(February 28 - 2023, Oslo, Norway) Nel ASA (Nel, OSE:NEL): Nel has taken the
final investment decision to expand the production capacity at its PEM
electrolyser manufacturing facility in Wallingford, Connecticut. The expansion
will bring annual production capacity towards 500 MW in 2025.

"This is an important milestone for Nel," says Nel's CEO, Håkon Volldal. "With
this expansion, we will increase PEM production capacity substantially and
simultaneously reduce stack cost and improve stack efficiency."

The investment cost is estimated at approximately NOK 260 million, and the new
production line is expected to reach nameplate capacity in 2025.

"Last year we opened the world's first fully automated alkaline electrolyser
plant in Herøya, Norway. Now we will industrialize the PEM platform, and the
expansion in Wallingford is an important first step", says Volldal.

The development of the ~500 MW PEM production line will be a substantial
contributor to further expansion plans in the US, where developing a quality
production concept is crucial for preparing Nel's planned Gigafactory.

The planned Gigafactory will have a potential of up to ~4 GW production
capacity, distributed between both PEM and Alkaline.

"We are considering three attractive alternatives in three different states and
will make a final decision shortly," says Volldal.

Nel is also expanding in Norway. The company recently started constructing the
second production line at the Herøya facility, and the production capacity is
expected to reach approximately 1 GW in April 2024.

"During the last months, we have received significant purchase orders for large
-scale electrolyser projects. Therefore, we have ramped up production from three
to five shifts, meaning that production is now running around the clock, also on
the weekends", says Volldal.

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
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.