Issue of new shares in connection with NEL ASAs incentive scheme and mandatory notification of trade

Reference is made to the stock exchange announcement from NEL ASA (the "Company") on 17 February 2016 regarding the implementation of a share incentive program.

The Company has resolved a share capital increase pertaining to the issuance of 3,076,926 new shares under the incentive scheme. Following registration of the new shares, the Company's new registered share capital will be NOK 136,735,650.4o, divided on 683,678,252 shares, each with a nominal value of NOK 0.20 per share.

The new shares were subscribed for at NOK 2.476 per share by in total 56 employees of the Company.

Please find attached a list of the primary insiders of the Company that were granted shares under the incentive scheme.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Lars Christian Stugaard


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

About Us

Nel is a global, dedicated hydrogen company, delivering optimal solutions to produce, store, and distribute hydrogen from renewable energy. We serve industries, energy, and gas companies with leading hydrogen technology. Our roots date back to 1927, and since then, we have had a proud history of development and continual improvement of our hydrogen plants. Today, our hydrogen solutions cover the entire value chain: from hydrogen production technologies to hydrogen fueling stations, enabling industries to transition to green hydrogen, and providing fuel cell electric vehicles with the same fast fueling and long range as fossil-fueled vehicles… without the emissions.