Will build a second production line in Herøya

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Oslo, Norway, August 11, 2022 /PRNewswire/ — Nel ASA (Nel, OSE: NEL) Nel decided to build a new fully automated production line in Herøya in Norwaydoubling its production capacity of alkaline electrolysers to ~1 GW.

“This expansion means that Nel strengthens its position as a world leader in the development and industrialization of green hydrogen technology and provides Norway with an excellent opportunity to take on the role of leading exporter of electrolyser equipment to a rapidly growing market,” said Nel CEO Håkon Volldal.

The investment decision was made just weeks after the company received a record order for 200 MW of alkaline electrolyser stacks from a US customer.

“Herøya’s expansion confirms what we previously communicated: when demand is there, we will add capacity. The recent 200 MW contract will not be one-time, and as we see potential for further large orders in foreseeable future, we have decided to increase our production capacity”, says Volldal

Nel’s factory in Herøya is the world’s first fully automated electrolyser manufacturing plant and was officially opened by the Norwegian Minister of Energy Terje Lien Aaslandin April this year.

“Nel’s new plant in Herøya is a step in the right direction towards an emission-free future. In a growing hydrogen market, even more electrolyzers are needed, and it will be a sign of quality that electrolyzers be marked “made in Norway“”, Aasland said in his inaugural speech.

The plant currently operates in three shifts and is setting weekly production records. Towards the end of the year, the company expects to have five shifts in progress. While the current generation capacity is 500 MW, it can be expanded to 2 GW, which will also generate a significant amount of new direct and indirect employment in the area around Herøya and Porsgrunn, Norway.

The new production line should be operational from April 2024. The total investment commitment for the equipment will be approximately 35 million euros.

For more information, please contact:

Media Contact: Lars Nermoen, Communications Manager, +47 902 40 153

Investor contacts: William FlinderHead of Investor Relations, +47 936 11 350

About Nel ASA | www.nelhydrogen.com

Nel is a global hydrogen company, providing optimal solutions to produce, store and distribute hydrogen from renewable energies. We serve industries, energy and gas companies with state-of-the-art hydrogen technology. Since its origins in 1927, Nel has a proud history of developing and continuously improving hydrogen plants. Our hydrogen solutions span the entire value chain, from hydrogen generation technologies to hydrogen fueling station manufacturing, giving all fuel cell electric vehicles the same fast refueling and long range as conventional vehicles today.

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