Press release

Nel ASA: Invests in HyNet and receives purchase order for two hydrogen fueling stations in Korea

(Oslo, 28 August 2019) Nel Korea Co., Ltd., a subsidiary of Nel ASA (Nel, OSE:NEL) in Korea has made an investment in Hydrogen Energy Network Co., Ltd.(HyNet), and simultaneously received a purchase order for two H2Station® hydrogen fueling stations in Korea.

"With a total of 10 H2Station® orders in Korea so far in 2019, it's quickly becoming one of our most important markets for fueling stations. We're happy that the effort we have put in through several years of good dialogue, good partnerships and establishing a local presence in Korea is bearing fruit. We can safely say we have had a breakthrough in this dynamic and important market, and I'm very proud of what our team has accomplished so far," says Jon André Løkke, CEO in Nel.

The investment in HyNet is approximately EUR 0.8 million, and the value of the purchase order is around EUR 2.7 million. HyNet is a special purpose company established to roll out 100 hydrogen fueling stations in Korea by 2022, as part of the national ambition in Korea to have more than 300 stations operational by the same year.

"Alongside the investment in HyNet, which is becoming a strong force for establishing the hydrogen infrastructure in Korea, we're happy to receive a purchase order for two additional hydrogen fueling stations. We very much look forward to continue contributing to the successful execution of these ambitions in the years to come," says Simon Choi, Vice President of Nel Korea.

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