Nel : Everfuel and Nel to jointly develop hydrogen retail market in Norway

Herning, Denmark, 25 November 2020 - Everfuel A/S and Nel Hydrogen have
agreed

to jointly develop the hydrogen fuel market for retail and trucking customers
in

Norway. The companies have signed a Memory of Understanding (MoU) whereby

Everfuel will invest in Nel's wholly owned subsidiary H2FuelNorway AS
(H2Fuel),

which will be renamed Everfuel Norway Retail AS. The parties plan to execute
the

final agreement in December 2020.



H2Fuel which was previously known under the name Uno-X Hydrogen AS, has
worked

to develop the Norwegian hydrogen market for land transportation and is
prepared

to take a leading position in developing a national hydrogen retail network.

Everfuel targets an investment of NOK 26 million in the company and become
the

majority shareholder with 51% ownership. Everfuel Norway Retail's strategy
will

be to leverage the combined resources to build, own and operate hydrogen
fueling

stations in Norway, starting in Oslo. Everfuel and Nel have strong support
from

large car fleet operators and trucking users which are committed to
low-carbon

transport solutions. Together with the users, Everfuel is ready to expand the

hydrogen network as soon as a viable public program supporting the green

transition is in place.



"We look forward to build on the strong momentum established by H2Fuel and

develop a viable growing market for green hydrogen in Norway enabling zero

emission mobility for retail customers. This is a key objective for Everfuel
in

Norway and closely tied to our recently announced acquisition of H2CO. These
two

transactions make Everfuel the major hydrogen retail company in Norway," says

Jacob Krogsgaard, the CEO and founder of Everfuel.



"We are impressed with Everfuel's business concept and excited to jointly
drive

the development of a hydrogen retail market in Norway. Now, we hope that the

Norwegian government seizes the opportunity to revamp its support program to

fuel the growth. Norway needs hydrogen to balance the energy mix in land

transportation and create a viable hydrogen offering for European logistics

companies and tourists who aggressively embrace hydrogen," says Helge
Skaarberg

Holen, the current Managing Director of H2Fuel.

Everfuel may over time increase its investments in the company and buy-out
Nel

at a predefined price. A final agreement is subject to a completed due

diligence. The transaction and creation of Everfuel retail Norway is expected
to

be completed in December 2020.





For additional information, please contact

Jacob Krogsgaard, CEO, [phone]





About Everfuel | www.everfuel.com

Everfuel is making green hydrogen for zero emission mobility commercially

available across Europe, offering competitive all-inclusive hydrogen supply-
and

fueling solutions. We own and operate green hydrogen infrastructure and
partner

with vehicle OEMs to connect the entire hydrogen value chain and seamlessly

provide hydrogen fuel to enterprise customers under long-term contracts.
Green

hydrogen is a 100% clean fuel made from renewable energy and key to

electrification of the transportation sector in Europe and a sustainable
future.

We are a young ambitious company, headquartered in Herning, Denmark, and with

activities in Norway, Denmark, Sweden, The Netherlands, Germany and Belgium,
and

a plan to grow across Europe. Everfuel is listed on Merkur Market in Oslo
under

EFUEL-ME.





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.





This information is subject of the disclosure requirements pursuant to section
5

-12 of the Norwegian Securities Trading Act.

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