Nel ASA — M&A Activity 2025

Jan 16, 2025

Nel ASA: Acquired equity stake in Cavendish Hydrogen

Nel ASA: Acquired equity stake in Cavendish Hydrogen

(January 16, 2025 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) has acquired a 4.85%

stake in Cavendish Hydrogen to support the company strategically for its long

-term success.

Reference is made to the filing made today by Cavendish Hydrogen calling for an

Extraordinary General Meeting to replace the current Board of Directors. When

Nel spun out and separately listed its Fueling business, the entity was set up

to maximise its long-term potential. To be able to succeed, a highly competent

and dedicated Board of Directors is needed.

"We have a long history together and it is strategically important for Nel to

maintain a good and collaborative relationship with Cavendish and some of its

customers. As such, we intend to vote in favour of the nomination committee's

proposals" says Kjell Christian Bjørnsen, CFO of Nel ASA.

ENDS

For additional information, please contact:

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

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

About Nel ASA | www.nelhydrogen.com

Nel has a history tracing back to 1927 and is today a leading pure play hydrogen

electrolyser technology company with a global presence. The company specializes

in Alkaline and PEM technology for production of renewable hydrogen. Nel's

product offerings are key enablers for a green hydrogen economy, making it

possible to decarbonize various industries such as transportation, refining,

steel, and ammonia.