(April 17, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) reported revenues of NOK
387 million in the first quarter of 2024, up 14% from NOK 341 million in the
same quarter of 2023. Order intake was NOK 459 million, down 2% from NOK 467
million the previous year. At the end of the first quarter, the order backlog
was NOK 2437 million, down 1% from the previous quarter. The cash balance was
NOK 3 260 million at quarter end.

Quarterly highlights

  · Nel ASA (Nel) reported revenue in the first quarter 2024 of NOK 387 million,
up 14% from the first quarter 2023 (Q1 2023: 341). Revenue was positively
impacted by payments related to the renegotiation of the Nikola supply agreement
and negatively impacted by a lack of major milestones on alkaline electrolyser
customer projects in the quarter.
  · EBITDA in the quarter was NOK -16 million (Q1 2023: -121). The quarter
included a positive impact of NOK 96 million from renegotiation of Nikola supply
agreement.
  · Net loss was NOK -22 million (Q1 2023: -192). The improvement from the same
quarter last year was mainly explained by the improved EBITDA and the same
quarter last year included NOK -69 million fair value adjustment from
shareholdings in Everfuel.
  · Order intake in the quarter amounted to NOK 459 million (87% from
electrolyser), in line with the corresponding quarter last year (Q1 2023: 467).
  · Order backlog was NOK 2 437 million (87% related to electrolyser) at the end
of the quarter, down 13% from the first quarter of 2023 and down 1% from
previous quarter.
  · Cash balance was NOK 3 260 million at quarter end (Q1 2023: 4 621).
  · Subsequent to the quarter:
  · April 4th: Nel awarded up to USD 41 million in investment tax credits from
DoE, bringing the total support for a Michigan expansion up to about USD 170
million

The first quarter 2024 results show that the company is on the right path
towards a positive EBITDA, and the Alkaline electrolyser division achieved an
important milestone reaching a positive EBITDA of NOK 106 million. The good
results can partly be explained by Nel's renegotiated supply agreement with
Nikola.

"Our revenues and EBITDA continue to improve, showing that the business model
works with scale," says Nel's President and CEO, Håkon Volldal.

In February, Nel announced that Fortescue had taken over Phoenix Hydrogen Hub
from Nikola, including electrolyser stacks already delivered by Nel.

"I am happy we managed to renew our relationship with Nikola and that we are
partnering up with Fortescue on their Phoenix Hydrogen Hub, which will become
one of North America's largest electrolyser systems," he says.

In March, Nel was awarded USD 75 million from the US Department of Energy (DoE)
and the State of Michigan to fund its planned electrolyser facility in Plymouth
Charter Township, a suburb of Detroit, Michigan. After the first quarter of
2024, Nel was awarded an additional USD 41 million in investment tax credits as
part of the Qualifying Advanced Energy Project Tax Credit program. In total, Nel
has secured close to USD 170 million in accumulated support from the State of
Michigan and the Department of Energy for its planned Michigan facility.

"The support we secured this quarter increases the attractiveness of investing
and expanding our capacity and capability in the US," says Nel's President and
CEO, Håkon Volldal.

The expansions of Nel's existing electrolyser manufacturing facilities at Herøya
and Wallingford are also moving ahead according to plan.

"We have a large pipeline of prospective projects that continues to mature, and
we are ready and well positioned to scale up production capacity significantly
as soon as the demand picks up," says Volldal.

As communicated in the previous quarterly presentation, Nel has initiated a
process to explore and prepare for a potential spin-off and separate listing of
its Fueling division. These preparations are moving forward according to plan.

The first quarter 2024 report and presentation are enclosed and available on
newsweb.no (http://www.newsweb.no) (Ticker: NEL) and
nelhydrogen.com (http://www.nelhydrogen.com). The presentation will be a virtual
event only, followed by a Q&A session, and can be accessed on the company's
website www.nelhydrogen.com/quarterly-presentation/ or by following this
link. (https://events.teams.microsoft.com/event/ff002a37-00d5-4d89-9bc3
-0575cdf32562@76311e5d-2c31-404e-a148-a4c38d285e9e) A recording of the
presentation will be made publicly available following the event.

ENDS


For additional information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02 097

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
Kjell Christian Bjørnsen, CFO, at NEL ASA on the date and time provided.