Nel ASA: Receives firm purchase order from HH2E for 120 MW of electrolyser equipment

14 Mar 2023 18:57 CET

(March 14, 2023 - Oslo, Norway,) Reference made to the press release issued
January 6, 2023, regarding a Letter of Intent with HH2E. Nel Hydrogen
Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), has now signed a firm
contract with HH2E for 120 MW of alkaline electrolyser equipment. The value of
the contract is approximately EUR 34 million.

HH2E is a renewable energy company planning to deploy scalable hydrogen projects
in Germany, such as the HH2E Lubmin in Mecklenburg-Vorpommern, where hydrogen
production will commence by 2025 and be increased substantially by 2030.

"These projects are important for the energy transition in Germany and Europe,
and we are excited to support HH2E in their efforts to create a greener
society", says Håkon Volldal, CEO of Nel

"One of the prerequisites for reaching our goal of producing at least a quarter
of a million tonnes per year of RED-II compliant green hydrogen in Germany by
2030 is the sufficient availability of high-quality electrolysers in Europe,
such as those that Nel will supply. We are convinced on Nel's technology,
customer support, and experience.", says Andreas Schierenbeck, Co-founder and
board member of HH2E.

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 has a history tracing back to 1927 and is today a leading pure play hydrogen
technology company with a global presence. The company specializes in
electrolyser technology for production of renewable hydrogen, and hydrogen
fueling equipment for road-going vehicles. 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.

More information:
Access the news on Oslo Bors NewsWeb site

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