(July 17, 2024 - Oslo, Norway) Nel ASA has today granted 500,000 options under
its long-term incentive (LTI) program for its CEO, Håkon Volldal. The strike
price for the granted options is NOK 6.162, a premium of 10% over the closing
share price on June 28, 2024, representing the two-year anniversary of his
commencement date. The vesting period is three years and the options expired
after five years.

Reference made to the press release dated January 5, 2022, where today a total
of 500,000 share options has been granted to Håkon Volldal in accordance with
the company's LTI program for the CEO. Each option, upon vesting, entitles
Volldal to acquire one share in the Company. These options are granted without
any considerations. As per the vesting schedule, 100% of these options will vest
after three years. The vesting of options is contingent upon Håkon Volldal's
continued employment with the Company. Options that have not been exercised will
expire five years after the grant date.

According to the LTI program, Håkon Volldal will receive 500,000 options on each
of the first, second, and third anniversaries of his commencement date. The
total accumulated profit for all options is capped at NOK 25 million, with a
limit of NOK 30 per option.

Following the grant, Håkon Volldal holds 0 shares and 1 000 000 options.

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 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 Alkaline
and PEM 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.

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.