Nel ASA

M&A Activity • Nov 16, 2022

Nel ASA: Nel and GM collaborate on cost competitive renewable hydrogen production

Nel ASA: Nel and GM collaborate on cost competitive renewable hydrogen production

(Detroit, USA and Oslo, Norway, 16 November 2022) Nel Hydrogen US, a subsidiary

of Nel ASA (Nel, OSE: NEL), has entered into a joint development agreement with

General Motors (NYSE: GM) to help accelerate the industrialization of Nel's

proton exchange membrane (PEM) electrolyser platform. By combining GM's

extensive fuel cell expertise and Nel's deep knowledge of electrolysers, the two

companies are looking to enable more cost competitive sources of renewable

hydrogen.

"General Motors is one of the global leaders in hydrogen fuel cell propulsion

with more than 50 years of experience. We believe this collaboration will give

us a competitive advantage in industrializing the production of our PEM

electrolysers and further improving the efficiency of our technology," said

Nel's CEO, Håkon Volldal.

"Adding Nel as a strategic collaborator is an important step to help us

commercialize fuel cell technology. Electrolysis is key to creating consistent,

clean sources of hydrogen to power fuel cells," said Charles Freese, GM

executive director, Global HYDROTEC. "Nel has some of the most promising

electrolyser technology to help develop clean hydrogen infrastructure, and we

believe our HYDROTEC fuel cell IP can help them get closer to scale."

Nel was the first company in the world with a fully automated alkaline

electrolyser production line. The next step will be to industrialize the

production of its PEM electrolyser equipment in a similar way which will enable

considerable technology advancement.

GM is developing and commercializing both HYDROTEC hydrogen fuel cell and Ultium

battery technologies that deliver where it matters most: performance and cost.

This is opening new revenue potential for GM as industries - including freight

trucking, aerospace, power generation and locomotive - turn to GM to improve

performance and reduce emissions.

"An automated production concept is key when scaling up and driving down cost on

electrolyser technology. By utilizing the combined expertise of both companies,

it will help to more quickly develop a green hydrogen technology that is

competitive with fossil fuels," said Volldal.

A PEM electrolyser and a fuel cell are largely based on the same principles. A

PEM electrolyser uses electricity and water to produce hydrogen and oxygen,

while a fuel cell reverses the process, using hydrogen and oxygen to produce

electricity and water. As GM has made major steps and gained expertise with fuel

cells, the two companies see substantial synergies by transferring this to Nel's

PEM platform.

Nel will be compensating GM for the development work and IP transfer on an

ongoing basis and pay a license after successful commercialization dependent on

how much of the end product is based on GM technology.

ENDS

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.

This information is subject to a duty of disclosure pursuant to Section 5-12 of

the Norwegian Securities Trading Act. This information was issued as inside

information pursuant to the EU Market Abuse Regulation, and was published by

Wilhelm Finder, Head of Investor Relations, at NEL ASA on the date and time

provided.

About General Motors

General Motors (NYSE:GM) is a global company focused on advancing an all

-electric future that is inclusive and accessible to all. At the heart of this

strategy is the Ultium battery platform, which will power everything from mass

-market to high-performance vehicles. General Motors, its subsidiaries and its

joint venture entities sell vehicles under the

Chevrolet (https://www.chevrolet.com/?evar25=gm_media_release),

Buick (https://www.buick.com/?evar25=gm_media_release),

GMC (https://www.gmc.com/?evar25=gm_media_release),

Cadillac (https://www.cadillac.com/?evar25=gm_media_release),

Baojun (https://www.sgmw.com.cn/) and Wuling (https://www.sgmw.com.cn/) brands.

More information on the company and its subsidiaries, including OnStar, a global

leader in vehicle safety and security services, can be found at

https://www.gm.com.

For additional information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02?097

Wilhelm Flinder, Head of Investor Relations, +47 936 11 350

David Caldwell, GM Communications, +1 586-899-7861, david.caldwell@gm.com

Phil Lienert, GM Communications, +1 313-530-1508, philip.lienert@gm.com