Nel ASA: Receives additional funding from US Department of Defense, Engineer Research and Development Center- Construction Engineering Research Laboratory (ERDC-CERL)

OSLO, Norway, July 9, 2023 /PRNewswire/ -- Reference made to the press release dated October 4, 2022. Nel Hydrogen US, a subsidiary of Nel ASA (Nel: NEL) (OSE: NEL), has been granted an additional USD 5.6 million in funding from the US Department of Defense (DoD) for accelerating advanced PEM electrolyser stack development, to enable low-cost hydrogen storage and resiliency applications, in collaboration with the Engineer Research and Development Center- Construction Engineering Research Laboratory (ERDC- CERL).

The purpose of the overall program is to accelerate low-cost electrolyser development with the aim to reduce both operating and capital costs. The additional funds will be leveraged for scale up of advanced materials and processes.

"We are excited to build on our existing program with ERDC-CERL to advance PEM electrolyzer technology," says Kathy Ayers, Vice President, Research and Development at Nel.

For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02 097
Wilhelm Flinder, Head of Investor Relations, +47 936 11 350

About Nel Hydrogen | 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.

About ERDC | www.erdc.usace.army.mil/
ERDC, one of the most diverse engineering and scientific research organizations in the world conducts research and development in support of the soldier, military installations, and the Corps of Engineers' civil works mission, as well as for other federal agencies, state and municipal authorities, and with U.S. industries through innovative work agreements. ERDC operates more than $1 billion in world class facilities at seven labs located in four states with more than 2,100 employees to administer an annual research program exceeding $1 billion.

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.

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SOURCE NEL ASA