(June 12, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL). As of today, Nel is
solely dedicated to developing and delivering world-class electrolysers to
produce renewable hydrogen.

"Nel has almost a century of experience developing electrolysers and has
installed thousands of systems around the world. Building on our unparalleled
track record, we will, from now on, spend one hundred percent of our capacity
and hydrogen know-how on developing and delivering the most reliable and energy
-efficient electrolysers," says Nel's CEO, Håkon Volldal.

Nel's CEO says this on the same day Nel's former Fueling division was spun out
and listed on the Oslo Stock Exchange as Cavendish Hydrogen. Volldal sends his
best wishes to his former colleagues, who now focus on developing hydrogen
fueling equipment for heavy-duty vehicles.

"Cavendish has a solid starting point with lots of relevant experience from the
light-duty fueling market, a diverse and strong customer base, a competent
organization and now also a dedicated board of directors. I am convinced they
can succeed, and I wish them the best of luck," says Volldal.

After the spin-off, Nel will have approximately 450 employees in Norway and the
US. These resources will dedicate all their time to delivering on Nels's
ambition to offer the most energy-efficient and reliable electrolyzers in the
industry at scale.

Accelerated development of next-generation electrolysers

In addition to further developing and improving its existing PEM and atmospheric
alkaline electrolysers, Nel is investing heavily in next-generation pressurized
alkaline and PEM technologies. The development of next-generation PEM
electrolysers, a collaboration utilizing the deep hydrogen knowledge in Nel and
General Motors' R&D departments, is progressing rapidly. At the same time, Nel's
game-changing redesign of the pressurized alkaline concept has reached the
prototype stage. Nel has also secured funding from the US Department of Energy
to further develop its AEM electrolyser technology.

Strategic partnerships with leading industry players

Recently, Nel signed a technology licensing agreement with India's largest
private corporation, Reliance Industries. Through this agreement, Nel will gain
access to a rapidly growing market and cater to Reliance's captive demand for
electrolysers globally. Nel has also partnered with a handful of Engineering
Procurement and Construction (EPC) companies to offer turnkey 100 MW building
blocks. These will be available on the market shortly.

Gigawatts of annual production capacity

During the last year, Nel has taken large steps to prepare the company for
further growth. The annual production capacity at the fully automated electrode
manufacturing facility in Herøya, Norway, has doubled from 500 MW to 1 GW. In
addition, Nel is scaling up its annual production capacity to 500 MW at its PEM
manufacturing facility in Wallingford, Connecticut. As in Herøya, all major
production steps at the Wallingford facility will be automated. Moreover,
several production processes previously carried out by subcontractors will be
insourced and optimized. The company has also secured about USD 170 million in
support from the US Department of Energy and the state of Michigan for its
planned gigafactory in Detroit, where Nel will manufacture next-generation PEM
and pressurized alkaline electrolysers.

The company's first quarter 2024 results showed that Nel is on the right path
toward black numbers, and the alkaline division achieved an important milestone,
reaching a positive EBITDA.

"Our revenues and EBITDA continue to improve, showing that the business model
works with scale," Volldal said when he presented the results.

ENDS

For additional information, please contact:

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

Lars Nermoen, Head of Communications, +47 902 40 153

About Nel ASA | 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. 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.

Forward-looking statements: This announcement contains certain forward-looking
statements. By their nature, forward-looking statements involve risk and
uncertainty because they reflect the company's current expectations and
assumptions as to future events and circumstances that may not prove accurate. A
number of material factors could cause actual results and developments to differ
materially from those expressed or implied by these forward-looking statements.