(Oslo, 21 October 2021) Nel ASA (Nel) reported all-time high revenues of NOK
229.3 million in the third quarter of 2021, up 55% from NOK 147.7 million in the
same quarter of 2020 and an EBITDA of negative NOK 113 million (Q3 2020: -42.1)
incl. one-offs and ramp-up cost. This includes costs relating to the ramp-up at
the new Herøya facility, which will commence production for Nikola and Everfuel
in the fourth quarter. The order backlog ended at NOK 1 014 million, up 8% from
same quarter last year. The potential pipeline of orders continues to grow,
currently amounting to more than USD 6 billion and Nel reiterates the strong
long-term outlook and growth prospects for the sector.

"In the third quarter, we are proud to announce that we have produced the first
electrode batch from our new, fully-automated production facility at Herøya and
we are ready to start producing the orders to Nikola and Everfuel in the fourth
quarter. Nel reports all-time high revenues in the quarter, however, the
financial results continue to be negatively impacted by the strategic ramp-up,
investments in people and technology and the continued effects of the Covid
-pandemic. It is encouraging to see the pipeline of potential projects continue
to grow even if orders are taking longer to close as order sizes increases and
public funding mechanisms are taking some time to implement," says Jon André
Løkke, Chief Executive Officer of Nel.

Nel reported revenue and operating income in the third quarter 2021 of NOK 229.3
million (147.7), mainly related to increase in the Electrolyser segment compared
to the same quarter in 2020. Nel is no longer reporting adjusted EBITDA
separately, however, the EBITDA includes one-offs and ramp-up cost. Results are
impacted by costs relating to the ramp-up at Herøya before production and
revenue contribution from the facility. The reported operating loss was NOK
-138.9 million (-116.3), while the pre-tax loss ended at NOK -509 million (
-628.6) following a net negative fair value adjustment related to the
shareholding in Everfuel and Nikola. The backlog is up 8% since third quarter
last year, with an order intake of around NOK 139.2 million in the quarter.

The pipeline of potential orders continues to grow and stands at a record-high
amount of more than USD 6 billion. The pipeline represents more than 11 GW of
installed electrolyser capacity, with the single largest potential order of 1.6
GW. Net cash balance at the end of second quarter 2021 was NOK 2.93 billion.

"Nel continues to have a solid cash balance and a strong financial position to
execute on our strategic plans, and we will continue to invest in technology and
people in order to maintain our leading position in the rapidly growing hydrogen
market," Løkke comments.

Nel has expanded its electrolyser capacity at Herøya, Norway, which is a key
element to delivery on the cost target of USD 1.5/kg set out at the Capital
Markets Day in January. The expansion of the electrolysis production
accommodates large-scale projects through the fully automated manufacturing
facility. Installation and testing of installed equipment have been completed in
the quarter and the first batch of electrodes has been produced from the
production line. The exact speed of ramp-up will be aligned with customer
requirements.

"We remain confident in the long-term potential of the green hydrogen industry
and reiterate the strong growth outlook. With the new production facility at
Herøya up and running, we remain confident that Nel is well suited to capitalise
on the opportunities with our proven track record, market leading position and
global delivery and execution muscle" Løkke concludes.

EBITDA and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as a part of the APM section of the
third quarter 2021 report on page 24.

The third quarter 2021 report and presentation are enclosed and available
through www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com. Nel will host a
presentation at 08.00 CET and the event can be streamed
athttps://channel.royalcast.com/landingpage/hegnarmedia/20211021_1/.As Covid-19
restrictions are lifted in Oslo, physical participation is welcome.

The presenters will be Chief Executive Officer Jon André Løkke and Chief
Financial Officer Kjell Christian Bjørnsen, and the presentation will be held in
English.

ENDS

For further information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02 097

Ida Marie Fjellheim, Investor Relations, +47 905 09 291

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. Our
roots date back to 1927, and since then we have had a proud history of
development and continuous improvement of hydrogen technologies. Today, our
solutions cover the entire value chain: from hydrogen production technologies to
hydrogen fueling stations, enabling industries to transition to green hydrogen,
and providing fuel cell electric vehicles with the same fast fueling and long
range as fossil-fueled vehicle, without emissions.