Nel ASA: Reference is made to stock exchange announcement regarding contract for multiple hydrogen fueling stations

OSLO,Norway,Nov. 12,2020 --On 30 June 2020 Nel Hydrogen Fueling,a division of Nel ASA (Nel,OSE:NEL),received a purchase order for multiple H2Station™ units for fueling of light-duty vehicles in California from Iwatani Corporation of America,a wholly owned subsidiary of Iwatani Corporation (8088: Tokyo Stock Exchange).

"We are very honored that Iwatani and Toyota have selected our H2Station™ hydrogen fueling station solutions for strengthening the hydrogen infrastructure in Southern California. The stations will serve existing as well as new fuel cell electric vehicles,such as the next generation Toyota Mirai,with zero-emission fuel,at the same convenience as conventional fuels. With our Nel Inc. entity currently based in the San Francisco area we now look forward to expanding our business in California and supporting Iwatani," says Ulrik Torp Svendsen,Key Account Manager,Nel Hydrogen Fueling.

The value of the purchase order was in excess of NOK 150 million,and included 14 H2Station™ modules which will be installed in 2021 on 7 sites in California,US for fueling of passenger vehicles.

Link to press-release from Iwatani and Toyota: https://pressroom.toyota.com/iwatani-corporation-of-america-and-toyota-collaborate-to-bring-seven-new-hydrogen-refueling-stations-to-southern-california/

For further information,please contact:

Jon André Løkke

CEO,+47-907-44-949

Bjørn Simonsen

VP Investor Relations & Corporate Communication

+47-971-79 821

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. Our roots date back to 1927,and since then,we have had a proud history of development and continuous improvement of hydrogen technologies. Today,our solutions cover the entire value chain: from hydrogen production technologies to hydrogen fueling stations,enabling industries to transition to green hydrogen,and providing fuel cell electric vehicles with the same fast fueling and long range as fossil-fueled vehicles - without the emissions.

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