Reminder of expiry of subscription period in the Subsequent Offering

Oslo, 20 January 2015

Reference is made to the stock exchange announcement by NEL ASA (the "Company" or "NEL") on 12 January 2015 regarding the approved prospectus and start of subscription period in the Subsequent Offering.   

The subscription period in the Subsequent Offering expires 22 January 2015 at 16:30 CET.

Subscription rights that are not used to subscribe for Offer Shares before the end of the Subscription Period will lapse without compensation and consequently be of no value.

Each subscription right gives the right to subscribe for and be allocated one Offer Share. Over-subscription is allowed.

The Prospectus together with the Subscription Form is available at www.nel-hydrogen.com and www.carnegie.no, and is also available free of charge at the business offices of the Company and Carnegie. Norwegian investors with a VPS account can in addition subscribe for Offer Shares online at www.carnegie.no.

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