Nel ASA: Settlement agreement with Iwatani Corporation of America

07 Jun 2026 10:15 CEST

(June 6, 2026 - Oslo, Norway) Reference is made to the press release dated
February 7, 2024, in which Nel ASA (Nel, OSE: NEL) announced that Iwatani
Corporation of America had filed a lawsuit against Nel and certain entities that
were, at the time, part of the Nel group, in connection with agreements for the
delivery of fueling equipment and services. Besides Nel, the defendants included
entities that are now part of Cavendish Hydrogen ASA (Cavendish Hydrogen, OSE:
CAVEN), as well as four individuals.

Iwatani, Nel, and Cavendish Hydrogen have resolved their dispute, and related
lawsuit, involving Iwatani's hydrogen fueling stations in California. The
dispute arose from technical and operational challenges in a developing industry
and has been resolved amicably and in the best interests of all parties. With
the issues now resolved to each party's satisfaction, Iwatani, Nel, and
Cavendish can confidently affirm each other's continuing commitment to advancing
the hydrogen fueling industry and remain open to future collaboration.

The settlement amount for Nel ASA is USD 7.5 million. The settlement eliminates
further legal costs and mitigates litigation risk in the US.

ENDS


For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02?097
Wilhelm Flinder, Head of IR, Communications and 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 PEM and
Alkaline electrolyser technology for production of renewable hydrogen. 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:
Access the news on Oslo Bors NewsWeb site