, legal, regulatory, political and business conditions and foreign markets; the potential effects of COVID-19; the outcome of legal proceedings to which lwatani may become a party; the effects of competition on watan's the availability of capital. If any of these risks or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements speak only as of the date hereof and watani specifically disclaims any obligation to update these forward-looking statements.

MEDIA CONTACT:

Rebecca Pancheri rpancheri@iwatani.com (773) 710-6585

Presentation Outline

• · Introduction to Iwatani Corporation
• Overview of Iwatani's Global Hydrogen Presence
• Background on the California H2 Market
• Iwatani's Collaboration with Nel

lwatani Corporation Overview

Corporate Profile

Corporate Philosophy

Become a person needed by society, as those needed by society can prosper.

Iwatani Group

Established

Paid-in Capital

• : May 5, 1930
• : 20,096 million yen
• Consolidated Net Sales : 686.7 billion yen (March 31, 2020)
• Affiliated companies : 236 (Consolidated 106) (March 31, 2020)

Iwatani

Number of Employees : 9,849 (Consolidated) (March 31,2020)

http://www.iwatani.co.jp/eng/investor/images/pdf/about_iwatani2020_en.pdf

lwatani's Hydrogen Leadership Position in Japan

http://www.iwatani.co.jp/eng/investor/images/pdf/about_iwatani2020_en.pdf

• · #1 Position in Hydrogen
• · Only Liquid H2 Supplier
• · Significant Infrastructure Investment
• · Committed to a CO2-Free Society

lwatani is Investing in Innovative H2 Technologies

"HRS : Hydrogen Refueling Station

"Nimchys Hydrogen Relueing Stations are operated by Night Mobile Hydrogen Station Services, LLC, a company established by wath Toyota Tsusho Corporation and Taiyo Nippon Sanso Corporation.

Australia Liquid H2 Loading Terminal Photo courtesy of HyStra

California is Leading the Way in Hydrogen for the US

Energy Commission Approves Plan to Invest Up to \$115 Million for Hydrogen Fueling Infrastructure

For Immediate Release: December 9, 2020

Commissioners Approve \$25 Million for First 30 Stations

SACRAMENTO - The California Energy Commission (CEC) approved a plan today that will invest up to 5115 million to significantly increase the number of fueling stations in the state that support hydrogen fuel cell electric vehicles (FCEVs). The funding nearly doubles the state's investments to date and will help California nearly achieve its goal to deploy 200 public hydrogen fueling stations.

The plan also supports Governor Gavin Newsom's executive order phasing out the sale of new pasoline. powered passenger vehicles by 2035 by providing essential infrestructure to meet the fueling needs of the increasing number of zero-emission vehicles (ZEV) enticipated on the next decade. While battery electric vehicles (BEV) are the most common ZEV in the state, more than 8,000 FCEVs have also been leased gesold.

Under the plan, up to 111 new hydrogen fueling stations will be built in the state by 2027, including many designed for multi-use by passenger vehicles, trucks and buses. Total project funding is subject to annuel approval of both the state bodget and allocations from the CEC.

This report continues with analyses for the coverage and capacity of the hydrogen refueling station network, the cost and time it is taking to develop stations, and the current and future projections of FCEVs and station implementation in California. The report summarizes important industry developments in 2019, including a fuel shortage that limited the refueling of FCEVs in Northern California. The CEC and CARB review the year's fueling trends and describe other hydrogen and fuel cell projects that are expanding the potential for fuel cell electric vehicles, including buses and trucks, to serve multiple functions in the transition to a zero-emission transportation system.

New Station Ownership

This year marked the first occasion in which new owners assumed operation of existing hydrogen refueling stations. Iwatani Corporation of America (Iwatan) acquired four hydrogen relueling stations that were previously owned by Messer (formerly Linde, LLC). The four stations are in Mountain View, San Juan Capistrano, San Ramon, and West Sacramento lwatani operates more than 20 hydrogen refueling stations in Japan and the company's entrance into the California market is a positive indicator of growing interest and competition in station development and operation here. Iwatani celebrated its acquisition of stations in California with a grand re-opening and ribbon-cutting ceremony on May 16, 2019, at the West Sacramento station. The photograph in Figure 1 shows Mr. Akiji Makino, Chairman and Chief Executive Officer of Iwatani Corporation, with CEC Commissioner Patty Monahan and West Sacramento City Manager Aaron Laurel, who participated in the event.

