Nel ASA: Nel has selected Plymouth in Michigan for its next gigafactory

26 Sep 2023 19:20 CEST

(September 26, 2023 - Oslo, Norway) Nel has selected Plymouth Charter Township,
a suburb of Detroit, Michigan, as the location for its next gigafactory. Fully
developed, the factory will be among the world's largest electrode manufacturing
facilities, with a total annual capacity of 4 GW Alkaline and PEM technology.

"Plymouth Charter Township is an ideal location for Nel. Here, we have access to
a highly educated workforce, universities and research institutions, and we are
close to our collaborating partner, General Motors. In addition, the Government
and the authorities of Michigan have provided a very attractive financial
support package for us," says Nel's CEO, Håkon Volldal.

The Michigan Strategic Fund (MSF) has today decided to support the project with
a USD 10 million Michigan Business Development grant. The MSF board also
approved a 15-year, 100% State Essential Services Assessment (SESA) Exemption
Request, valued at up to USD 6.25 million to support the project. Nel has so far
secured more than USD 50 million in support for its Michigan site. Pending
approval of additional state and federal applications, this amount could
increase to around USD 150 million.

"We are thrilled to welcome Nel Hydrogen and its new gigafactory to Southeast
Michigan," says the Governor of Michigan, Gretchen Whitmer.

"This investment will bring good-paying jobs to the region and build on our
leadership in cars, chips, and clean energy. We know the best manufacturing in
the world happens right here in our state, and we were proud to share our vision
for a clean energy future during our economic mission to Europe earlier this
year. We will continue to let the world know about our state's attractive
business climate, talented workforce, and commitment to clean hydrogen
development as we work to bring these transformational investments home to
Michigan," says Whitmer.

The manufacturing facility in Plymouth will build on Nel's fully automated
electrolyser concept, which the company has developed at its production facility
in Herøya, Norway. Similarly, the company's expansion of the facility in
Wallingford will play a critical role in creating a blueprint for scaling up the
production of Nel's PEM electrolysers.

The factory will be built in steps to match supply with demand. A final
investment decision for constructing this facility has not been made yet.

ENDS

For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02?097
Wilhelm Flinder, Head of Investor Relations, +47 936 11 350
Lars Nermoen, Head of Communication, +47 902 40 153

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.

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