Nel ASA

M&A Activity • Nov 15, 2017

Nel ASA: Reference is made to previous stock exchange announcements made by Nel ASA ("Nel") regarding acquisition of Proton Energy Systems, Inc.

Nel ASA: Reference is made to previous stock exchange announcements made by Nel ASA ("Nel") regarding acquisition of Proton Energy Systems, Inc.

(Oslo, 15 November 2017) Proton Energy Systems, Inc. ("Proton OnSite") was

acquired on a cash and debt free basis and assuming a normalized working

capital. Pursuant to the transaction agreement, the purchase price was subject

to adjustment based on the actual levels of net debt and working capital as per

closing, to be settled by Nel issuing further shares to the selling shareholder

of Proton Onsite, F9 Investments LLC ("F9"), or F9 transferring Nel shares to

Nel, as the case may be. The number of shares shall in each case be calculated

based on the originally agreed value of a Nel share in the transaction agreement

of NOK 2.72.

The post-closing adjustment has now been concluded. Pursuant to the result of

the adjustment, F9 has today transferred 1,520,743 Nel shares to Nel. After the

settlement of the adjustment amount, Nel holds 1,773,450 own shares and F9 holds

146,138,713 shares in Nel ASA (approx. 14.8% of the share capital).

ENDS

For additional information, please contact:

Jon André Løkke, CEO, +47 9074 4949

Bent Skisaker, CFO, +47 468 21 693

About Nel | 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

foundation 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.