Nel ASA

M&A Activity • Jan 19, 2017

Nel ASA: Signs joint venture LoI with PowerCell and Hexagon Composites

Nel ASA: Signs joint venture LoI with PowerCell and Hexagon Composites

(Oslo, 19 January 2017) Nel ASA (Nel) announced today that the company has

entered into Letter of Intent (LoI) with Hexagon Composites ASA and PowerCell

Sweden AB to establish a joint venture (JV) for the development of integrated

hydrogen projects. The joint venture will initially focus on opportunities in

the maritime and marine segments as well as projects to leverage renewable

energy resources.

"We are pleased to announce that we are joining forces with PowerCell and

Hexagon Composites to establish a JV for the development of integrated hydrogen

solutions and projects. This cooperation is strategically important, as we will

be working with global market leaders and utilizing each party's respective

technologies and competencies to develop new hydrogen solutions. The JV will be

equally owned by the three parties and will initially focus on projects within

marine applications. Over time, however, the JV may also evaluate projects

within other application areas," says Jon Andrè Løkke, Chief  Executive Officer

of Nel.

The JV is aimed at creating a one-stop-shop for customers wanting to utilize

hydrogen technologies across the value chain: From renewable hydrogen

production, to storage, distribution and dispensing, to generating electricity

via fuel cells. The jointly-owned entity will manage and develop the projects to

ensure that technologies from the JV-partners are effectively integrated into

complete and optimal solutions for the customer.

"Together with Nel's leading technology for hydrogen production and fueling, the

three companies are positioned to deliver unparalleled customer value in the

form of a zero-emission power solutions," Løkke concludes.

Hexagon Composites ASA is a global market leader for storage and transport of

gases under high pressure, while PowerCell is a leading fuel cell company in the

Nordics developing and producing environmentally friendly power systems for

stationary and mobile customer applications.

ENDS

For further information, please contact:

Jon André Løkke, CEO, Nel ASA

Phone: +47 907 44 949

Email: jolok@nelhydrogen.com

Per Wassén, CEO, PowerCell Sweden AB (publ)

Phone: +46 (31) 720 36 20

Email: per.wassen@powercell.se

Jon Erik Engeset, CEO, Hexagon Composites ASA

Phone: +47 916 30 550

Email: jon.erik.engeset@hexagon.no

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.

About PowerCell Sweden AB (publ) |www.powercell.se

PowerCell Sweden AB (publ) is the leading fuel cell company in the Nordics,

which develops and produces environmentally friendly power systems for

stationary and mobile customer applications. PowerCell Sweden AB (publ) is

listed on First North at Nasdaq Stockholm and is an industrial spinout from the

Volvo Group. G&W Fondkommission is appointed Certified Adviser by the Company.

Among the largest owners are Midroc New Technology, Fouriertransform, Finindus

and Volvo Group Venture Capital.

About Hexagon Composites ASA | www.hexagon.no

Hexagon Composites ASA is a publicly listed company with its headquarters in

Aalesund, Norway. The Group develops and produces composite pressure cylinders

and systems for storage and transportation of various gases. It is the global

leader in CNG road transportation.