Nel ASA

Share Issue/Capital Change • Oct 22, 2021

Nel ASA: Exercise of employee share options and issue of shares

Nel ASA: Exercise of employee share options and issue of shares

(Oslo, 22 October 2021) Nel ASA (the Company) today has resolved, in accordance

with the authorization granted by the general meeting on 15 April 2021, to issue

200,800 new shares to fulfil the Company's obligations in the groupwide share

option program comprising all employees in Nel fulfilling certain criteria,

specified in the Company's annual report (note 6), thereby increasing the

Company's share capital by NOK 40,160. In total 10 employees in the

group exercised 200,800 options, where 35,000 options were exercised at the

strike price of NOK 3.24, and 165,800 options were exercised at the strike price

of NOK 7.80. The options were granted in 2018 and 2019.

ENDS

For further information, please contact:

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

Ida Marie Fjellheim, Investor Relations, +47 905 09 291

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. Our

roots date back to 1927, and since then, we have had a proud history of

development and continuous improvement of hydrogen technologies. Today, our

solutions cover the entire value chain: from hydrogen production technologies to

hydrogen fueling stations, enabling industries to transition to green hydrogen,

and providing fuel cell electric vehicles with the same fast fueling and long

range as fossil-fueled vehicles - without the emissions.