(April 26, 2024 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) partners with Hy Stor
Energy on the Mississippi Clean Hydrogen Hub (MCHH) and receives a capacity
reservation for more than 1 gigawatt of alkaline electrolysers.

"We are thrilled to partner with Hy Stor Energy on the Mississippi Clean
Hydrogen Hub. This project can enable significant carbon emission reductions and
leave in its wake a blueprint for successful, large-scale green hydrogen
projects," said Nel's President and CEO, Håkon Volldal.

As Hy Stor Energy's exclusive electrolyser partner for phase one of the MCHH,
Nel will provide alkaline and PEM technology at scale and contribute with its
hydrogen expertise and experience. The parties signed a Front-End Engineering
Design (FEED) contract in December, and today Hy Stor Energy has entered into a
capacity reservation agreement with Nel to secure more than 1 gigawatt of
alkaline electrolyser capacity for the project. Pending final investment
decision, electrode production at Nel's state-of-the-art plant at Herøya, Norway
is expected to run through 2025, 2026, and the first part of 2027. In line with
Nel's accounting standards, the capacity reservation will not be considered as
order intake or backlog until a firm purchase order has been received.

"Without ambitious pioneers, decarbonization at scale will not happen. Pioneers
aim to do today what most people say can't be done in years. To me, Hy Stor
Energy is such a bold pioneer, and it makes me proud that the company has chosen
Nel as its electrolyser partner on this game-changing project," Volldal
commented.

The Mississippi Clean Hydrogen Hub project will be the largest zero-carbon, off
-grid hydrogen production and salt cavern storage hub in the U.S. With extensive
storage and expansion capabilities, the MCHH project will help drive the growth
of the domestic and global hydrogen economy to accelerate renewable hydrogen
adoption at scale. Under a previously announced and recently extended exclusive
Letter of Intent (LoI), Hy Stor Energy has agreed to supply zero-carbon
renewable hydrogen from the MCHH in a direct offtake partnership to support
production of green steel in the U.S. (reference is made to
https://hystorenergy.com/hy-stor-energy-partner-steelmaker-ssab-selected-by
-department-of-energy-for-award-negotiation-to-accelerate-industrial
-decarbonization/). Schneider Electric has also entered into an LoI with Hy Stor
Energy under which it will exclusively provide automation, electrical, and
digital energy management solutions to be incorporated into the MCHH.

"Nel Hydrogen has proven electrolyser technologies and an automated
manufacturing capability that fit perfectly with Hy Stor Energy's plans to
produce and deliver green hydrogen reliably and cost-effectively," said Laura L.
Luce, CEO and Founder of Hy Stor Energy.

"Trailblazing the development of the green hydrogen economy will require
innovation and collaboration among industry first movers, and Hy Stor Energy is
leading the charge in the production, storage and delivery of green hydrogen for
emission-free manufacturing, transportation, and energy solutions. By pairing
Nel's technology with the Mississippi Clean Hydrogen Hub project, we're ready to
deliver tangible results for our customers," Luce added.

About Hy Stor Energy

Hy Stor Energy is facilitating the transition to a fossil-free energy
environment by developing and advancing renewable hydrogen at scale. Its large,
fully integrated projects will produce, store and deliver carbon-free renewable
energy, providing customers with cost-efficient, and reliable renewable energy
on-demand. Developed as part of a scalable integrated hub, these projects are
the solution to 24/7, dispatchable renewable energy and long-duration energy
storage of carbon and methane free energy. Made up of a team that has deep
knowledge and significant long-term experience in infrastructure development and
the energy sector and led by energy storage industry and hydrogen technology
expert Laura L. Luce, Hy Stor Energy is a pioneer in the renewable hydrogen
revolution. For more information, please visit
www.hystorenergy.com

ENDS

For additional information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02?097

Lars Nermoen, Head of Communications, +47 902 40 153

Media inquiries to Hy Stor Energy: hystor@fischtankpr.com

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.

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.