Nel : Q1 2021

Q1 2021

Jon André Løkke, CEO 4 May 2021

Forward-looking information

This Presentation includes and is based, inter alia, on forward-looking information and statements relating to the business, financial performance and results of Nel ASA and/or industry and markets in which it operates that are subject to risks and uncertainties that could cause actual results to differ materially from the statements expressed or implied in this Presentation by such forward-looking statements. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Nel ASA and Nel ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" , "aims", "anticipates", "intends", "plans", "projects", "targets" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Nel's businesses, raw material prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation.

Although Nel ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation, and you are cautioned not to place any undue reliance on any forward-looking statements. Nel ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Nel ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use of this Presentation. This presentation was prepared in connection with the Nel ASA first quarter 2021 presentation 4 May 2021. Information contained in this Presentation will not be updated. This Presentation should be read and considered in connection with the information given orally during the presentation. The Nel ASA shares have not been registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act. The global Covid- 19 pandemic is expected to continue to cause disruptions in Nel ASA's operations and financials in the near- and medium-term. Production, order intake, customer dialogue, installations, commissioning and associated revenue recognition have all been impacted by "stay home" policies and the general business slowdown.

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Agenda

• Nel in brief
• Q1 highlights & financial review
• Delivering on partnership strategy
• Other key developments
• Summary / Outlook
• Q&A

Leading pure play hydrogen technology company with a global footprint

Pure play hydrogen		Manufacturing facilities in		World's largest electrolyser		Leading manufacturer of
technology company listed on		Norway, Denmark, and U.S.,		manufacturer, with >3,500		hydrogen fueling stations,
Oslo Stock Exchange		and a global sales network		units delivered in 80+		with 110+ H2StationTM
(NEL.OSE)				countries since 1927		solutions delivered/in
						progress to 13 countries

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Strong field know-how and manufacturing capacity

PEM electrolysers	Alkaline electrolysers	Hydrogen refueling stations
Wallingford, USA	Herøya, Norway	Herning, Denmark

Systems delivered: 2,700+	Systems delivered: 800+	Stations delivered: 110+
Production capacity: >50 MW/year (room to expand)	Production capacity: ~500 MW/year (~2 GW/year)	Production capacity: 300 HRS/year
History: ~25 years	History: ~90 years	History: ~20 years

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