Nel ASA: Nel and GM collaborate on cost competitive renewable hydrogen production

16 Nov 2022 07:17 CET

(Detroit, USA and Oslo, Norway, 16 November 2022) Nel Hydrogen US, a subsidiary
of Nel ASA (Nel, OSE: NEL), has entered into a joint development agreement with
General Motors (NYSE: GM) to help accelerate the industrialization of Nel's
proton exchange membrane (PEM) electrolyser platform. By combining GM's
extensive fuel cell expertise and Nel's deep knowledge of electrolysers, the two
companies are looking to enable more cost competitive sources of renewable
hydrogen.

"General Motors is one of the global leaders in hydrogen fuel cell propulsion
with more than 50 years of experience. We believe this collaboration will give
us a competitive advantage in industrializing the production of our PEM
electrolysers and further improving the efficiency of our technology," said
Nel's CEO, Håkon Volldal.

"Adding Nel as a strategic collaborator is an important step to help us
commercialize fuel cell technology. Electrolysis is key to creating consistent,
clean sources of hydrogen to power fuel cells," said Charles Freese, GM
executive director, Global HYDROTEC. "Nel has some of the most promising
electrolyser technology to help develop clean hydrogen infrastructure, and we
believe our HYDROTEC fuel cell IP can help them get closer to scale."

Nel was the first company in the world with a fully automated alkaline
electrolyser production line. The next step will be to industrialize the
production of its PEM electrolyser equipment in a similar way which will enable
considerable technology advancement.

GM is developing and commercializing both HYDROTEC hydrogen fuel cell and Ultium
battery technologies that deliver where it matters most: performance and cost.
This is opening new revenue potential for GM as industries - including freight
trucking, aerospace, power generation and locomotive - turn to GM to improve
performance and reduce emissions.

"An automated production concept is key when scaling up and driving down cost on
electrolyser technology. By utilizing the combined expertise of both companies,
it will help to more quickly develop a green hydrogen technology that is
competitive with fossil fuels," said Volldal.

A PEM electrolyser and a fuel cell are largely based on the same principles. A
PEM electrolyser uses electricity and water to produce hydrogen and oxygen,
while a fuel cell reverses the process, using hydrogen and oxygen to produce
electricity and water. As GM has made major steps and gained expertise with fuel
cells, the two companies see substantial synergies by transferring this to Nel's
PEM platform.

Nel will be compensating GM for the development work and IP transfer on an
ongoing basis and pay a license after successful commercialization dependent on
how much of the end product is based on GM technology.

ENDS

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.

About General Motors
General Motors (NYSE:GM) is a global company focused on advancing an all
-electric future that is inclusive and accessible to all. At the heart of this
strategy is the Ultium battery platform, which will power everything from mass
-market to high-performance vehicles. General Motors, its subsidiaries and its
joint venture entities sell vehicles under the
Chevrolet (https://www.chevrolet.com/?evar25=gm_media_release),
Buick (https://www.buick.com/?evar25=gm_media_release),
GMC (https://www.gmc.com/?evar25=gm_media_release),
Cadillac (https://www.cadillac.com/?evar25=gm_media_release),
Baojun (https://www.sgmw.com.cn/) and Wuling (https://www.sgmw.com.cn/) brands.
More information on the company and its subsidiaries, including OnStar, a global
leader in vehicle safety and security services, can be found at
https://www.gm.com.

For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02?097
Wilhelm Flinder, Head of Investor Relations, +47 936 11 350
David Caldwell, GM Communications, +1 586-899-7861, david.caldwell@gm.com
Phil Lienert, GM Communications, +1 313-530-1508, philip.lienert@gm.com

More information:
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