Nel ASA: Receives another 10 MW purchase order from Samsung C&T

03 Dec 2024 09:34 CET

(December 3, 2024 - Oslo, Norway) Nel Hydrogen Electrolyser AS, a subsidiary of
Nel ASA (Nel, OSE:NEL), has signed a new contract for 10 MW of alkaline
electrolyser equipment for about EUR 5 million with Samsung C&T Corporation
Engineering & Construction Group ('Samsung C&T') for its first pilot for nuclear
connected (pink) hydrogen production plant.

The first contract with Samsung C&T signed earlier this year was for an off-grid
project based on solar power, while the client will now set up a demonstration
plant to validate the commercial model for nuclear pink hydrogen. The aim is to
produce hydrogen from excess nuclear power generation, allowing to utilize
energy that is otherwise wasted in periods of oversupply, increasing overall
energy efficiency

"Samsung C&T has ambitious plans in the hydrogen industry, and we are pleased
that we, for the second time now, have been selected to deliver the electrolyser
for this exciting and meaningful project," says Håkon Volldal, President and CEO
of Nel ASA.

Samsung C&T (Construction and Trading) focuses on global engineering,
procurement, and construction. The company has signed several green hydrogen
agreements and continues to strengthen its energy transition business portfolio.

"This is the very first hydrogen production project using nuclear power in Korea
and we needed to have the most reliable electrolysis technology for executing
the project. There is no doubt that Nel's technology can meet our expectation.
We are thrilled to partner with Nel again in pink hydrogen production project.
Samsung C&T hope to strengthen the partnership with Nel to develop more
opportunities in clean hydrogen business," says Samsung C&T's Head of Energy
Solution Business Unit, Byung Soo Lee.

This is a firm purchase order for alkaline stacks and balance-of-stacks (BoS).
The electrodes will be produced in the Herøya facility in Norway, the world's
first fully automated electrolyser production line.

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.

About Samsung C&T
Samsung C&T Engineering & Construction Group has 50 years of experience
operating throughout the world. Under the motto of 'trusted builder', the group
focuses on three key areas: commercial and residential buildings, civil
infrastructure, and plant construction. Its landmark projects include the Burj
Khalifa in the UAE, the Petronas Towers in Malaysia, the Riyadh Metro in Saudi
Arabia, and the 5,600MW Barakah Nuclear Power Plant in the UAE.

Find our more about
Samsung C&T Newsroom :https://news.samsungcnt.com
Samsung C&T Official website :http://www.samsungcnt.com/eng/index.do

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