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Press release

Nel ASA: Share capital increase registered

(Oslo, August 1, 2017) Reference is made to the stock exchange announcement from Nel ASA (the"Company") on July 12, 2017 regarding the issue of new shares in connection with the Company's incentive scheme.

The share capital increase pertaining to the issuance of the 1 879 277 new

shares under the incentive scheme has now been registered with the Norwegian

Register of Business Enterprises. The Company's new registered share capital is

NOK 180 142 990.40, divided on 900 714 952 shares, each with a nominal value of NOK 0.20 per share.

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