Nel ASA

Share Issue/Capital Change • Aug 1, 2017

PRESS RELEASE / OSE FILING August 1, 2017 – Oslo, Norway

Nel ASA: Share capital increase registered

(Oslo, August 1, 2017) Reference is made to the stock exchange announcement from Nel ASA (the"Company") on July 12, 2017 regarding the issue of new shares in connection with the Company's incentive scheme.

The share capital increase pertaining to the issuance of the 1 879 277 new shares under the incentive scheme has now been registered with the Norwegian Register of Business Enterprises. The Company's new registered share capital is NOK 180 142 990.40, divided on 900 714 952 shares, each with a nominal value of NOK 0.20 per share.

ENDS

For additional information, please contact: Bent Skisaker, CFO, +47 4682 1693

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.