NEL - Fundamentale forhold (NEL)

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Nel ASA: Receives purchase order for one MC500 containerized PEM electrolyser

(March 20, 2025 - Oslo, Norway) Nel Hydrogen US, a subsidiary of Nel ASA (Nel,
OSE:NEL), has received a purchase order for one 2.5 MW containerized PEM unit
for the Aberdeen Hydrogen Hub project in the north-east of Scotland. The
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scalable green hydrogen production, storage and distribution facility powered by
renewable energy, is being delivered through a joint venture between bp and
Aberdeen City Council. Hydrasun awarded the contract following their successful
bid to design and integrate the hydrogen refuelling station and associated
infrastructure.

Hydrasun is a leading international provider of integrated fluid transfer,
power, and control products, serving diverse industries worldwide. The company
has developed solutions for both transportation and industrial hydrogen
applications, successfully completing over 40 projects across the UK,
Scandinavia, and Europe.

“We are excited that Hydrasun has selected Nel for this meaningful project.
Hydrasun is a professional enabler with quality backing, and we look forward to
our collaboration, supporting them with fast-to-market and reliable electrolyser
equipment,” says Nel’s President and CEO, Håkon Volldal.

Neil Thompson, CEO at Hydrasun said, " Awarding the initial contracts for major
equipment packages in the Aberdeen Hydrogen Hub project is a key milestone for
the hydrogen market and a boost for the supply chain, highlighting our joint
capabilities in delivering hydrogen projects in the UK."

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.

Kilde

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Nel ASA: Share capital increase registered

(March 25, 2025 - Oslo, Norway) Reference made to the stock exchange filing by
Nel ASA (Nel, OSE:NEL) 11 March 2025, regarding the investment agreement with
SAMSUNG E&A. The share capital increase pertaining to the issuance of the new
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shares under the private placement has now been registered with the Norwegian
Register of Business Enterprises. The Company’s new registered share capital is
NOK 367,691,566.80 divided on 1,838,457,834 shares, each with a nominal value of
NOK 0.20 per share.

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
electrolyser technology company with a global presence. The company specializes
in Alkaline and PEM 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 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.

Kilde

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Nel ASA: Receives purchase order from Collins Aerospace for U.S. Navy stacks

(March 27, 2025 - Oslo, Norway) Nel Hydrogen US, a subsidiary of Nel ASA (Nel,
OSE:NEL), has received a purchase order for PEM electrolyser stacks for about
USD 6 million from Collins Aerospace to be used by the U.S. Navy to produce
…

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oxygen for critical life support onboard submarines.

“We are very proud of the long-standing partnership with Collins Aerospace and
our exclusive supply agreement to produce equipment that is crucial for
prolonged underwater submarine operations,” says Nel’s Chief Commercial Officer,
Todd Cartwright.

“This new order underscores the strength of our manufacturing capabilities and
quality standards, along with the trusted performance of our PEM electrolyser
technology,” he says.

The stacks will be delivered over several years, with initial deliveries in late
2025. This order is the most recent in a series of deliveries to the client,
where Nel has a long track record of developing and delivering equipment for
this application.

The purchase order is for an undisclosed number of stacks that will be produced
at Nel’s manufacturing facility in Wallingford, Connecticut.

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
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.

Kilde

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Nel ASA: Annual General Meeting held in Nel ASA

(April 10, 2025 - Oslo, Norway) The Annual general meeting of Nel ASA was held
today.

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All proposals set out in the notice for the Annual General Meeting were
approved. Please find minutes from the annual general meeting attached.

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
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 pursuant to
the EU Market Abuse Regulation, and was published by Wilhelm Finder, Head of IR,
Communications and Marketing, at NEL ASA on the date and time provided.

Kilde

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Nel ASA: Invitation to Q1 2025 results presentation

(April 23, 2025 - Oslo, Norway) Nel ASA (Nel, OSE:NEL) will publish its first
quarter 2025 report on 30 April 2025 at 07:00 CET, and host a presentation at
08:00 CET.
…

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The quarterly report and presentation will be made available on
newsweb.no (http://www.newsweb.no) and
nelhydrogen.com (http://www.nelhydrogen.com).

The presentation at 08:00 CET will be a virtual event, followed by a Q&A
session.

The live presentation can be accessed on the company’s website
nelhydrogen.com/quarterly-presentation/ or by following this
link (Microsoft Virtual Events Powered by Teams
-b2dc0ba7acec@76311e5d-2c31-404e-a148-a4c38d285e9e). Please make sure to
register early. A recording of the presentation will be publicly available
following the event.

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.

