Nel ASA: Nel and partners receive about USD 90 million in funding from DoE

OSE-FILING

OSLO, Norway, March 14, 2024 /PRNewswire/ -- Nel, (OSE:NEL). Today, Nel and its partners received around 90 USD million from the Department of Energy (DoE) for seven research and development projects. Nel is the leading partner on one of the projects. About 10 % of the work under the R&D programs will be undertaken by Nel.

"We are thankful for the support from the Department of Energy, which will help accelerate our research and development while solving key challenges for the future of the hydrogen industry," says Nel's Vice President for Research and Development, Kathy Ayers.

DoE has awarded funding to the following projects in which Nel is one of the partners:

• Low-Cost, Clean AEM Electrolysis through Transport Property Understanding, Manufacturing Scale-up, and Optimization of Electrodes and Their Interfaces (Nel in lead)
• Advanced Porous Transport Layer Design and Manufacturing for PEM Electrolyzers
• Durable, Low-Cost, Manufacturable AEM Electolyzer Components
• Oxygen Evolution Reaction Catalyst Scale-Up and Validation for Proton Exchange Membrane Water Electrolyzers
• Precious-Metal Free Coatings for PPG PTL Assemblies
• High Performance non-PFSA Membranes for Next-Generation Proton Exchange Membrane (PEM) Electrolyzers
• H2CIRC: Circular Recycling for the Hydrogen Economy

Link to the press release from the Department of Energy: https://www.energy.gov/eere/fuelcells/bipartisan-infrastructure-law-clean-hydrogen-electrolysis-manufacturing-and-0?source=email.

For additional information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02 097

Lars Nermoen, Head of Communications, +47 902 40 153

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 Kjell Christian Bjørnsen, Chief Financial Officer, at NEL ASA on the date and time provided.

Forward-looking statements: This announcement contains certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

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SOURCE NEL ASA