Nel ASA

Nel ASA: Completion of Subsequent Offering, registration of new share capital

(Oslo, 29 November 2017) Reference is made to the stock exchange announcements

dated 21 November 2017 regarding the result of the subsequent offering of up to

10,000,000 new shares (the "Offer Shares") in Nel ASA ("Nel" or the "Company")

at a subscription price of NOK 2.50 per share (the "Subsequent Offering"). As

set out in said announcement, the Subsequent Offering was fully subscribed, and

the Company consequently issued 10,000,000 Offer Shares at a subscription price

of NOK 2.50 per share.

The share capital increase pertaining to the Subsequent Offering has now been

registered in the Norwegian Register of Business Enterprises. The new share

capital of the Company is NOK 199,742,990.40 divided into 998,714,952 shares,

each with a nominal value of NOK 0.20.

The new shares issued in the Subsequent Offering are listed on Oslo Børs.

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

Arctic Securities and Carnegie acted as joint bookrunners in the Subsequent

Offering. Advokatfirmaet Schjødt AS acted as Norwegian legal counsel to the

Company.

ENDS

For additional information, please contact:

Jon André Løkke, CEO, +47 907 44 949

Bent Skisaker, CFO, +47 468 21 693

About Nel | 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.

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