Nel ASA: Annual General Meeting held in Nel ASA

(Oslo, 21 April 2022) The Annual general meeting of Nel ASA was held today. All proposals, except 10.2 and 11.1, set out in the notice to the general meeting were approved. As a result, the Board does not have authorization to issue shares in connection with options already issued that will vest during 2022. Any gains for the employee on such options exercised will therefore have to be settled by cash rather than through issuing shares. This could lead to a cash cost for Nel ASA up to about NOK 47 million in addition to employer taxes. Please find minutes from the annual general meeting attached.