Nel ASA

Share Issue/Capital Change • Jul 8, 2023

Nel ASA: Receives additional funding from US Department of Defense, Engineer Research and Development Center- Construction Engineering Research Laboratory (ERDC-CERL)

Nel ASA: Receives additional funding from US Department of Defense, Engineer Research and Development Center- Construction Engineering Research Laboratory (ERDC-CERL)

(July 8, 2023- Oslo, Norway) Reference made to the press release dated October

4, 2022. Nel Hydrogen US, a subsidiary of Nel ASA (Nel, OSE: NEL), has been

granted an additional USD 5.6 million in funding from the US Department of

Defense (DoD) for accelerating advanced PEM electrolyser stack development, to

enable low-cost hydrogen storage and resiliency applications, in collaboration

with the Engineer Research and Development Center- Construction Engineering

Research Laboratory (ERDC- CERL).

The purpose of the overall program is to accelerate low-cost electrolyser

development with the aim to reduce both operating and capital costs. The

additional funds will be leveraged for scale up of advanced materials and

processes.

"We are excited to build on our existing program with ERDC-CERL to advance PEM

electrolyzer technology" says Kathy Ayers, Vice President, Research and

Development at Nel.

ENDS

For additional information, please contact:

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

Wilhelm Flinder, Head of Investor Relations, +47 936 11 350

About Nel Hydrogen | www.nelhydrogen.com

Nel has a history tracing back to 1927 and is today a leading pure play hydrogen

technology company with a global presence. The company specializes in

electrolyser technology for production of renewable hydrogen, and hydrogen

fueling equipment for road-going vehicles. Nel's product offerings are key

enablers for a green hydrogen economy, making it possible to decarbonize various

industries such as transportation, refining, steel, and ammonia.

About ERDC |  www.erdc.usace.army.mil/

ERDC, one of the most diverse engineering and scientific research organizations

in the world conducts research and development in support of the soldier,

military installations, and the Corps of Engineers' civil works mission, as well

as for other federal agencies, state and municipal authorities, and with U.S.

industries through innovative work agreements. ERDC operates more than $1

billion in world class facilities at seven labs located in four states with more

than 2,100 employees to administer an annual research program exceeding $1

billion.

This information is subject to a duty of disclosure pursuant to Section 5-12 of

the Norwegian Securities Trading Act. This information was issued as inside

information pursuant to the EU Market Abuse Regulation, and was published by

Wilhelm Finder, Head of Investor Relations, at NEL ASA on the date and time

provided.