OSLO,Norway,Dec. 3,2024 -- Nel Hydrogen Electrolyser AS,a subsidiary of Nel ASA (Nel,OSE:NEL),has signed a new contract for 10 MW of alkaline electrolyser equipment for about EUR 5 million with Samsung C&T Corporation Engineering & Construction Group ('Samsung C&T') for its first pilot for nuclear connected (pink) hydrogen production plant.

The first contract with Samsung C&T signed earlier this year was for an off-grid project based on solar power,while the client will now set up a demonstration plant to validate the commercial model for nuclear pink hydrogen. The aim is to produce hydrogen from excess nuclear power generation,allowing to utilize energy that is otherwise wasted in periods of oversupply,increasing overall energy efficiency

"Samsung C&T has ambitious plans in the hydrogen industry,and we are pleased that we,for the second time now,have been selected to deliver the electrolyser for this exciting and meaningful project," says Håkon Volldal,President and CEO of Nel ASA.

Samsung C&T (Construction and Trading) focuses on global engineering,procurement,and construction. The company has signed several green hydrogen agreements and continues to strengthen its energy transition business portfolio.

"This is the very first hydrogen production project using nuclear power in Korea and we needed to have the most reliable electrolysis technology for executing the project. There is no doubt that Nel's technology can meet our expectation. We are thrilled to partner with Nel again in pink hydrogen production project. Samsung C&T hope to strengthen the partnership with Nel to develop more opportunities in clean hydrogen business," says Samsung C&T's Head of Energy Solution Business Unit,Byung Soo Lee.

This is a firm purchase order for alkaline stacks and balance-of-stacks (BoS). The electrodes will be produced in the Herøya facility in Norway,the world's first fully automated electrolyser production line.

For additional information,please contact:

Kjell Christian Bjørnsen,CFO,+47 917 02 097

Wilhelm Flinder,Head of Investor Relations,+47 936 11 350

About Nel ASA |www.nelhydrogen.com

Nel has a history tracing back to 1927 and is today a leading pure play hydrogen technology company with a global presence. The company specializes in electrolyser technology for production of renewable hydrogen,and hydrogen fueling equipment for road-going vehicles. Nel's product offerings are key enablers for a green hydrogen economy,making it possible to decarbonize various industries such as transportation,refining,steel,and ammonia.

This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act. This information was issued as inside information pursuant to the EU Market Abuse Regulation,and was published by Wilhelm Finder,at NEL ASA on the date and time provided.

About Samsung C&T

Samsung C&T Engineering & Construction Group has 50 years of experience operating throughout the world. Under the motto of 'trusted builder',the group focuses on three key areas: commercial and residential buildings,civil infrastructure,and plant construction. Its landmark projects include the Burj Khalifa in the UAE,the Petronas Towers in Malaysia,the Riyadh Metro in Saudi Arabia,and the 5,600MW Barakah Nuclear Power Plant in the UAE.

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