Nel ASA: Receives PEM purchase order from the HyFuel and Kaupanes hydrogen projects valued at more than USD 50 million

05 Nov 2025 18:52 CET

(November 5, 2025 - Oslo, Norway) Nel Hydrogen US, a subsidiary of Nel ASA (Nel,
OSE:NEL), has received a firm purchase order from Kaupanes Hydrogen AS and
HyFuel AS in Norway. Both are developed by Hydrogen Solutions AS (HYDS) in close
collaboration with the respective project co-owners. Each project, both with a
capacity of 20 MW, are based on Nel's MC 500 containerized PEM systems, totaling
40 MW. The total contract value is above USD 50 million, the second largest firm
purchase order Nel has ever received, and the company's largest order ever for
PEM equipment.

The HyFuel project is owned by HYDS, Sogn og Fjordane Energi AS and Fjord Base
Holding AS. The hydrogen production facility will be located at the offshore
supply base in Florø, Kinn municipality. HyFuel has been awarded NOK 180 million
in support from Enova.

The Kaupanes project is owned by HYDS, Dalane Energi AS and Eigersund Næring og
Havn KF. The hydrogen production facility will be located at the Kaupanes
industrial area in Eigersund municipality. Kaupanes has been awarded NOK 206
million in support from Enova.

HYDS is a Norwegian company based in Leirvik, Stord. The company develops, owns,
and operates facilities for green hydrogen production from renewable energy. Its
business spans across the full value chain, from development, power sourcing and
electrolysis, to distribution of hydrogen and related products. HYDS has a
proven track record in establishing and operating hydrogen systems and is among
the few Norwegian developers with both operational experience and a scalable
project pipeline.

"We are very pleased to reach this decision and look forward to working with Nel
as a key supplier on these two projects. This represents an important step in
advancing the green hydrogen market in Norway and the Nordics" says HYDS CEO
Frode Kirkedam.

"We are excited to sign these contracts. HYDS is an experienced developer, and
we look forward to working closely with them on these two important projects in
our home country of Norway," says Nel's President and CEO, Håkon Volldal

"This strategically important order represents Nel's second largest contract to
date in terms of value and marks an important milestone for the company coming
out of a period of lower order intake. Nel has already delivered several systems
globally based on its proven and reliable PEM platform. With today's order we
confirm the platform's competitiveness also for larger installations and it will
serve as a key reference for future projects," Volldal says.

This is a firm purchase order for full scope containerized PEM solutions with a
total contract value of above USD 50 million. The projects are expected to have
a positive impact on Nel's financial performance, product cost and increase the
scale of Nel's service and aftermarket operations in Europe. The systems will be
delivered from H2'2026 throughout 2027 targeting commercial operation in early
2028. The stacks will be built at the automated Wallingford factory in the US.

ENDS


For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02?097
Wilhelm Flinder, Head of IR, Communications & Marketing +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 Flinder, Head of Investor Relations, Communications and Marketing, at
Nel ASA on the date and time provided.

More information:
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