Kilde

[TekBot]

Nel ASA: First quarter 2025 financial results

(April 30, 2025 - Oslo, Norway) Nel ASA (Nel, OSE: NEL) reported revenues from
contracts with customers of NOK 155 million in the first quarter of 2025, down
from NOK 276 million the same quarter last year. Total revenue and income was
…

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175 million (Q1 2024: 297). EBITDA in the quarter was NOK -115 million. As a
result of the temporary production halt at Herøya, the Alkaline division
contributed negatively with a reported EBITDA of NOK -52 million, while the PEM
division reported an EBITDA of NOK -31 million. Order intake for the quarter was
NOK 311 million, positively impacted by a record-high quarterly order intake for
the PEM division of NOK 290 million. At the end of the quarter the order backlog
stood at NOK 1 460 million, and the cash balance at NOK 2 059 million.

Quarterly highlights

· Revenue from contracts with customers in the first quarter 2025 was NOK 155
million, a 44% reduction compared to the first quarter 2024 (Q1 2024: 276).
· Total revenue and income in the first quarter 2025 was 175 million (Q1 2024:
297)
· EBITDA in the quarter was NOK -115 million (Q1 2024: 32).
· Net income (loss) was NOK -179 million (Q1 2024: 39). The development was
mainly explained by decreased EBIT of NOK -174 million, and in addition NOK 43
million decreased net financial items.
· Order intake in the quarter amounted to NOK 311 million, a 22% decrease from
the corresponding quarter last year (Q1 2024: 398).
· Order backlog was NOK 1 460 million at the end of the quarter, down 31% from
the first quarter of 2024 and down 10% from the previous quarter.
· Cash balance was NOK 2 059 million at quarter end (Q1 2024: 3 260).

“We are making steady operational progress where it matters most. Costs are
coming down, technology development is advancing, and our strategic focus
remains sharp,” says Håkon Volldal, President & CEO of Nel. “Despite external
factors impacting the overall results, we have built a strong foundation with
real production capacity already in place, a continued strong balance sheet, and
limited need for additional growth capex.”

“With a solid cash position, proven production capabilities, and a portfolio of
disruptive technologies under development, we are uniquely positioned in the
market. The continued interest from leading strategic and industrial investors,
such as SAMSUNG E&A, is a clear validation of the company’s long-term
potential,” Volldal says

Nel reported a decrease of 44% in revenue compared to first quarter last year.
While alkaline revenues declined by 69% quarter on quarter, PEM revenues
increased by 64%. The alkaline segment had few project milestones in this
quarter, while the PEM segment increased revenue from containerized
electrolysers compared to same quarter last year.

Having sufficient scale is key to winning new orders and reaching profitability.
Nel has therefore over the last years invested in increased production and
organizational capacity. Final investment decisions on large target customer
projects were pushed to the coming quarters and existing orders were delayed or
became at risk of cancellation. During the quarter, cost reduction and capacity
adjustment measures were announced. These measures include a temporary shut-down
of the Herøya facility. As a result of implementation time, including notice
periods for terminations and temporary lay-offs, the cost reduction measures
will reduce the cost base gradually over the first half 2025.

Nel PEM Electrolyser reported 64% increase in revenue compared to the same
quarter last year. The increased revenue in this quarter is driven by
containerized electrolysers. The PEM segment reported an order backlog of NOK
495 million, up NOK 171 million from the previous quarter mainly driven by
strong order intake in the quarter.

Nel Alkaline Electrolyser reported a 69% decrease in revenue compared to first
quarter last year. Revenue and EBITDA same quarter last year included NOK 54
million from renegotiation of the Nikola supply agreement. In total, EBITDA
decreased by NOK 158 million compared to first quarter 2024, mainly because of
lower volume sold.

The first quarter 2025 report and presentation are enclosed and available on
newsweb.no (http://www.newsweb.no) (Ticker: NEL) and
nelhydrogen.com (http://www.nelhydrogen.com). The presentation will be a virtual
event only, followed by a Q&A session, and can be accessed on the company’s
website www.nelhydrogen.com/quarterly-presentation/ or by following this
link (Microsoft Virtual Events Powered by Teams
-b2dc0ba7acec@76311e5d-2c31-404e-a148-a4c38d285e9e). A recording of the
presentation will be made publicly available following the event.

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 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, at NEL ASA on the date and time
provided.

Kilde

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Nel ASA: Notice of Extraordinary General Meeting

(April 30, 2025 - Oslo, Norway) Nel ASA (Nel, OSE: NEL) calls for an
Extraordinary General Meeting to be held as a digital event on May 26th 2025 at
10:00 (CET).
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With reference to the stock exchange notice dated March 11th 2025 where it was
announced that SAMSUNG E&A were to become the biggest shareholder of Nel ASA, it
was also communicated that Nel’s Board of Directors was supportive of SAMSUNG
E&A nominating a member to Nel’s Board. In connection with the call for the 2025
Annual General Meeting the Nomination Committee stated that it was in principle
supportive of this proposal.

