(October 22, 2024 - Oslo, Norway) Nel Hydrogen Electrolyser AS, a fully owned
subsidiary of Nel ASA (Nel, OSE:NEL), has today been awarded a grant from the EU
Innovation Fund of up to EUR 135 million for industrialization of its next
-generation pressurized alkaline technology. The technology is currently being
prototyped, and the potential industrialization is planned at Herøya, Norway.

"We continue to realize the full potential of our current technology at the same
time as we develop future technologies to help our customers drive down the cost
of green hydrogen. This grant will make it significantly easier for us to bring
our new innovative pressurized alkaline technology to market," said Nel's
President and CEO, Håkon Volldal.

Nel has been developing its next-generation pressurized alkaline technology for
more than five years. The technology is currently in the prototype stage with
promising results. Nel has now been awarded a grant for a phased build-out of
production at Herøya, Norway. The grant application was supported by Enova SF,
the Norwegian national contact point for the EU Innovation Fund.

"Building on nearly 100 years of electrolyser innovation, we have developed this
new, differentiated technology that will be a step-change in cost and
performance for renewable hydrogen. Bringing a new technology to market always
entails risk, and we are thankful for the support we have previously received
from the Research Council of Norway and Innovation Norway. With this
substantially larger grant from the EU Innovation Fund, we will be able to bring
the innovation to market at an accelerated pace," Volldal says.

The initial build-out is planned for an annual capacity of 1-2 GW, utilizing
existing space at Nel's current facility in Herøya, Norway. The support will be
phased with Nel's own investments for up to 4 GW of capacity for pressurized
electrolyser equipment in Norway. A final investment decision to start building
the capacity depends on achieving successful testing in the current prototype
and planned pilot stage, as well as market acceptance of the new technology.

ENDS


For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02?097
Wilhelm Flinder, Head of Investor Relations, +47 936 11 350
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
electrolyser technology company with a global presence. The company specializes
in Alkaline and PEM 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.

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.