Nel ASA: Approval and publication of Supplementary Prospectus




NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

(Oslo, 22 September 2020) Reference is made to the stock exchange announcement by Nel ASA ("Nel" or the "Company") on 21 September 2020, regarding the extension of the subscription period in the offering of up to 10,840,109 new shares in the Company (the "Subsequent Offering") until 28 September 2020 at 16:30 hrs (CET).

The Financial Supervisory Authority of Norway has today approved a supplementary prospectus prepared by the Company (the "Supplementary Prospectus") in connection with the extension of the subscription period of the Subsequent Offering.  The Supplementary Prospectus is made available on www.nelhydrogen.com.

The Company reserves the right but no obligation to cancel the Subsequent Offering without notice should the listed price for the shares trade below the offering price in the Subsequent Offering. Eligible shareholders that have already subscribed in the Subsequent Offering are offered an opportunity to withdraw the subscription. Further information follows in the Supplemental Prospectus.

Carnegie AS, Arctic Securities AS and SpareBank 1 Markets AS act as managers in the Subsequent Offering (the "Managers"). Advokatfirmaet Schjødt AS acts as Norwegian legal counsel to Nel.

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