(March 11, 2025 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) has signed an EPC
collaboration agreement that allows SAMSUNG E&A to offer its customers complete
hydrogen plants of its own design using Nel's electrolysers. In a separate
transaction, SAMSUNG E&A will purchase 10% of newly issued Nel ASA shares
through a direct placement, implying a post transaction ownership of 9.1%. As a
result of this transaction, SAMSUNG E&A will become the largest single
shareholder in Nel.

Nel is a global leader within both alkaline and PEM electrolyser technology,
working with clients both directly and through EPC partners. With the SAMSUNG
E&A EPC collaboration agreement, Nel continues to widen its global delivery
capabilities and strengthen its overall competitiveness.

"Our strategy is to focus on electrolyser stack and balance of stack technology.
Therefore, we need to work with EPC companies who can provide balance-of-plant
solutions and increase our global market reach. It is an honor that a highly
reputable and solid company like SAMSUNG E&A has decided to partner with Nel
because of our technology and manufacturing leadership" says Håkon Volldal,
President and CEO of Nel ASA.

SAMSUNG E&A, formerly Samsung Engineering, is a Korean total solutions provider,
that offers comprehensive solutions for the global energy industry. The company
provides a full range of engineering services including feasibility studies,
design, procurement, construction, and commissioning across multiple industries
with a special focus on smart manufacturing, energy systems, and infrastructure.
The company is already involved in several large-scale hydrogen projects
globally.

"SAMSUNG E&A will provide integrated electrolyser solutions with competitive
value and bankability to green hydrogen project owners with Nel. Green hydrogen
is a core technology in clean tech with carbon-neutral technologies and has a
high value not only as itself but also as a basic ingredient for green ammonia,
green methanol, SAF, and e-fuel," says Hong Namkoong, CEO of SAMSUNG E&A.

"Nel is a market-leading electrolyser company and the only company that has
competitive technology in both Alkaline and Proton Exchange Membrane
electrolyser with a 100-year history. We are very glad to announce our
partnership with Nel", Namkoong says.

The collaboration agreement will enable SAMSUNG E&A to develop and offer its
customers complete design packages for hydrogen plants based on Nel's Alkaline
and PEM electrolysers. In addition, the two companies will work on a larger
consolidated Balance of Stack (BoS) system for Nel's Alkaline electrolysers.

In a separate transaction, Nel ASA will issue 167,132,530 shares to SAMSUNG E&A
for NOK 2.1125 per share, representing the arithmetic average of the last seven
-day volume weighted average prices as of March 10[th] 2025, for a total, all
cash, consideration of about NOK 353 million. The transaction is subject to
approval by the Board of Directors pursuant to an authorization to increase the
share capital granted by Nel ASA's annual general meeting held on 23 April 2024.
Post transaction, SAMSUNG E&A will have a 9.1% shareholding in Nel ASA. SAMSUNG
E&A has agreed to a two-year lock-up and standstill arrangement subject to
customary exceptions. The Nel ASA Board of Directors is supportive of SAMSUNG
E&A nominating a member to Nel's Board of Directors for the upcoming 2025 Annual
General Meeting. Morgan Stanley & Co. International plc acted as financial
advisor to Nel ASA in connection with the private placement.

"We appreciate the commitment SAMSUNG E&A demonstrates to the future success of
our partnership by becoming a cornerstone investor in Nel," Volldal says.

"SAMSUNG E&A is currently securing hydrogen and carbon-neutral technologies
through strategic investments and partnerships to commercialize new technologies
and build a technology licensing model. The company is now also exploring new
market opportunities based on business development with flagship projects where
we work to expand the business model from primarily EPC to more technology
-based," Hong Namkoong says.

ENDS


For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02?097
Wilhelm Flinder, Head of IR, Communications & Marketing +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
electrolyser technology company with a global presence. The company specializes
in Alkaline and PEM technology for production of renewable hydrogen. 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.