Nel ASA: Extension of subscription period in the Subsequent Offering

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, 21 September 2020) Reference is made to the stock exchange announcement by Nel ASA ("Nel" or the "Company") on 10 September 2020, regarding the commencement of a subsequent offering of up to 10,840,109 new shares (the "Offer Shares") (the "Subsequent Offering").

In light of today's share price development, the Company has resolved to extend the subscription period in the Subsequent Offering until 28 September 2020 at 16:30 hrs (CET). A supplemental prospectus (the “Supplemental Prospectus”) will be published following approval by the Financial Supervisory Authority of Norway. 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 will be offered an opportunity to withdraw the subscription. Further information will follow 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.