Figure 1: West Sacramento Station Ribbon-Cutting Ceremony

7

2020 Annual Evaluation of Fuel Cell Electric Vehicle Deployment & Hydrogen Fuel Station Network Development (Report Pursuant to AB B; Perea, Chapter 401, Statutes of 2013)

Iwatani Group Iwatani Corporation of America

lwatani Corporation of America's Hydrogen Focus in CA

• · Entered Market in 2019 via Acquisition of Linde's 4 HFS
• · Plans for 20 New Light Duty HFS · Amongst Top 3 HFS Developers in CA
• · Emphasizing End-Markets that Value CO2-Free H2
• · Vertical Integration is Key Success Factor

lwatani and Nel's Collaboration in Southern California

Iwatani Corporation of America and Toyota Collaborate to Bring Seven New Hydrogen Refueling Stations to Southern California

November 12, 2020

Expansion Supports the U.S. Launch of Toyota's Second Generation Mirai, its Zero-Emission Hydrogen Fuel Cell Electric Vehicle

Santa Clara, Calif., (November 12, 2020) - Watani Corporation of America, a wholly owned subsidiary of Iwatani Corporation (Tokya Stock Exchange): 8088) and Toyota Motor North America (NYSE: TM) jaintly announced today that Toyota will support livatan's plans to significantly expand the number of open retail hydrogen fueling stations by nearly 25 percent in Southern. California and represents an increase of 6,300 lillograms per day of hydrogen fuel dispensing capacity. Construction of the new stations is anticipated to commence in early 2021 followed by commissioning of the first stations by midyear. All seven stations will be open to the public. providing hydrogen fuel to consumers in support of the rapidly growing. demand for sero-emission fuel cell electric vehicles (FCEVs).

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nel ·

CAPITAL MARKETS DAY 2020

Programme

15 minutes

The global market leader Jon André Løkke, CEO

Taking electrolysis to GW-scale Erik Løkke-Øwre, VP Operations Alkaline

Nel electrolyser activities

• Filip Smeets, SVP Electrolyser
• Guest speaker Mikael Nordlander, Vattenfall
• Nel fueling station activities Jørn Rosenlund, SVP Fueling

Next generation technologies

Anders Søreng Chief Technology Officer

INTRODUCTION

Current and future platforms

• Enable future business plans
• Develop next generation technologies and products
• Drive leading business safety programs across company
• Drive business system programs across company

INTRODUCTION

Safety is priority #1 – our commitment to the community

methodologies to improve processes and products

Product safety is the accumulation of built-in quality in design and production/installation processes

	Commitment
	Nel safety culture
	Product Workplace Stakeholder safety safety safety
Best practice tools and methodologies to improve processes and products	Compliance
Product safety is the accumulation of built-in quality in design and production/installation processes

INTRODUCTION

What differentiates us?

Increase our business competitiveness

Rolling out during 2021 as part of Employee Value Program

Nel Business System (NBS)

Technology strategy

Hydrogen to play important role in world's transition to green energy solutions

Corporate technology's role is to enable future business

Corporate technology's responsibilities:

• Ensure world-class organization and facilities
• Develop modular designs for large-scale deployment
• Enhance Bankability
• Reduce product TCO
• Timely introduce technologies with predictable performance and lifetimes

Linking technology strategy with customer needs

Targeted, timely, safe and reliable product launches that meet customer requirements

Corporate technology team

Core competencies

• Electrochemistry
• Chemical engineering
• Polymers/elastomers
• Mechanical design and modelling
• Power electronics
• Thermodynamics
• Material science
• System engineering
• Physics
• Computer simulation
• Power electronics

