(January 6, 2023 - Oslo, Norway) Hydrogen technology company Nel and Europe's
largest supplier of renewable energy, Statkraft, newly signed a contract for
delivery of 40 MW of electrolyser equipment, and will thus collaborate to create
a strong value chain for production of green hydrogen in Norway.

"We are determined that we will contribute towards making Norway a leading
producer of renewable hydrogen, and to establish an eco-system of electrolyser
and equipment suppliers," says Nel's CEO Håkon Volldal and CEO of Statkraft,
Christian Rynning-Tønnesen.

The announcement was made in connection with the German Vice Chancellor Robert
Habeck's visit to Nel's fully automated electrolyser manufacturing facility at
Herøya in Norway. The Norwegian Minister of Trade and Industry, Jan Christian
Vestre, is also joining the delegation together with his colleague, Minister of
Petroleum and Energy, Terje Lien Aasland.

The Ministers are enthusiastic about the two companies' plans for a green
hydrogen value chain in Norway.

"It is encouraging that leading Norwegian players such as Nel and Statkraft are
planning value chains for green hydrogen in Norway. This is an important step in
the right direction to achieve our ambitions to build a coherent value chain for
hydrogen and facilitate the production of hydrogen with no or low emissions to
cover the national demand for hydrogen", says Minister of Petroleum and Energy
Terje Aasland.

Statkraft recently placed a purchase order for 40 MW (link to press
release (https://nelhydrogen.com/press-release/nel-asa-receives-40-mw
-electrolyser-order-from-undisclosed-north-european-client/)) of alkaline
electrolyser equipment from Nel. The electrolyser stacks will be produced at
Nel's manufacturing plant at Herøya and used for the production of renewable
hydrogen in one of Statkraft's many hydrogen projects.

As Europe's largest supplier of renewable energy, Statkraft has the ambition to
accelerate its annual development rate to 4 GW of new power production per year
and to add 2 GW of renewable hydrogen production by 2030. In Norway Statkraft
will strengthen its efforts in developing new renewable power production as well
as flexibility within hydropower and wind power both on- and offshore.

"The contract with Nel is the first important step in materializing our
ambitious target of 2 GW of green hydrogen and securing production capacity for
our diverse pipeline of hydrogen projects," says Rynning-Tønnesen.

Volldal is very excited to have Statkraft on the customer list.

"Statkraft is Europe's largest producer of renewable energy and a well reputed
and highly knowledgeable renewable energy company with an ambitious growth
agenda. We are extremely proud that they have elected us as a supplier of green
hydrogen technology," Volldal says.

"With this and other orders Nel is strengthening its position as a leading
supplier and exporter of hydrogen equipment, which is crucial for the green
transition in Europe and beyond, and for the development of new green jobs in
Norway," Volldal says.

ENDS

For additional information, please contact:
Kjell Christian Bjørnsen, CFO - Nel ASA, +47 917 02?097
Wilhelm Flinder, Head of Investor Relations - Nel ASA, +47 936 11 350
Lars Nermoen, Head of Communications - Nel ASA, + 47 902 40 153
Bjørn Holsen, Senior Vice President Hydrogen - Statkraft, +47 415 53 715
Geir Fuglseth, Communications Manager - Statkraft, + 47 913 70 572

About Nel ASA | www.nelhydrogen.com
Nel is a global, dedicated hydrogen company, delivering optimal solutions to
produce, store and distribute hydrogen from renewable energy. We serve
industries, energy and gas companies with leading hydrogen technology. Since its
origins in 1927, Nel has a proud history of development and continual
improvement of hydrogen plants. Our hydrogen solutions cover the entire value
chain from hydrogen production technologies to manufacturing of hydrogen fueling
stations, providing all fuel cell electric vehicles with the same fast fueling
and long range as conventional vehicles today.

About Statkraft | www.statkraft.no
Statkraft is a leading company in hydropower internationally and Europe's
largest generator of renewable energy. The Group produces hydropower, wind
power, solar power, gas-fired power and supplies district heating. Statkraft is
a global company in energy market operations. Statkraft has 5000 employees in 20
countries.