Nel ASA: Has signed a licensing agreement with Reliance

21 May 2024 14:14 CEST

(May 21, 2024 - Oslo, Norway) Nel Hydrogen Electrolyser AS, a fully owned
subsidiary of Nel ASA (Nel, OSE:NEL) has entered into a technology licensing
agreement with Reliance Industries Limited (RIL). The agreement provides RIL
with an exclusive license for Nel's alkaline electrolysers in India and also
allows RIL to manufacture Nel's alkaline electrolysers for captive purposes
globally.

"The signing of this agreement is a great milestone in Nel's history. Reliance
is an impressive company with enormous ambitions as a global producer of
renewable hydrogen, and I am proud that they have selected Nel as their
technology partner. In addition to supporting Reliance in achieving their global
aspirations, Nel will through this agreement get a revenue stream from a rapidly
growing market Nel could not have accessed on its own," says Nel's President and
CEO, Håkon Volldal.

RIL is a Fortune 500 company and India's largest private sector corporation. The
company is renowned for its capacity to execute large-scale projects and robust
investments in technology and innovation. RIL is building a multi-GW fully
integrated end-to-end new energy value chain, from photon to green molecules,
paving the way for abundant and affordable access to sustainable energy for
everyone, as per the vision set by RIL's Chairman and Managing Director, Mr.
Mukesh Ambani. Green hydrogen is a critical element of the new energy value
chain - and the partnership between RIL and Nel in relation to alkaline
electrolysers is an important milestone towards the sustainable energy future.


Through the agreement, Reliance gets access to Nel's leading, proven technology
platform for manufacturing electrolysers. RIL has successfully built multiple
businesses of truly global scale. This partnership of Nel's robust technology
platform with RIL's execution prowess - will further add to the success story
for both partners.

Both partners will also collaborate on future performance improvements and cost
optimization through research and development (R&D), value engineering,
standardization and modularization to improve the competitiveness of the
alkaline technology platform.

According to the agreement, Nel can procure equipment from Reliance for its own
projects. Nel will continue to serve the Indian market with technology platforms
that are not covered by the agreement.

ENDS

For additional information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02?097

Lars Nermoen, Head of Communications, +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.

About RIL | www.ril.com

Reliance is India's largest private sector company, with a consolidated turnover
of INR 974,864 crore (USD 118.6 billion), cash profit of INR 1,25,951 crore (USD
15.3 billion), and net profit of INR 73,670 crore (USD 9.0 billion) for the year
ended March 31, 2023. Reliance's activities span hydrocarbon exploration and
production, petroleum refining and marketing, petrochemicals, advanced materials
and composites, renewables, retail and digital services.

Currently ranking 88th, Reliance is the largest private sector company from
India to feature in Fortune's Global 500 list of "World's Largest Companies" for
2023. The company stands 45th in the Forbes Global 2000 rankings of "World's
Largest Public Companies" for 2023 -top-most among Indian companies. Reliance
has been ranked among the world's 20 best companies to work with, highest
amongst Indian companies in Forbes' World's Best Employers for 2022. It features
among LinkedIn's "Top Companies 2023: The 25 Best Workplaces to Grow Your Career
in India

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
Kjell Christian Bjørnsen, CFO, at NEL ASA on the date and time provided.

More information:
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