Nel ASA

M&A Activity • Jun 8, 2018

Nel ASA: Takes full ownership of joint venture in South Korea

Nel ASA: Takes full ownership of joint venture in South Korea

(Oslo, June 8, 2018) Nel ASA ("Nel") announced today it is increasing its

ownership of the joint venture Nel-Deokyang Co. Ltd to 100 percent, making it a

fully-owned subsidiary of Nel, and renaming it Nel Korea Co., Ltd. By gaining

full control over the company, Nel expects to be able to extend and accelerate

activities and sales into the region.

"Clearly, there are major opportunities in the South Korean hydrogen market,

underlined by last week's announcement for an H2Station® solution as well as the

announced ambitions from the Korean government and industry. By assuming full

ownership of the entity and taking control of all activities, we believe that we

will be able to further extend and accelerate our efforts, and be better

positioned for major market opportunities ahead," says Jon André Løkke, Chief

Executive Officer of Nel.

Nel and Deokyang established a joint venture, Nel-Deokyang Co., Ltd. in June

2017 to facilitate sales, installation and service of hydrogen fueling stations

in Korea. The parties will now continue the close collaboration through

commercial agreements.

"In addition to continued focus on sales, installation and service of

H2Stations®, the fully-owned subsidiary, Nel Korea Co., Ltd., will also be able

to offer electrolyzers, covering the entire Nel product offering. Deokyang will

continue to focus their efforts on delivering hydrogen gas to the fueling

station network and our cooperation will be secured in commercial agreements. We

look forward to continuing our strong collaboration with Deokyang to ensure the

common success across Korea," Løkke concludes.

The subsidiary will be consolidated into the Group P&L from the time of closing

expected at the end of June 2018.

- ENDS-

For further information, please contact:

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

Bjørn Simonsen, VP Market Development & Public Relations, +47 971 79 821

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 Nel-Deokyang Co., Ltd.

Nel-Deokyang is a 50/50 owned JV between Deokyang Co., Ltd. Koreas largest

hydrogen supplier, and Nel ASA established to facilitate the exclusive sales,

installation and operation of H2Station® in Korea.