Oversubscribed Subsequent Offering

Oslo, 23 January 2015

Reference is made to stock exchange announcements by NEL ASA (the "Company" or "NEL") in connection with the Subsequent Offering.

The Subscription Period for the Subsequent Offering ended yesterday, 22 January 2015, at 16:30 CET.

The Subsequent Offering was oversubscribed, resulting in gross proceeds of NOK 13 million through the issuance of 10 million new shares at a subscription price of NOK 1.30.

The subscribers who were allocated shares will receive a letter confirming the number of shares allocated and the corresponding amount to be paid by each subscriber. The letters will be distributed today. Payment for the allocated shares falls due on 28 January 2015.

The new shares may not be transferred or traded before they are fully paid and the share capital increase has been registered with the Norwegian Register of Business Enterprises, which is expected on or about 2 February 2015. The new shares are expected to be delivered to the subscribers on or about 3 February 2015.

Following the registration of the new share capital with the Norwegian Register of Business Enterprises, the Company will have 398,929,104 shares outstanding, each with a par value of NOK 0.20.

The Subsequent Offering is managed by Carnegie AS.

For further information, please contact:

Lars Christian Stugaard

Acting CEO

+47 23 01 49 06 / +47 47 63 05 22

lars.christian.stugaard@nel-hydrogen.com