(December 12, 2023 - Oslo, Norway) Nel ASA (Nel, OSE:NEL), has agreed to sell
all its shares in Everfuel. A total of 11,698,918 shares are sold for a total
consideration of NOK 116.6 million, equal to NOK 9.97 per share. Nel has
reported the holding in Everfuel as a financial current asset and expects to
book a gain in the fourth quarter of 2023 of NOK 23 million related to the
transaction.

HyVC ApS, a company owned by the leading Japanese corporations Itochu
Corporation and Osaka gas, is the block buyer of the shares.

"Nel is in a build-up phase streamlining the company and focusing all resources
on our own growth. We are therefore divesting non-strategic financial positions.
With this sale we no longer own any equity listed instruments" says Kjell
Christian Bjørnsen, CFO of Nel.

Everfuel was spun out of Nel in 2020 and has since then been a key client for
both Nel's Electrolyser and Fueling departments.

"With this transaction, Everfuel will get a solid, long-term industrial
cornerstone investor. Nel has been with Everfuel from the beginning, and while
we are no longer shareholders, we look forward to a close relationship with the
company" says Bjørnsen.

The transaction price represents the volume-weighted average trading price of
the Everfuel share over the past 5 trading days. Closing of the transaction is
contingent upon regulatory approvals.

Carnegie acts as financial advisor to Nel in connection with the transaction.

ENDS


For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02?097
Wilhelm Flinder, Head of Investor Relations, +47 936 11 350

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.