(February 28, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) has initiated a
process to explore and prepare for a potential spin-off and separate listing of
its Fueling division with the intention to create two independent pure-play
companies aiming to become market leaders in their respective fields.

"We have seen limited synergies between the Fueling and Electrolyser divisions
and believe each business will be better positioned to become market leaders in
their respective fields by operating independently," says Nel's CEO, Håkon
Volldal.

One year ago, when Nel presented its fourth quarter 2022 report, the company
stated it was considering strategic actions for its Fueling division. Nel is now
exploring spinning off the Fueling division as a dividend-in-kind to all
existing Nel ASA shareholders and applying for listing of the shares in the
separate fueling company on an OSE regulated market during 2024.

This will create two streamlined and focused companies that can pursue their
individual strategic agendas. Nel will ensure that the independent fueling
company will have a sufficient liquidity runway at the time of listing.

"The underlying market drivers for electrolysers and hydrogen fueling stations
remain strong. We believe that two independent and focused companies represent
the structure that maximizes the likelihood of success for each business and
therefore long-term shareholder value," Volldal says.

The decision to spin off and separately list the Fueling division has not yet
been concluded and no assurances can currently be given that it will be
completed. If completed, the shares of Nel (comprising its Electrolyser
division) will remain listed on the OSE under the ticker "NEL".

Carnegie AS has been engaged as financial advisor to assist Nel in this process,
and
Wikborg Rein Advokatfirma AS is acting as Nel's legal counsel.

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.

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.

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.