NEL ASA update Bjørn Simonsen Director Market Development and Public Relations

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1 NEL ASA update Bjørn Simonsen Director Market Development and Public Relations bjorn.simonsen@nel-asa.com

2 NEL ASA Established in 1927 by Norsk Hydro First dedicated hydrogen company on Oslo Stock Exchange. Listed in October 2014 Decades of competence in designing hydrogen energy systems and refuelling stations (through Norsk Hydro and Statoil): More than 500 large scale electrolysers sold to clients in more than 50 countries 27 hydrogen refuelling stations delivered to 8 countries Significant opportunities for hydrogen as an energy carrier going forward Strong financial position with a cash balance at approximately NOK 330 million

3 NEL ASA CORPORATE STRUCTURE NEL FUEL NEL FUEL NORWAY HYDROGEN PRODUCTION HYDROGEN REFUELLING STATIONS HRS OWNERSHIP AND RETAIL

4 THE HYDROGEN VALUE CHAIN Addressing all end markets for hydrogen gas Electricity production Hydrogen production Energy storage Distribution methods End markets Hydrogen Refuelling Stations Onsite Water electrolysers Industrial end markets Trucked in Renewable energy Hydrogen production from water and electricity Hydrogen as a battery for renewable energy Pipeline

5 SOLAR ENERGY IS GROWING RAPIDLY Gigawatt Solar PV capacity installed globally Source: Solar Power Europe, IRENA Avg. module cost [$/W] 4 3,5 3 2,5 2 1,5 1 0,5 0

6 ELECTRICITY IS BECOMING CHEAP. VERY CHEAP.

7 Electricity price, øre/kwh CHEAP ELECTRICITY = CHEAP HYDROGEN Production cost versus electricity price Example: 24hr period in Germany (excess) At 40 øre/kwh, marginal cost of hydrogen is 24 kr/kg, or ~2.4 kr/10 km. 20,00 10,00 0,00 Electricity price [øre/kwh] Marginal cost of hydrogen [kr/kg] , Sales price is 90 NOK per kilo gasolineequivalent -20,00-30,00-40,00 Negative electricity prices due to high production from wind and solar -50, ,00 Marginal cost of hydrogen, NOK/kg Delivered at vehicle. Includes electrolysis, compression and cooling

8 ENERGY STORAGE OPTIONS e - H 2 $ $ $ Lower CAPEX & grid investments e - e - $

9 STORING & INCREASING VALUE OF ELECTRICITY Power-to-gas: Upgrading surplus, low value electricity, through creating high value hydrogen which has a wide range of appplications: 30+ Power-to-gas projects ongoing in Germany

10 H 2 REFUELLING COMBINED WITH E-STORAGE Shell Hamburg station demonstrates integration of refuelling with the electrical grid. Hydrogen provided alongside other fuels Hydrogen storage for grid balancing H2Station CAR-100 Integrated PEM Electrolyser Stand-alone Dispenser 50 meter hydrogen pipeline

11 WHEN ARE THE FCEVS AVAILABLE? Formidable cost reductions enable introduction: The Toyota Mirai s powertrain is 95% cheaper to build than the fuel-cell system in the 2008 Highlander fuel cell SUV 1 We ve been doing batteries longer than anyone in the automotive business. Which is why we re so bullish on fuel cells Source: Satoshi Ogiso, Toyota managing officer at the L.A. auto show (November 2014) 2: Source: Craig Scott, national alternative fuel vehicle manager at Toyota

12 HVORFOR BRENSELCELLE? 15 30% effektiv 60 70% effektiv

13 HVOR KAN BRENSELCELLER BRUKES? Alle steder hvor du trenger strøm/fremdrift

14 FCEV - FUEL CELL ELECTRIC (HYDROGEN) VEHICLE Battery electric vehicles and FCEVs are both electric vehicles A FCEV converts hydrogen and oxygen to electricity in a fuel cell stack 1 kilo of hydrogen 100+ km range Undergo same crash-tests as conventional vehicles FCEVs provide convenience of conventional cars, along with: Zero tail-pipe emissions Refueling in 3 5 minutes 500 km+ range Global refuelling standard Source: Toyota, The New York Times

15 GLOBAL INITIATIVES ON HYDROGEN Public-private partnerships are conducting roll-out of hydrogen infrastructure in selected global market regions Market Expected Station roll-out Scandinavia Japan Germany ,000 California USA Japan , California USA UK 1, Source: Scandinavian Hydrogen Highway Partnership (2014), NOW GmbH (June 2014), Toyota (June 2014), California EPA Air Resources Board (June 2014), UK H2 Mobility (April 2013) Version

16 EXAMPLE: H2-MOBILITY GERMANY Public-private partnerships to build hydrogen infrastructure across all of Germany INDUSTRY PARTNERS: PLAN: 2016: 50 STATIONS 2018: 100 STATIONS 2023: 400 STATIONS Source: Version

17 OSLO & AKERSHUS HYDROGEN STRATEGY Ensuring commercial introduction of hydrogen in the Oslo-region : 400 MNOK (high public funding: Oslo/Akershus/Enova/EU) : 1,000 MNOK (gradually lower public funding) Government proposed national strategy for hydrogen in Norway (Feb. 2015) Enova responsible for governmental support to make transport sector more energy efficient and environmentally friendly Will establish program for roll-out of hydrogen refueling infrastructure

18 NEL FUEL NORWAY STATUS AND PLANS NEL FUEL NORWAY AS Joint Venture between Uno-X Automat AS (51%) and NEL Fuel AS(49%). Letter of Intent to build minimum 20 hydrogen refuelling stations in Norway by NEL will provide hydrogen production and refuelling station technology. Uno-X will be main brand of JV. Ongoing dialogue with other relevant stakeholders/partners. Version

19 NEL FUEL NORWAY RETAIL PARTNER UNO-X AUTOMAT AS Leading Norwegian retail company Owned by Reitangruppen (~10 billion revenue in 2014) Over 400 refuelling stations in Norway and over 400 refuelling stations in Denmark Access to numerous sites for refuelling stations, through existing sites, Reitan Eiendom and Rema UNO-X & YX STATION NETWORK IN NORWAY Version

20 HYDROGEN REPRESENTERER EN MULIGHET FOR NORGE REDUSERER UTSLIPP OG ENERGIFORBRUKET Nullutslippsdrivstoff for ALLE typer kjøretøy kommersielt tilgjengelig for personbiler Gjennom å gå fra fossilt drivstoff til hydrogen/el, fra 60 til ~15 TWh energiforbruk Kan også redusere utslippene fra industrien dramatisk (eks. Tizir, Mongstad) SKAPER VERDIER OG JOBBER, BASERT PÅ EKSISTERENDE SPISSKOMPETANSE Hydrogenteknologi er tverrfaglig, og kombinerer prosess- og elkraft-kompetanse Markedet for hydrogen er i vekst både industrielt og som energibærer hydrogen og teknologi BEDRE UTNYTTELSE AV FORNYBAR ENERGI Mer og mer uregulerbar kraft fører til et enormt behov for energilagring for storskala energilagring finnes det få alternativer KAN GI EN SMARTERE UTBYGGING AV ELNETTET ØKE UTNYTTELSESGRADEN En vindpark har typisk bruksfaktor på %, mens nåværende nettutbygginger dimensjoneres for makseffekt Hydrogenstasjon med hydrogenproduksjon vil kunne fungere som en effektsvamp og absorbere og frigi effekt, alt etter hva det lokale behovet er Version

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