Nel ASA: Final result of exercise of employee share options

(Oslo, 16 August 2022) Reference is made to the stock exchange announcement by Nel ASA (the "Company") on 12 August 2022 regarding the exercise of employee share options. Today the exercise of employee share options was completed, and the obtained selling price was NOK 15.322.

As a result of reaching the cap on maximum NOK 5.00 NOK gain per option, 14,519 shares, out of the 4,452,600 shares issued, were added to the Company's holding of treasury shares. After the transfer, Nel holds 418,033 treasury shares in the Company.

ENDS

For further information, please contact:

Kjell Christian Gyllensten Bjørnsen, CFO, +47 917 02 097

Wilhelm Flinder, Head of Investor Relations, +47 936 11 350

About Nel ASA | www.nelhydrogen.com

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 continuous improvement of hydrogen technologies. Today, our 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.

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.