Nel ASA

Share Issue/Capital Change • Oct 22, 2021

OSE-FILING October 22, 2021 – Oslo, Norway

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.