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09.10.2018 kl 10:35 5964

03/04-2018 07:10:22: (NEL) Nel ASA: Regarding H2V power-to-gas project
(Oslo, 3 April 2018) Nel ASA (Nel, OSE: NEL) announced today the decision to
halt further work under the agreement with H2V PRODUCT ("H2V"), as H2V has made
limited progress and has been unable to secure project financing. Nel
experiences a significant global interest for hydrogen solutions across
industries and will deploy its resources on other high-value projects. The
discontinuation of the H2V project will not affect the reported order backlog of
Nel.

"We are disappointed by the lack of progress and non-conclusive financing for
the project, and we have therefore decided to utilize our business development-,
engineering- and production capabilities on other projects" says Jon André
Løkke, CEO of Nel.

Nel has been promised final agreements and a pre-payment for many months.
However, H2V has not been able to deliver according to agreed intentions and
terms. In the notice to H2V, Nel has among other things emphasised its rights
related to intellectual property. Consequently, any future initiative by H2V
related to injecting hydrogen into the natural gas pipelines in France will need
to be developed without the use of any information acquired through the process
with Nel.

"We still believe in the power-to-gas market in Europe, and will continue to
work with all the various initiatives within this field. In addition, Nel
experiences a high interest for hydrogen solutions, as can be seen from the
announcement earlier today, and we therefore choose to focus our limited
resources on projects with good traction," Løkke concludes.

NelŽs order backlog of NOK 465 million at the end of 2017 will not be affected
by the discontinuation of the H2V project as the reported backlog only includes
firm purchase orders. Nel reiterates that the company continues to evaluate
significant expansions at the facility in Notodden to be able to deliver larger
volumes and further reduce production costs.

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