The Board of Directors of Nel ASA announced the appointment of Håkon Volldal as new Chief Executive Officer (CEO), replacing the current CEO Jon André Løkke. In mid-2021, Jon André expressed to the Board that he had been CEO of the Company for over five years and that the time was right to initiate a process for identifying his successor. On that basis, the Board initiated a broad international search of available candidates based on a pre-defined set of criteria, including a proven track record on global business development, innovative top line initiatives, operational productivity improvements and growth strategy. That process is now completed, and the Board is delighted to announce the appointment of Håkon Volldal as the Company's new CEO. Mr. Volldal joins Nel from his current position as CEO of Q-Free ASA and brings vast experience also from McKinsey & Company and various executive positions in Tomra Systems. He represents a modern leadership culture and market approach, and fulfils all criteria set for the position. The Company's nomination committee states that it is positive to proposing to the annual shareholders meeting in April 2022 that Jon André Løkke is elected as a board member of Nel ASA, with effect from the date the CEO transition becomes effective.