Press release

Nel ASA: Exercise of options and issue of shares

(Oslo, 2 July 2018) Today, Nel ASA (the "Company") resolved to issue 5,138,319 new shares to fulfil the Company's obligations, specified in the Company's annual report (note 5), towards four existing and former employees of the Company's US subsidiary Proton Energy Systems, Inc. ("Proton OnSite"), thereby increasing the Company's share capital by NOK 1,027,663.80.

The shares were subscribed at a total subscription/exercise price of NOK 3,719,274.14.

The Nel options held by the four existing and former employees are options in Proton OnSite converted to options in Nel as part of the acquisition as of 30 June 2017.

Among the four option holders is SVP Sales and Marketing David Bow, who pursuant to the option arrangement subscribed for 666,342 shares at a total subscription price of                            NOK 1,224,070.25.  After the subscription Mr Bow's holding will be 666,342 shares and 666,341 vested options.

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