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Press release

Jon André Løkke appointed CEO of NEL ASA

(Oslo, 11 December 2015) The board of directors in NEL ASA (NEL) has appointed Jon André Løkke as chief executive officer (CEO) and Lars Christian Stugaard as chief financial officer (CFO) in NEL from 4 January 2016.

“We are pleased to welcome Jon Andre to the NEL team, developing and leveraging on the company´s solid strategic, financial and technological position in the high growth hydrogen market. Jon André has a strong industrial track record, in addition to extensive international experience from building industry leading companies and organizations in rapidly changing markets”, says Martin Nes, chairman of NEL.

Jon André Løkke comes from the position as CEO of Norsk Titanium AS, developing and industrializing 3D printing technology for the production of titanium components for the aerospace and other industries. He has ten years’ experience from the REC Group, including positions as senior vice president in REC Wafer, investor relations officer in REC ASA and CFO in REC ASA. Mr Løkke has also worked for the ABB Group and holds an International MBA degree from Glasgow University and a Bachelor degree in business and economics from Southampton University. The Board proposes that Mr Løkke shall participate in a share option scheme and be granted 6 million share options exercisable 24 months after commencement of employment at an exercise price based on the listed share price of the NEL share at commencement plus 20%. 

”I am very excited to be a part of the NEL team, which is already a global force within hydrogen production technologies as well as end-user markets like hydrogen refueling stations for fuel cell electric vehicles. I see great potential for hydrogen as an energy carrier, the key to shifting fuel for transportation from fossil to renewable sources. I look forward to leading these efforts going forward, working together with the Board and the rest of the NEL organization to achieve our ambitious goals”, says Løkke, who will take up the position as CEO of NEL 4 January 2016.

Lars Christian Stugaard, acting CEO of NEL, has been appointed CFO from the same date.

“Lars Christian has served as interim CEO in a very important and successful period of the NEL story. He has played an important role in the development of the company through building a listed entity and through value creating acquisitions like NEL Hydrogen and the H2 Logic. We thank Lars Christian for his dedication and efforts for NEL as acting CEO, and are pleased that he will take up the position as CFO”, says Nes.

For additional information, please contact:

Martin Nes, chairman of NEL, +47 47 63 05 22

Jon André Løkke, +47 90 74 49 49

About NEL

NEL ASA is the first dedicated hydrogen company on the Oslo Stock Exchange. Since its foundation in 1927, NEL Hydrogen has a proud history of development and continual improvement of hydrogen plants. NEL is global a supplier of hydrogen solutions, covering the entire value chain from hydrogen production technologies to hydrogen refuelling stations for fuel cell electric vehicles. H2 Logic A/S is a leading manufacturer of H2Station® hydrogen refuelling stations that provides fuel cell electric vehicles with the same fast fuelling and long range as conventional vehicles today.

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