Nel ASA: Enters framework agreement with Hydrasun as a European integration partner for PEM electrolyser solutions

(September 10, 2026  - Oslo, Norway) Nel ASA (Nel, OSE: NEL) has entered into a
framework agreement with Hydrasun to establish dedicated assembly and
integration capabilities for the MC Series, Nel's modular and scalable PEM
technology platform. With this partnership, Nel gains an experienced integration
partner in Europe, complementing its existing integration setup in the US and
widening its delivery capabilities for the European market. Nel's PEM stack
production will continue at Nel's Wallingford, Connecticut facility in the US.

Under the agreement, Hydrasun will develop production capabilities for the
assembly and integration of Nel's containerized PEM technology platform.
Hydrasun will procure, integrate, and manufacture the balance of plant systems
surrounding the electrolyser stack, enabling delivery of a fully integrated,
modular, and containerized electrolyser offering, while stack production
continues to be done by Nel from its Wallingford facility. The collaboration
gives Nel an experienced integration partner in Europe at a time of growing
demand for standardized, modular electrolyser solutions. It will expand Nel's
manufacturing flexibility and strengthen supply chain resilience, while bringing
production capabilities closer to key growth markets. Hydrasun's initiative is
supported by the Scottish Government's Just Transition Fund and will see
Hydrasun invest in and upgrade its Aberdeen facilities to support clean
technology manufacturing.

"This agreement marks a defining moment in Hydrasun's evolution. For 50 years
we've supported the energy industry in the areas of fluid transfer, power and
control solutions, and clean energy, this investment builds directly on that
industrial capability," says James Gaskell, Chief Executive at Hydrasun.
"Establishing Scotland's first electrolyser assembly and integration facility is
a proud milestone for the company and an important step forward for Aberdeen's
energy sector more broadly, ensuring the city has genuine clean energy
manufacturing capability."

The project is expected to contribute to the development of Scotland's clean
energy manufacturing sector by building on existing industrial competence in
Aberdeen, supporting skills development, supply chain activity, and high-value
employment. Hydrasun has stated that the initiative has the potential to create
up to 12 new jobs while safeguarding a further 11 existing roles.

"We are pleased to be working with Hydrasun to establish an experienced European
integration partner for our standardized PEM electrolyser solutions, the MC
Series. As demand for standardized, modular systems grows, this collaboration
enhances our ability to serve key markets while creating greater flexibility and
scalability across our production network," says Tushar Ghuwalewala, SVP PEM
Operations at Nel.

ENDS


For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02?097
Wilhelm Flinder, Head of IR, Communications and Marketing, +47 936 11 350

About Nel ASA | www.nelhydrogen.com
Nel has a history tracing back to 1927 and is today a leading pure play hydrogen
technology company with a global presence. The company specializes in PEM and
Alkaline electrolyser technology for production of renewable hydrogen. Nel's
product offerings are key enablers for a green hydrogen economy, making it
possible to decarbonize various industries such as transportation, refining,
steel, and ammonia.
ssible to decarbonize various industries such as transportation\, refining\,\
steel\, and ammonia.\