Active IP protection strategy

Our experimental capabilities are unique in the industry

Key electrolyser developments

Electrolyser technology roadmap: Enabling our business plans

Optimize electrode configuration

Developing advanced manufacturing capabilities

Improve lifetime predictability

Development of digital twins

Systematic innovation process and market intelligence create basis for step change enabling technologies

• Deliver strongest value propositions: large-scale products, bankable improvements, lowest TCO enabling technologies
• ESG compliance
• Continue to grow key partners for development and deployment
• Consider to invest in or acquire early-stage technology companies

Integrated system operations with renewables

Efficient system integration and operations

• Remote process monitoring and control system
• Optimized operations to accommodate lowest cost power in balance with off-take need
• Optimized design for lowest system TCO

Only company with both alkaline and PEM technologies at scale

Our competitive technology platform advantages

• PEM and alkaline both have advantages
• Both platforms are developed with equal priority
• Industrial and technology knowledge about PEM and alkaline is beneficial
• Follow other technologies like AEM and SOEL

Electrode development and fabrication – unique catalyst formulations

Knowledge of catalyst deposition process

• Scaled for multiple technology approaches
• Capacity for thousands of cells per year
• Build infrastructure in place for large industrial production
• Unique, patented design features
• Internal know-how in cell stack supplier development, design, assembly and testing for high durability

Cell stack designs, manufacturing and scale-up

Unique experience in design and manufacturing

• In-house/patented catalyst formulation and deposition processes
• Process know-how for consistent production
• Expertise and infrastructure for electrode deposition
• In-house instrumentation for high quality control
• In-house capability for development and production of catalyst electrodes

System design and assembly

Balance of plant

• Designs for kW to MW
• Patented solutions including gas management and monitoring/controls
• Thorough analysis and mitigation of hazards with multiple levels of protection
• Safety/product certification including third party

Scaling up for future large-capacity opportunities

5x

• 5 times scale-up of advanced, patented electrolyser cell stack design
• 1.25 MW input power
• Capacity to make more than 500 kg H2 per day
• Based on Nel's unique competence and experience to design and manufacture durable cell stack products
• Size is maximized on current supplier capabilities

Continued development success of pressurised alkaline product

New innovative design targeting lowest TCO

• 5 MW optimized skid solution fits inside 20 ft open frame
• World class efficiency performance
• Designed for automated manufacturing and low-cost supply chain
• Outdoor IP class, no building required
• Thermally isolated to minimise heat loss

Key H2Station™ developments

Fueling technology roadmap: Enabling our business plans

Develop next generation high-capacity technology enablers to support heavy-duty fueling station concept

Development of components with less maintenance demand

Improve lifetime predictability

Development of digital twins

Our competitive advantages

• Deliver strongest value propositions: large-scale products, bankable improvements, lowest TCO enabling technologies
• ESG compliance
• Forge key development partners
• Consider investing in or acquiring early-stage technology companies

Development of new high-capacity product

Nel's competitive advantages

• Building on knowledge from light duty station products for further development of:
  • Cooling
  • Compression
  • Station platform concept
• Following best practise for product development:
  • Design prototype testing
  • Process pilot testing
  • Design and process validation – 0 series verification-run
• Standardized interface between fueling station and vehicle

Platform: Dispenser

• Most compact hydrogen dispenser – one -third the size of gasoline dispenser
• Advanced control system for safe, fast and complete fueling
• Can be placed next to gasoline dispensers and share fueling lanes
• Flexible placement – no requirement for any underground heat exchanger
• Standard payment system to connect to region specific codes and standards
• Type approved in relation to CE, UL, SAE

Sub module: Compressor

• Hydrogen compressor = the heart of the fueling station (pressure of more than 700 bar)
• Introduced to the market after a five-year technology program
• Patented diaphragm technology designed for fueling purpose e.g. high intensity start/stop capabilities
• Among most energy-efficient compressors in industry

Sub module: Cooling system

• The cooling system is a key component for fast refueling
• Patented CO2 cooling process, among the most energy efficient systems in industry
• Only hydrogen cooling system designed for minimal global warming impact

