Nel ASA

Nel ASA: Exercise of options and issue of shares

(Oslo, 3 July 2019) Today, Nel ASA (the "Company") resolved, in accordance with

the authorization granted by the general meeting on 28 March 2019, to issue

285,576 new shares to fulfil the Company's obligations, specified in the

Company's annual report (note 6), towards employees of the Company's US

subsidiary Proton Energy Systems, Inc. ("Proton OnSite"), thereby increasing the

Company's share capital by NOK 57,115.20.

The shares were subscribed at a total subscription/exercise price of NOK

547,449.19.

The Nel options held by the employees are options in Proton OnSite converted to

options in Nel as part of the acquisition as of 30 June 2017.

Following the share capital increase, the share capital of Nel ASA will be NOK

243,475,381.20, divided into 1,217,376,906 shares, each with a par value of NOK

0.20. The share capital increase will be registered with the Norwegian Register

of Business Enterprises (Nw.: Foretaksregisteret) as soon as practically

possible after the share contribution has been fully paid.

ENDS

For additional information, please contact:

Bent Skisaker, CFO, +47 468 21 693

About Nel ASA | www.nelhydrogen.com

Nel Hydrogen is a global, dedicated hydrogen company, delivering optimal

solutions to produce, store and distribute hydrogen from renewable energy. We

serve industries, energy and gas com-panies with leading hydrogen technology.

Since its origins in 1927, Nel has a proud history of de-velopment 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 con-ventional vehicles today.

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

-12 of the Norwe-gian Securities Trading Act.

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