Nel ASA: Enters into Exclusive Partnership with Nikola – Awarded Initial Purchase Order for Two Demo Stations

OSLO, Norway–(BUSINESS WIRE)–#Electrolyaer–Nel ASA (Nel, OSE:NEL) has received a purchase order from Nikola
Motor Company (Nikola Motor) for two demo refueling stations to provide
hydrogen to Nikola’s fleet of prototype hydrogen trucks. The purchase
order is the initial part of an exclusive partnership aiming at
developing low-cost renewable hydrogen production and fueling sites for
the potential development of 16 large-scale sites with a capacity up to
32 tons of hydrogen per day.

“We are excited to announce our partnership with Nikola for a joint
endeavor to develop mega-scale hydrogen fueling stations based on our
new cluster design, which leverages Nel’s highly scalable electrolyzers
in order to reduce the cost of hydrogen and achieve price parity with
fossil fuels. Our initial two demo stations will provide one ton of
hydrogen to Nikola Motor’s prototype trucks and serve as design
verification for Nel’s mega-scale concept. This solution will be jointly
developed and scaled into the world’s most efficient network of low-cost
hydrogen production and fueling sites,” says Jon André Løkke, Chief
Executive Officer of Nel.

Nikola Motor has entered into an agreement with Nel to work exclusively
on all hydrogen stations involving electrolysis. The initial part of the
partnership includes building two demo-stations for hydrogen fueling,
which will serve the Nikola test fleet that will begin rolling out next
year. For the following mega-stations, Nel will incorporate its
clustering concept, where eight Nel A-485 electrolysers are integrated
into one unit, to achieve lower CapEx levels.

“We are building the world’s largest hydrogen network. Nel´s
electrolyzers are well proven, and known in the industry for being very
efficient and reliable, making them a natural backbone for the
development of our mega-stations. We are beyond excited to work with the
Nel team to deploy this groundbreaking technology as quickly as possible
across the US,” says Trevor Milton, Chief Executive Officer of
Nikola Motor.

Nikola has an initial target to build 16 of the mega-scale hydrogen
stations between 2019-2021, with a minimum of eight units of the Nel
A-485 electrolyzer per site. The solution is scalable to a maximum of 32
units of the Nel A-485 electrolyzer per site, equaling a production
capacity of up to 32 tons of hydrogen per day.

The initial purchase order has a value of USD 3.6 million and delivery
of the demo stations is intended to start in the second half of 2018.

For more information about the project click
here.

Contacts

For further information:
Nel ASA
Jon André Løkke, CEO,
+47 907 44 949
or
Bjørn Simonsen, +47 971 79 821
VP
Market Development and Public Relations
or
Christopher Van
Name, +1-203-678-2132
Director of Corporate Marketing
or
Nikola
Colleen
Robar, 313-207-5960
[email protected]