(Oslo, 11 August 2022) Nel ASA (Nel, OSE:NEL) Nel has decided to build a new
fully automated production line at Herøya in Norway, doubling its capacity for
production of alkaline electrolyser stacks to ~1 GW.

"The expansion means that Nel is strengthening its position as a global
frontrunner for development and industrialization of green hydrogen technology
and provides Norway with a great opportunity to take on the role as the leading
exporter of electrolyser equipment to a rapidly growing market," says Nel's CEO
Håkon Volldal.

The investment decision was made only weeks after the company received a record
size order for 200 MW of alkaline electrolyser stacks from an US customer.

"The Herøya expansion supports what we have previously communicated: when demand
is present, we will add capacity. The recent 200 MW contract will not be a one
-off, and as we see a potential for additional large orders in the foreseeable
future, we have decided to expand our production capacity", Volldal says

Nel's facility at Herøya is the world's first fully automated electrolyser
manufacturing factory, and was officially opened by Norwegian Energy Minister
Terje Lien Aasland, in April this year.

"Nel's new factory at Herøya is a step in the right direction towards a future
without emissions. In a growing hydrogen market, even more electrolysers are
needed, and it will be a sign of quality that the electrolysers are marked "made
in Norway"", Aasland said in his inaugural speech.

The factory is currently running on three shifts and is setting weekly
production records. Towards year end the company expect to have five shifts
running. While the current production capacity is 500 MW, it can be expanded to
2 GW, which will also generate a significant amount of new direct and indirect
workplaces in the area around Herøya and Porsgrunn, Norway.

The new production line is expected to be in operation from April 2024. Total
capex commitment for the equipment will be approximately EUR 35 million.

ENDS

For additional information, please contact:

Media contact: Lars Nermoen, Head of communications, +47 902 40 153

Investor contact: 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.