NEL Nel ASA

"We are very excited to announce our partnership with Nikola for a joint
endeavor to develop mega-scale hydrogen fueling stations based on our new
cluster design, which leverages Nel's highly scalable electrolyzers in order to
reduce the cost of hydrogen and achieve price parity with fossil fuels. Our
initial two demo stations will each provide one ton of hydrogen to Nikola
Motor's prototype trucks and serve as design verification for Nel's mega-scale
concept. This solution will be jointly developed and scaled into the world's
most efficient network of low-cost hydrogen production and fueling sites," says
Jon André Løkke, Chief Executive Officer of Nel.

Nikola Motor has entered into an agreement with Nel to work exclusively on all
hydrogen stations involving electrolysis. The initial part of the partnership
includes building two demo-stations for hydrogen fueling, which will serve the
Nikola test fleet that will begin rolling out next year. For the following mega
-stations, Nel will incorporate its clustering concept, where eight Nel A-485
electrolysers are integrated into one unit, to achieve lower CapEx levels.

"We are building the world's largest hydrogen network. Nel´s electrolyzers are
well proven, and known in the industry for being very efficient and reliable,
making them a natural backbone for the development of our mega-stations. We are
beyond excited to work with the Nel team to deploy this groundbreaking
technology as quickly as possible across the US," says Trevor Milton, Chief
Executive Officer of Nikola Motor.

Nikola has an initial target to build 16 of the mega-scale hydrogen stations
between 2019-2021, with a minimum of eight units of the Nel A-485 electrolyzer
per site. The solution is scalable to a maximum of 32 units of the Nel A-485
electrolyzer per site, equaling a production capacity of up to 32 tons of
hydrogen per day.

The initial purchase order has a value of USD 3.6 million and delivery of the
demo stations is intended to start in the second half of 2018.

H2 Holding ApS is partially owned by Jacob Krogsgaard (25%) and Mikael Sloth (25%) who are both part of the executive management of Nel ASA in the roles of SVP Nel Hydrogen Solutions and VP Business Development, respectively. The net proceeds from the sale of shares will mainly be used to cover tax provisions for H2 Holding ApS and its shareholders.

The net proceeds from the sale of shares will mainly be used to cover provisions for H2 Holding ApS on mandatory Danish taxation on the notional capital gain of its shareholding in Nel. In addition, H2 Holding ApS will transfer 913,128 shares to employees that were employed at the time H2 Logic A/S was acquired by Nel as a reward for their contribution for their efforts prior to the acquisition. Primary insider Jørn Rosenlund, SVP for Nel Hydrogen Fueling, will receive 1,800 shares and now holds 334,974 shares. Primary insider Martin Borum Pedersen, Finance Director, will receive 55,800 shares and now holds 305,800 shares.

Prior to the Placing, H2 Holding ApS owned 127,405,784 shares in NEL ASA, representing 12.8% of the share capital in the Company. Following the Placing and the transfer of shares to employees, H2 Holding ApS holds 86,492,653 shares in Nel ASA, representing 8.7% of the share capital in the Company. These shares, in addition to Jacob Krogsgaard's and Mikael Sloth's personal holdings of 109,217 shares each, will be subject to a customary lock-up agreement with Carnegie until 25 June 2019.

Carnegie AS acted as bookrunner in the transaction.

"We are pleased to make a first sales of Proton PEM electrolyser combined the
Nel H2Station in Europe. This is a compact and competitive solution for
H2Stations for heavy duty vehicles in Europe" Says Jacob Krogsgaard SVP Nel
Hydrogen Solutions.

Nel has been leading the push for making competitive hydrogen for heavy duty
mobility in Europe, and this project is yet another proof of the strong
synergies across the Nel Hydrogen group.

The H2Station will be installed in the city of Pärnu in Estonia, where it will
serve cars and later a fleet of busses and trucks. The awarded contract has a
total value of Euro 4,5 million, with expected delivery and installation during
2019.

The project H2Nodes/Infrastructure in Pärnu is co-financed by the European
Union's Connecting Europe Facility.

"Nel is proud to announce that Uno-X Hydrogen has been awarded NOK 20 million
from Enova for establishing two additional hydrogen fueling stations in
Akershus, Norway. This will ensure a solid, initial network of fueling stations
in Akershus county. Furthermore, it marks an important next step in establishing
a network of hydrogen fueling stations that will enable wide-spread use of
hydrogen vehicles in and between the major cities in Norway by 2020. The support
is also another positive signal from the government recognising hydrogen as an
important zero-emission fuel for the Norwegian transport sector," says Jon André
Løkke, CEO of Nel.

"Uno-X Hydrogen is grateful for Enova's support, and hope hydrogen
infrastructure will be high on Enova's agenda in the years to come. Uno-X
Hydrogen is a strong believer in hydrogen and fuel cell electric vehicles as the
most user-friendly zero-emission solution in Norway. Our goal is to provide the
necessary infrastructure - securing our customers several zero emission
-alternatives to choose from, and to meet the demand for hydrogen fuel in a
convenient way at the lowest possible cost for the consumer", says Roger
Hertzenberg, CEO of Uno-X Hydrogen.

Enova SF is a Norwegian public enterprise responsible for the promotion of
environmentally friendly production and consumption of energy. In 2017, Enova
issued a support program to support establishment of hydrogen infrastructure, as
well as support for fleet users to purchase hydrogen vehicles and stations.

"The market for hydrogen fueling solutions is in an exciting growth phase
globally, and it's great to see that the Norwegian government through Enova is
recognizing this. Akershus has been the leading region in Norway on hydrogen
mobility, and we are happy to support its continued development by establishing
two additional hydrogen stations in the region," says Løkke.

"We are very proud to work with our partner UTAS and the Navy customers for our
cell stacks. These new orders demonstrate the continuing success of our world
class manufacturing and quality systems, as well as the robustness of our
industry leading PEM technology that is delivering mission critical oxygen to
the sailors onboard these Navy submarine fleets" says Jon André Løkke, CEO of
Nel.

The purchase orders, valued at more than USD 2.3 million, will be part of an
exclusive contract with UTAS, and follows Proton's long history of supplying PEM
electrolyzer stacks for the production of critical life sustaining oxygen on
board Navy submarines for over a decade. The cell stack technology jointly
developed by Proton and UTAS for their Navy customers has also been integrated
into commercial electrolyzers under Proton's C-Series® product line.

"The Navy acquisition community is now exclusively buying PEM stacks for oxygen
production on submarines, based on its long track record of reliability and
performance, and Nel is now the world's leading supplier of PEM technology for
this application. Furthermore, the military heritage and performance of these
cell stacks assures customers receive unparalleled reliability and durability
for their commercial electrolyzer applications," says Løkke.