(Oslo, June 30, 2017) Reference is made to earlier stock exchange announcements
made by Nel ASA ("Nel" or the "Company") regarding the acquisition of Proton
Energy Systems, Inc. ("Proton OnSite"), including the extended announcement of
April 28, 2017. The transaction has been successfully closed and creates the
world's largest electrolyser company with a strong growth and value creation
potential.
"We are proud to announce the closing of the Proton OnSite transaction, creating
the world's largest hydrogen electrolyser company. Proton OnSite is recognised
as the number one provider of PEM electrolysis systems and fully complements Nel
both in terms of technology and market outreach. The combined entity will be
able to offer the full spectre of electrolysers in terms of
capacity and technology. This will give Nel a strong foothold in the U.S. and
other markets beyond our current position. Proton OnSite also has a very
motivated and talented organization, a solid backlog and a clear product
roadmap," says Jon André Løkke, Chief Executive Officer of Nel.
The transaction between Nel and F9 Investments LLC (the "Seller") on the
purchase and sale of Proton OnSite has been successfully closed after the
necessary conditions have been met, including relevant public approvals and
other third party consents. As a consequence of the closing, the Company has
issued 147,659,456 new shares (the "Consideration Shares") to the Seller. 50% of
the Consideration Shares will be subject to lock-up until the first anniversary
of closing of the transaction, while the remaining Consideration Shares will be
subject to lock-up until the second anniversary of closing.
Following registration of the new share capital in the Norwegian Register of
Business Enterprises, the Company's share capital will be NOK 179,767,135,
divided into 898,835,675 shares each with a par value of NOK 0.20.
"We look forward to joining forces with Nel, creating a leading global hydrogen
electrolyser company. The market development so far this year has been great and
we target to contribute positively to the Nel Group EBITDA at the end of the
year", says Robert Friedland, President & Chief Executive Officer of Proton
OnSite.
"Proton OnSite and Nel is a strong strategic fit, with synergies related to
sales and commercialisation, product portfolio, R&D and best practices across
the combined company. We expect a solid demand also for PEM electrolysers going
forward and will by this acquisition be able to fully complement our product
portfolio. Nel will be a one-stop-shop completely independent of your technology
preference and our combined sales teams will be a global force to recon with,"
says Løkke.
ENDS
For additional information, please contact:
Jon André Løkke, CEO, +47 9074 4949
Bjørn Simonsen, VP Market Development & PR, +47 9717 9821
About Proton OnSite| www.protononsite.com
Proton OnSite is a global leader in hydrogen gas solutions. Since 1996, the
company has been developing and applying hydrogen technology in creative and
practical ways that best meet the diverse requirements of its customers. The
advanced Proton Exchange Membrane (PEM) electrolysis systems coupled with the
company's uncompromising attention to excellence and quality, enables Proton
OnSite to deliver, install and support gas generation units on every continent.
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.