(Oslo, 15 November 2017) Proton Energy Systems, Inc. ("Proton OnSite") was
acquired on a cash and debt free basis and assuming a normalized working
capital. Pursuant to the transaction agreement, the purchase price was subject
to adjustment based on the actual levels of net debt and working capital as per
closing, to be settled by Nel issuing further shares to the selling shareholder
of Proton Onsite, F9 Investments LLC ("F9"), or F9 transferring Nel shares to
Nel, as the case may be. The number of shares shall in each case be calculated
based on the originally agreed value of a Nel share in the transaction agreement
of NOK 2.72.
The post-closing adjustment has now been concluded. Pursuant to the result of
the adjustment, F9 has today transferred 1,520,743 Nel shares to Nel. After the
settlement of the adjustment amount, Nel holds 1,773,450 own shares and F9 holds
146,138,713 shares in Nel ASA (approx. 14.8% of the share capital).
ENDS
For additional information, please contact:
Jon André Løkke, CEO, +47 9074 4949
Bent Skisaker, CFO, +47 468 21 693
About Nel | 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. Since its
foundation in 1927, Nel has a proud history of development and continual
improvement of hydrogen plants. Our hydrogen solutions cover the entire value
chain from hydrogen production technologies to manufacturing of hydrogen fueling
stations, providing all fuel cell electric vehicles with the same fast fueling
and long range as conventional vehicles today.