NEL – CONTRACT AWARD

New NEL Hydrogen AS, a 100 % subsidiary of NEL ASA (the Company) and a global leader in the supply of large scale hydrogen-based atmospheric electrolyser plants for industrial / energy purposes, announces today that it has been awarded a contract for production of a new hydrogen electrolyser plant with supplementary equipment. The plant will be delivered in Norway to a subsidiary of a large and renowned international company. The agreement has a firm value of approximately NOK 13 million, and, referring to the Company's announcement on 24 October 2014 of a NOK 12 million contract award, is the second significant new contract received by the Company in Q4 2014.

About the Company:

NEL ASA is a leading global supplier of hydrogen technology for industrial / energy purposes, and its electrolyser technology has been delivered to more than 500 plants in more than 50 countries. The Company's main products are hydrogen production plants based on water electrolysis, complete hydrogen stations for transport and renewable energy storage solutions. The Company has its roots from the hydrogen activities of Norsk Hydro, which dates back to 1927. The Company also has a number of patents related to tests for early detection and diagnosis of diseases.

Contact:

Lars Christian Stugaard

Acting CEO

+47 23 01 49 06

+47 47 63 05 22

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