SUMMARY

Well-positioned for a growing market

CAPITAL MARKETS DAY 2020

Programme

15 minutes

The global market leader Jon André Løkke, CEO

Taking electrolysis to GW-scale Erik Løkke-Øwre, VP Operations Alkaline

Nel electrolyser activities

• Filip Smeets, SVP Electrolyser
• Guest speaker Mikael Nordlander, Vattenfall/HYBRIT
• Nel fueling station activities Jørn Rosenlund, SVP Fueling

Financials & ESG

Kjell Christian Bjørnsen Chief Financial Officer

A strong financial position is key

Will introduce profitability and capital efficiency targets post ramp-up period

Balance sheet optimization through debt and alternative financing arrangements will be evaluated

Financial highlights

(NOK million)	2020 Q3 Adj*	2020 Q3	2019 Q3	2020 Q2	2019	2018
Operating revenue	131.9	147.7	148.9	148.6	569.7	489.0
Total operating expenses	250.9	264.0	197.3	220.6	823.3	685.1
EBITDA	-44.8	-42.1	-28.9	-48.7	-178.1	-131.6
EBIT	-69.1	-116.3	-48.4	-72.0	-253.6	-196.1
Pre-tax income (loss)**	-581.5	-628.6	-34.3	594.3	-277.2	-197.5
Net income (loss)	-579.5	-626.7	-32.4	596.4	-269.7	-188.8
Net cash flow from operating activities	-69.4	-69.4	-31.2	-54.1	-209.2	-142.8
Cash balance at end of period***	2 543.6	2 543.6	651.0	2 566.1	526.0	349.7

Non-recurring, ramp-up and net other costs of -2,7 MNOK have been booked in the quarter. Mainly related to start-up costs for activities in new markets and ramp-up activities, counterbalanced by positive one-offs in the quarter. In addition, costs related to the group's share option program of 0.3 MNOK were booked in the quarter. EBIT has in addition been adjusted by impairments of NOK 49.8 million in the quarter. *

Includes a negative fair value adjustment of the shareholding in Nikola Corporation of NOK 513.3 million (a value of USD 20.48 per share as of September 30, 2020). A 10 USD increase/reduction in the share price of Nikola Corporation will lead to gains/losses of about MNOK 100.0 with a USD/NOK of 9.0 **

Nel raised 127 MNOK in gross proceeds in April 2020 and 1.3 BNOK in June 2020 ***

Strong cash position of ~2.5 BNOK – raised 2.3 in equity offerings in 2020

Needs strong financial position to execute on plans

• Raised 2.3 bn NOK in equity offerings in 2020
• Cash required to maintain leading position
  • Organization
  • Physical investments
  • Technology investments
  • From product to large project sales
  • Price and competition based on future cost levels

Solid backlog FINANCIALS & ESG

Solid order backlog

• Backlog decreased by ~9% in Q3'20 – quarterly fluctuations to be expected
• Order intake of NOK 45.8 million in Q3'20 – includes numerous PEM electrolysers (S,H, and C-series) and aftersales
• Strong pipeline across segments and industries

Sustainability at the core

VISION

Empowering generations with clean energy forever

ESG report 2020 In accordance with GRI Standards, supplemented by considerations found in TCFD and Euronext, focusing on four of UN's SDG

Setting the stage for sustainability reporting

NOW

Positive outlook for Nel's integration of sustainability

EU Taxonomy

• New EU classification system for sustainable activities enabling scale up of sustainable investments
• To be used for certifications and funding
• Nel's business activities are covered by the EU Taxonomy positive outlook for achieving compliance
• Important enabler for accessing funding for customer's projects

SUMMARY

Significant 2021 investments to accommodate scalable multi-billion NOK revenue capacity

Accelerating investments in organization, technology and partnerships to maintain leading position in a growing market

Continuing development investments in alkaline and PEM technologies, as well as technologies to support fast and reliable hydrogen fueling for heavy duty applications