The Nel ASA board has now received the proposal from SAMSUNG E&A for Gyuyeon
Kang, Executive Vice President of SAMSUNG E&A, to be elected to the Board for a
period until the Annual General Meeting in 2026. There are no other proposals to
be voted on, and no other changes to the composition of the Board.

All relevant documents and link for registration are also made available on
nelhydrogen.com (http://www.nelhydrogen.com).

The general meeting will be held as a digital event. Please log in at
https://dnb.lumiagm.com/103970772 (https://nam10.safelinks.protection.outlook.com
/?url=https%3A%2F%2Fdnb.lumiagm.com%2F103970772&data=05%7C02%7Cwilhelm.flinder%40
nelhydrogen.com%7Cc3d9bc22fb8645dfb79108dd865f57e5%7C76311e5d2c31404ea148a4c38d28
5e9e%7C0%7C0%7C638814467025472034%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWU
sIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7
C&sdata=9rtFnSdpszxGtlXzRFRDys3iJBkesn926yHDWna%2FK5E%3D&reserved=0) to
participate. You will find a guide in the attachment and on our website
describing in more detail how you as a shareholder can participate in the
virtual meeting.

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 | nelhydrogen.com
Nel has a history tracing back to 1927 and is today a leading pure play hydrogen
electrolyser technology company with a global presence. The company specializes
in Alkaline and PEM 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 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.

Kilde

[TekBot]

Nel ASA: Statkraft has cancelled the 40 MW alkaline electrolyser contract

(April 30, 2025 - Oslo, Norway) Reference made to the announcements published
November 14, 2022, and January 6, 2023, where Nel Hydrogen Electrolyser AS, a
subsidiary of Nel ASA (Nel, OSE:NEL), signed a 40 MW contract with Statkraft.
…

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The client has now decided to cancel the contract.

This purchase order was listed as one of the contracts with significant risk of
delays or cancellation as stated in the Q1’2025 financial report. With this
cancellation, the total reduction in backlog will be NOK 120 million.

“Statkraft has over several years put considerable engagement and commitment
into developing and attracting funding to a hydrogen project in Mo. Despite the
efforts we have not been able to create a viable commercial model for the
project in the current market conditions. We therefore need to adjust the plan
accordingly and cancel our order with Nel says SVP for hydrogen in Statkraft,
Bjørn Holsen”.

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
electrolyser technology company with a global presence. The company specializes
in Alkaline and PEM 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 Finder, Head of Investor Relations, at NEL ASA on the date and time
provided.

Kilde

[TekBot]

Nel ASA: SAMSUNG E&A launches its CompassH2 hydrogen plant solution, utilizing Nel’s alkaline technology

(May 15, 2025 - Oslo, Norway) SAMSUNG E&A has unveiled the CompassH2, a new
hydrogen plant concept built to achieve industry-leading performance and cost
-efficiency by offering an integrated solution covering every phase of the value
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chain. The concept is based on Nel’s electrolyser technology, further validating
Nel’s competitiveness in large-scale applications.

“We are very pleased with the partnership with SAMSUNG E&A, where they are now
commercializing its solution utilizing Nel’s technology as they expand into
large-scale electrolyser-based hydrogen production,” says Håkon Volldal,
President and CEO of Nel.

SAMSUNG E&A will present its solution at the Nel booth at the World Hydrogen
Summit in Rotterdam, May 21[st] at 11:00 CET.

Read the full announcement from SAMSUNG E&A
here (Corporate NewsㅣNews RoomㅣSAMSUNG E&A).

ENDS

For additional information, please contact:
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
electrolyser technology company with a global presence. The company specializes
in Alkaline and PEM 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.

Kilde

[TekBot]

Nel ASA: Extraordinary general meeting held in Nel ASA

(May 26, 2025 - Oslo, Norway) An extraordinary general meeting of Nel ASA was
held today. The proposal set out in the notice to the extraordinary general
meeting was approved. Gyuyeon Kang, Executive Vice President of SAMSUNG E&A, is
…

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now elected to the Board of Directors for a period until the annual general
meeting in 2026. Please find minutes from the meeting attached.

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
electrolyser technology company with a global presence. The company specializes
in Alkaline and PEM 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 pursuant to
the EU Market Abuse Regulation, and was published by Wilhelm Finder, Head of
Investor Relations, Communications and Marketing, at NEL ASA on the date and
time provided.

Kilde