Icelandic Hydrogen J.V.

Awarded contract for hydrogen production
and 3 fueling stations for Iceland

Who: Icelandic Hydrogen J.V.
Skeljungur HF (owning 90%) and Nel ASA (owning 10%)
Where: Iceland
Project desc.: Local hydrogen production and fueling solution
Product: C-series electrolyser3xH2Station®
Value: EUR 4 million+
Support: European Fuel Cells and Hydrogen Joint Undertaking

Oslo, February 13th, 2017
Nel Hydrogen Solutions, a division of Nel ASA (Nel,
OSE: NEL) has been awarded a contract by Icelandic Hydrogen for three H2Station® hydrogen fueling stations and a NEL C-series electrolyser.

“We are delighted to open up this new market for hydrogen powered vehicles together with a
leading player like Skeljungur. With this collaboration we continue our successful and proven
joint venture approach already applied in markets like Denmark and Norway,” says Jon André
Løkke, CEO of Nel ASA.

Initially Icelandic Hydrogen will establish three hydrogen fueling stations connected to central
renewable hydrogen electrolysis production, and aiming at a continuous long-term expansion
of the network along with FCEV deployments to meet a growing hydrogen fuel demand. Icelandic Hydrogen is a newly established joint venture (“JV”) between the major Icelandic oil
retail company Skeljungur HF (owning 90%) and Nel ASA (owning 10%), the purpose of the JV
is to establish a network of hydrogen fueling stations and renewable hydrogen production in

Skeljungur is a stock exchange listed, major oil retail company operating in Iceland and the
Faroe Islands, with more than 75 service stations throughout the countries and more than 200
employees. Skeljungur will provide the JV with locations for hydrogen fueling and retail operational expertise. Nel will provide both hydrogen production and fueling equipment as well as
operational experience from more 30 hydrogen fueling station installations across Europe.
“We choose Nel as a partner for this project based on their vast experience in supporting hydrogen fueling networks as well as their leading cutting-edge technology solutions. With 100%
renewable and domestic based electricity supply, we aim to make hydrogen a lower cost option
for the end consumer compared to gasoline – this will also help to reduce national fuel imports.
This contract is a part of a plan to introduce multi-fuel ecofriendly stations in Iceland,” says
Valgeir M. Baldursson, CEO of Skeljungur HF.

The contract has a total value of more than EUR 4 million. The target is to start shipping equipment towards the end of 2017 and install during 2018. Almost 80% of the population in Iceland
will be within reach of one of the three hydrogen fueling stations, making it the highest share
for any country in the world.

Skeljungur, Nel, Icelandic New Energy and leading automotive manufactures will call for a
press conference and a workshop at the end of first quarter 2017 regarding the commercial
introduction of hydrogen in Iceland, station roll-out and fuel cell cars.

This effort is supported by the European Fuel Cells and Hydrogen Joint Undertaking as part of
the major H2ME-2 demonstration project –, with participation of leading automotive car manufacturers as they are preparing market introduction of FCEVs to Iceland in
the coming years.