(Oslo, 20 October 2022) Nel ASA (Nel, OSE:NEL) reported revenues of NOK 183
million in the third quarter of 2022, down from NOK 229 million in the same
quarter of 2021. Third quarter order intake was NOK 775 million, up 456% from
the same quarter last year, heavily impacted by the 200MW, EUR 45 million,
purchase order from an undisclosed US customer. At the end of the third quarter
the order backlog was 2 103 million, up 107% from Q3 2021. Subsequent to the
quarter Nel announced another record, signing a NOK 600 million contract with
Woodside Energy for its first hydrogen project in the US.

Quarterly highlights

  · Nel ASA (Nel) reported revenue and operating income in the third quarter
2022 of NOK 183 million, down 20% from the third quarter 2021 (Q3 2021: 229).
The decline was driven by lower sales in Fueling and PEM electrolysers whereas
alkaline electrolysers experienced strong growth.
  · Order intake in the quarter amounted to NOK 775 million (88% from
electrolyser), up 456% from the same quarter last year (Q3 2021: 139).
  · At quarter end, Nel had a record high order backlog of NOK 2 103 million
(80% related to electrolyser), up 107% from the third quarter of 2021, and up
46% compared to the previous quarter.
  · EBITDA of NOK -214 million (Q3 2021: -113) driven by high losses in Fueling,
low margins on electrolyser projects signed in 2020/2021 and increased personnel
expenses to prepare for large-scale projects
  · Strong cash balance of NOK 3 520 million (Q3 2021: 2 930).
  · Subsequent to the quarter,
    · Nel has received approximately USD 6 million in funding from US Department
of Defence for accelerating advanced PEM electrolyser stack development
    · Nel has received a new NOK 600 million contract in the U.S. from Woodside
Energy for alkaline electrolyser equipment.

"We are truly excited about the recent developments with the signings of two
record size contracts in a very short time period", says Nel's CEO, Håkon
Volldal.

"As our clients are increasingly worried about electrolyser production capacity
from quality producers, the market balance is moving in Nel's favour. We are now
able to negotiate better terms and conditions, a trend we foresee to continue
going forward", Volldal says.

US is becoming an important market for green hydrogen production, mainly due to
favourable framework conditions following President Biden's Inflation Reduction
Act (IRA), which is now accelerating final investment decisions (FID). The
electrodes Nel will deliver to the recently signed large-scale projects will be
produced in the Herøya facility in Norway - the only fully automated
electrolyser manufacturing facility in the world.

"Having a proven and fully automated production concept gives Nel a huge
advantage as it allows for future-proof scaling at speed. This is key to meeting
the rapidly growing market demand" Volldal says.

Nel is well underway finding a suited site in the US for PEM and Alkaline
electrolyser production and expects to conclude the site selection process
within H1 2023.

Revenues in Q3 2022 of NOK 183 million were flat from Q2 2022, while down from
NOK 229 million in Q3 2021. This was mainly caused by reductions in both Fueling
and for PEM electrolysers, while alkaline electrolysers experienced high growth.
In Fueling the low order intake in previous quarters combined with supply chain
challenges resulted in low sales of new fueling stations. For PEM electrolysers,
the order intake has been good for smaller systems, but actual deliveries and
revenue recognition has slowed down due to long lead times on certain
components.

EBITDA decreased from same quarter last year. In addition to lower revenues in
Fueling and PEM electrolysers and higher personnel expenses, the EBITDA was
negatively impacted by high quality costs in Fueling, increased raw materials
expenses and supply chain challenges.

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 2022 report on page 21.

Note that Nel has decided to increase its value threshold for stock exchange
notices when receiving firm purchase orders or grants. The current value
threshold of about EUR 2 million has been increased to about EUR 5 million.

The third quarter 2022 report and presentation are enclosed and available on
www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com. The presentation will be a
virtual event only, followed by a Q&A session. The live presentation can be
accessed on the company's website www.nelhydrogen.com or by following this
link (https://nelhydrogen.com/quarterly-presentation/). A recording of the
presentation will be publicly available following the event.

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 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.

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.