Nel ASA

M&A Activity • Aug 16, 2019

Nel ASA: Closes agreements related to Everfuel and signs sales and service agreement

Nel ASA: Closes agreements related to Everfuel and signs sales and service agreement

(Oslo, 16 August 2019) Nel ASA (OSE: NEL) announced today the closing of the

agreements related to the ownership structure in Everfuel Europe A/S (Everfuel),

including the signing of an exclusive equipment sales and service agreement.

Everfuel will provide a complete offering of hydrogen fuel to heavy duty

customers such as city buses (reference is made to the announcement 3 June

2019). As an owner/operator of electrolyzers and fueling stations, Everfuel will

vertical integrate the hydrogen value chain to reduce the total cost for the end

customer. As an example, bus operators in Europe can now choose to purchase

delivered, and ready to be dispensed, hydrogen molecules in the bus depot rather

than handling this themselves. With lower cost and less complexity, the target

is to accelerate the development of hydrogen's competitiveness against fossil

-based fuels. Everfuel will be managed by Jacob Krogsgaard, and experienced team

members will be added to support the development.

"We are happy that Jacob has decided to further develop Everfuel to become a

stand-alone, vertically integrated hydrogen retail company. With Jacob's

experience from heading up the activities in Herning, and formerly responsible

for Nel Solutions, we will have a partner that is very knowledgeable about Nel's

technologies and the overall market, this will increase the likelihood of

success," says Jon André Løkke, CEO in Nel.

As a part of the agreement, Everfuel has signed a long-term exclusive contract

with Nel for delivery of H2Stations and electrolyzers with a potential value up

to EUR 100 million. An expected equity of EUR 8 million is needed to finance

Everfuel first activities in the CEF funded H2BusEurope project. Nel ASA will

invest 20%, while E.F. Holding, controlled by Jacob Krogsgaard will invest 80%.

ENDS

For additional information, please contact:

Jon André Løkke, CEO, +47 907 44 949

Bjørn Simonsen, VP Investor Relations and Corporate Communication, +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

origins 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 Everfuel | www.everfuel.com

Everfuel is the new hydrogen fuel provider in Europe. Everfuel connects the

elements in the value chain and provides the missing link between renewable

energy and green transportation. Everfuel is making hydrogen mobility for heavy

duty vehicles commercially available today. Everfuel is cooperating with leading

technology providers to build a robust green hydrogen supply and serve

professional users such as bus, taxi and truck operators. Everfuel is the

initiator and coordinator of the H2Bus Consortium (www.h2bus.eu), an initiative

that make leading hydrogen companies join forces with one coordinated offering

of fuel cell bus and hydrogen fuel.