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Regulatory press release

Nel ASA: Received a significantly reduced notice of fine related to the Kjørbo incident

NEL
(December 20, 2023 - Oslo, Norway) Reference made to filings in June 2019
regarding the incident at the Kjørbo hydrogen station outside Oslo, and the
related release dated 16 February 2021 regarding notice of fine.

Following the incident, a subsidiarity of Nel ASA (Nel, OSE:NEL), and an entity
formerly partly owned by Nel, received notices of fines of NOK 15 million and
NOK 10 million, respectively. The total potential direct impact on Nel was NOK
20 million, for which the company has made provisions.

The revised notices of fines now received are significantly reduced to NOK 1
million and NOK 500,000 for the subsidiary of Nel and the entity formerly partly
owned by Nel, respectively, totaling a liability for Nel of about NOK 1.2
million. Consequently, Q4 2023 will see a positive one-off P&L reversal of about
NOK 18.8 million related to this.

ENDS

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 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.
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