Press release

Nel ASA: Order for four additional H2Station™ modules from Iwatani

(Oslo, 24 March 2021) On 24 March 2021 Nel Hydrogen Fueling, a division of Nel ASA (Nel, OSE:NEL), received a purchase order for an additional  four H2Station™ units for fueling of light-duty vehicles in California from Iwatani Corporation of America, a wholly owned subsidiary of Iwatani Corporation (8088: Tokyo Stock Exchange).

"We are very honored that Iwatani have selected our H2Station™ for their first hydrogen fueling station supported by the Grand Funding Opportunity under the Californian Energy Commissioning. The stations will serve existing as well as new fuel cell electric vehicles with zero-emission fuel, at the same convenience as conventional fuels. With our new Nel Inc. entity currently based in the Los Angeles area we now look forward to expanding our business in South California and supporting Iwatani," says Ulrik Torp Svendsen, Global Key Account Manager, Nel Hydrogen Fueling.

The value of the purchase order is in excess of NOK 40 million for the four H2Station™ modules which will be delivered in addition to the 14 H2Station™ modules ordered from Iwatani in 2020. Reference is made to the press release 12 November 2020 regarding the purchase order: Nel ASA: Reference is made to stock exchange announcement regarding contract for multiple hydrogen fueling stations | Nel Hydrogen

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