Key markets show strong momentum with ever-larger projects. Nel needs to be a financially strong counterpart to meet its delivery and performance commitments as a much larger entity

Building scalable capacity to accommodate to multi-billion NOK revenue capacity and investing to maintain leading position

>100 new employees in 2021

Deploying ~25% of capital raised in 2020 in plant, equipment, and technology development projects in 2021

Will add more capacity as required by the market

Ramp up resulting in significantly negative EBITDA in 2021

SUMMARY

IR analytics

Market cap Ranked by revenues

Investor base >27,000 VPS registered shareholders

75% International ownership

Analyst coverage

Jonas Meyer (SB1) Tomas Skeivys (Norne) Mikkel Nyholt (Carnegie) Daniel Stenslet (Arctic) Ole-Andreas Krohn (DNB) Gard Aarvik (Pareto) Anders Rosenlund (SEB) James Carmichael (Berenberg) Edward Maravanyika (Citi) Espen Fjermestad (Fearnely) Jean-Baptise Rolland (Bank of America) Xavier Regnard (Bryan Garnier) Håkon Aamundsen (ABG SC)

CAPITAL MARKETS DAY 2020

Programme

15 minutes

The global market leader Jon André Løkke, CEO

Taking electrolysis to GW-scale Erik Løkke-Øwre, VP Operations Alkaline

Nel electrolyser activities

• Filip Smeets, SVP Electrolyser
• Guest speaker Mikael Nordlander, Vattenfall/HYBRIT
• Nel fueling station activities Jørn Rosenlund, SVP Fueling

Summary and outlook

Jon André Løkke Chief Executive Officer

Strategy & 2025 ambitions

STRATEGY & 2025 AMBITIONS

Today: creating a rapidly-growing billion NOK company

STRATEGY & 2025 AMBITIONS

Today: creating a rapidly-growing billion NOK company

2025: the global leader within hydrogen technologies

World-class safety

-

2020

• HSEQ target of zero incidents, including sites with Nel equipment
• Compliance with all relevant international standards – aerospace manufacturing quality
• HRS: Nameplate capacity of 300 stations
• Alkaline: Production capacity of 40 MW/year at Notodden

• PEM: Production capacity of 40 MW/year at Wallingford

• Scalability & Cost leadership HSEQ target of zero incidents, including sites with Nel equipment

  • Recognized safety leader within the industry, setting new industry safety standards across the value chain
  • HRS: Capacity expansion reflecting demand
  • Alkaline: Scalable multi-GW/year capacity
  • PEM: Capacity >100MW/year
  • Cost of renewable hydrogen at USD 1.5 per kilo

2025: the global leader within hydrogen technologies

Technology front-runner

Preferred partner

2020

• HRS: H2StationTM with leading compression and cooling technology
• Alkaline: Global #1, 90 years experience
• PEM: Global #1, >2.700 installations

• Infrastructure developments, joint ventures and large-scale partnerships

• HRS: Global #1, volume applications (e.g. HDV)

• Alkaline: Global #1, on large scale systems and giga-scale capabilities
• PEM: Global #1, relevant technology and mega-scale capabilities
• Developing next generation electrolyser platforms on both alkaline & PEM
• Strengthen position as the preferred partner for hydrogen technologies with specialist competence in key segments

2025: the global leader within hydrogen technologies

-

Strong financing

Global presence

2020

• Cash position of approximately NOK 2.5 billion and no debt
• Market cap of >NOK 40 billion
• Manufacturing in Norway, Denmark and US

• Offices in Korea and China

• Strong cash position supporting rapid, continued organic and inorganic growth

• Profitable operations
• Bankability for multi-billion NOK orders
• Manufacturing in Norway, Denmark, US + capacity expansions in key markets / close to customers
• Establish representative offices in several additional countries

SUMMARY

Green hydrogen on top of the agenda: represents a large opportunity, but also presents significant challenges and risks

STRATEGY & 2025 AMBITIONS

2025: the global leader within hydrogen technologies

Thanks for the ride, dinosaurs. We'll take it from here!

We'll be back in

5 minutes

Q&A

number one by nature