Nel ASA

M&A Activity • Jun 30, 2017

Nel ASA: Enters Korean hydrogen market through JV with Deokyang

Nel ASA: Enters Korean hydrogen market through JV with Deokyang

(Oslo, 30 June 2017) Nel ASA (Nel, OSE:NEL) announced today that Nel has entered

into an agreement with Deokyang Co., Ltd. (Deokyang), Koreas largest hydrogen

supplier, to establish a joint venture ("Nel-Deokyang Ltd.") for the exclusive

sales and marketing of Nel's H2Station® hydrogen fueling stations in Korea.

"We are pleased to announce our partnership with the leading Korean hydrogen

company, Deokyang, to enhance the significant hydrogen opportunities in one of

the world's most exiting hydrogen markets going forward. The Korean government

is accelerating the process for establishing a national hydrogen infrastructure,

with a target of 230 fueling stations by 2025. The combination of Deokyang's

hydrogen competence and Nel's unrivalled technology will create a strong

offering for the upcoming roll-out of the hydrogen networks," says Jon André

Løkke, Chief Executive Officer of Nel.

Korea is committed to building a national hydrogen infrastructure with 100

fueling stations by 2020 and 230 stations by 2025. Korean stations are fully

financed by the local and national governments, with owner- and operator-ship

undertaken by local cities and regions. Nel's H2Station® is recognised as the

world's most reliable, compact and advanced hydrogen fueling station, making a

combined Nel-Deokyang a strong contender for the Korean hydrogen roll-out.

"We are proud to partner with Nel to establish a leading provider of one-stop

-shop fueling stations when the hydrogen network is expanding across the

country. The joint company will leverage on Nel's leading technology, which is

very well suited for this fast-growing market, and Deokyang's competence within

hydrogen, certification, and high pressure installations," says Chi-yoon Lee,

CEO of Deokyang in Korea.

The JV will be equally owned by Nel and Deokyang for the exclusive sales and

marketing of Nel's H2Station® hydrogen fueling stations in Korea. The JV will

participate in public funding arrangements for hydrogen fueling stations already

in the third quarter of this year, shipment of fueling stations are targeted to

start during the second half of 2017. The JV partners has a common ambition to

gain a significant market share in Korea.

ENDS

For further information, please contact:

Jon André Løkke, CEO, Nel ASA, +47 907 44 949

Bjørn Simonsen, VP Market Development and Public Relations, Nel ASA, +47 971

79 821

About Deokyang Co., Ltd. | www.deokyang.com

Since its founding in 1964 over 50 years ago, Deokyang has grown up with Korea's

industrial development to be a solid medium-size enterprise, supplying

industrial gases to major plants all over the country.

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. 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.