Nel ASA: Received notice of fine related to Kjørbo incident

(Oslo, 16 February 2021) A subsidiarity of Nel ASA (Nel), and an entity partially owned by Nel, have received notices of fines totaling NOK 25 million related to the June 2019 incident at the hydrogen fueling station at Kjørbo, Norway. The company will assess the notices and consider further potential actions.

Reference is made to the incident at the hydrogen fueling station at Kjørbo, Norway, 10 June 2019, where the root cause of the incident was identified as an assembly error of a specific plug in a hydrogen tank in the high-pressure storage unit. Nel conducted a separate, thorough investigation of the incident, presented the results in July 2019, and has cooperated closely with the local authorities in their process.

Nel has today received notice of a fine of NOK 15 million for a fully owned Nel subsidiary and has been informed that a company partially owned by Nel has been fined NOK 10 million, a portion of which Nel may be liable for. Nel will assess the notice and evaluate a response and potential further actions.

“Nel conducted a thorough investigation of the incident in 2019 and has cooperated closely with the local authorities. We’re surprised by the conclusion and the size of the fines and will evaluate further potential actions,” says Jon André Løkke, Chief Executive Officer of Nel.

ENDS

For further information, please contact:

Jon André Løkke, CEO, +47 90 74 49 49

Kjell Christian Bjørnsen, CFO +47 91 70 20 97

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.