Nel ASA: Receives purchase order from Alperia Greenpower SRL for hydrogen fueling equipment in Italy

30 May 2024 13:59 CEST

(Oslo, 30 May 2024) A subsidiary of Cavendish Hydrogen ASA, itself a subsidiary
of Nel ASA (Nel, OSE: NEL) has received a purchase order from Alperia Greenpower
SRL for hydrogen fueling equipment for one site to be used for light- and heavy
-duty fuel cell electric vehicles in Bruneck, South Tyrol, Italy.

"We are pleased to be chosen by Alperia to be the supplier of their first
hydrogen fueling station. It will also be Nel's first H2StationT installation in
Italy, and we are looking forward to deliver and demonstrate our performance and
capabilities in this lighthouse project", says Robert Borin, future CEO of
Cavendish Hydrogen.

The hydrogen fueling station will primarily be built for the 2026 Winter
Olympics to fuel vehicles for the transfer between the Olympic sports
facilities. The contract has a total value of around EUR 3.8 million and
includes a 2-year service and maintenance contract. The station is scheduled to
be operational in the second half of 2025.

Nel is preparing for a potential spin-off of its Hydrogen Fueling activities
under the name Cavendish Hydrogen. Subject to Nel's decision to complete the
spin-off and pursue the separate listing of Cavendish Hydrogen, the shares in
Cavendish Hydrogen are intended to be distributed to the shareholders of Nel as
dividend in kind. The decision to spin off and separately list Cavendish
Hydrogen has not yet been concluded, and no assurances can be given that it will
be completed. However, if such a decision is made, the company plans to conduct
the spin-off by the end of the second quarter of 2024. If completed, the shares
of Nel (comprising its Electrolyser division) will remain listed on the OSE
under the ticker "NEL".

ENDS

For additional information, please contact:

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

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

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