Nel ASA

M&A Activity • Feb 20, 2017

Nel ASA: Awarded frame contract for multiple hydrogen fueling stations in California

Nel ASA: Awarded frame contract for multiple hydrogen fueling stations in California

(Oslo, 20 February 2017) Nel Hydrogen Solutions, a division of Nel ASA (Nel,

OSE:NEL), has entered into a framework contract for the supply, construction and

maintenance of H2Station® hydrogen fueling stations in California, following the

California Energy Commissions Notice of Proposed Awards for the Grant Funding

Opportunity GFO-15-605.

"This framework contract represents a major milestone for Nel, and open

significant opportunities in the fast developing US hydrogen market. We are very

proud to have been exclusively chosen to deliver H2Stations to our customer in

California. We look forward to working with our partner to roll out their

Californian hydrogen fueling network", says Mikael Sloth, Director of Business

Development in Nel.

On Friday 17 February 2017, the California Energy Commission (CEC) announced the

Notice of Proposed Awards (NOPA) for the Grant Funding Opportunity GFO-15-605 on

the construction and operation of fueling stations in California. Following the

NOPA announcement, Nel and its partner finalized the framework contract for the

exclusive supply, construction and maintenance for H2Station® hydrogen fueling

stations in California.

Rather than getting a direct allocation through Nel's subsidiary Everfuel Inc.,

the allocation for H2Stations® came through a third party partner of Nel. The

name of the partner will remain undisclosed until the details in the allocation

document has been assessed. The exact value of the contract and delivery details

will also be disclosed later.

"This is our largest single order for fueling stations ever, and represents the

best possible start of our entry into the Californian market. We look forward to

supplying our partner with technology as well as support through service and

maintenance. We are also in good dialogue with other applicants and are

therefore in position to deliver even additional H2Station technology to other

grants recipients", says Jon André Løkke, Chief Executive Officer of Nel.

ENDS

For additional information, please contact:

Jon André Løkke, CEO, +47 9074 4949

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.