CORRECTING and REPLACING Nel ASA: Receives a NOK 600 million purchase order from Woodside Energy

OSLO, Norway--(BUSINESS WIRE)-- Headline of release should read: Nel ASA: Receives a NOK 600 million purchase order from Woodside Energy (instead of Nel ASA: Receives Purchase Order for a Containerized PEM Water Electrolyser in Australia)

The updated release reads:

NEL ASA: RECEIVES A NOK 600 MILLION PURCHASE ORDER FROM WOODSIDE ENERGY

Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), has entered into a contract for alkaline electrolyser equipment from Australian company Woodside Energy for its proposed hydrogen project, H2OK, in Ardmore in the state of Oklahoma, US. The contract has a total value of about NOK 600 million.

“We are extremely proud to be elected by Woodside Energy, a quality company with a strong track record of developing high-quality assets, for this exciting and meaningful project”, says Nel’s CEO Håkon Volldal.

H2OK is Woodside’s first hydrogen project in the US, this equipment will support phase 1 of the proposed project (60 tpd). Woodside will site the facility in Ardmore, Oklahoma, an area well suited for hydrogen production with good availability of water and energy. The company will utilize these resources to produce liquid hydrogen to hydrogen fuel cell-powered commercial and heavy transport vehicles.

Woodside Energy is looking to expand its US footprint and is also working on two proposed hydrogen projects in Australia: H2Perth and H2Tas.

The contract with Woodside was signed only a couple of months after Nel received its record size 200 MW purchase order for another large-scale project in the US.

“The electrolyser market is developing favorably for Nel. We are now securing quality contracts with favorable terms and a manageable risk profile. The contract with Woodside will have a substantial positive financial impact on the company”, says Volldal.

“It is extremely exciting to work with the professional team at Woodside to realize a project such as this. The Ardmore project will become an excellent showcase for Nel’s electrolyser technology as it aims to enable broader utilization for renewable energy into transportation and industrial sectors” says Tom Skoczylas, Regional Sales Manager for Nel Hydrogen US.

The electrolyser stacks will be manufactured in Nel’s factory at Herøya, the world’s only fully automated electrolyser facility.

This is a firm purchase order for alkaline stacks, balance of stack (BoS) equipment and engineering for the balance of plant (BoP) equipment (which Woodside will provide). There are pass-through mechanisms for steel and nickel price increases. Woodside aims to proceed with FID in 2023. Production of electrodes is estimated throughout 2024.

About Nel ASA | www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to produce, store, and distribute hydrogen from renewable energy. We serve industries, energy, and gas companies with leading hydrogen technology. Our roots date back to 1927, and since then, we have had a proud history of development and continuous improvement of hydrogen technologies. Today, our solutions cover the entire value chain: from hydrogen production technologies to hydrogen fueling stations, enabling industries to transition to green hydrogen, and providing fuel cell electric vehicles with the same fast fueling and long range as fossil-fueled vehicles - without the emissions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221017005769/en/

Kjell Christian Bjørnsen, CFO, +47 917 02 097

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

Lars Nermoen, Head of Communications, + 47 902 40 153

info@nelhydrogen.com

Source: Nel ASA