(October 13, 2026 - Oslo, Norway) Nel ASA and Rheinmetall AG have signed a
Memorandum of Understanding (MoU) to explore joint opportunities in
decentralised renewable fuel production, supporting critical infrastructure and
energy security. The collaboration will combine Nel's electrolyser technology
with Rheinmetall's Giga PtX concept and systems-integration expertise to assess
scalable, modular solutions for the localised production of low-carbon synthetic
fuels for defence and critical infrastructure applications.

For the Giga PtX project, Rheinmetall has been seeking and announcing strategic
tie-ups with local champions for specific markets. Building on this great
progress, Rheinmetall is expanding its strong partner network with Nel for the
Norwegian market.

The parties will explore the deployment of decentralised synthetic fuel
production based on renewable hydrogen produced through electrolysis, enabling
the production of synthetic fuels that can substitute conventional fuels without
requiring changes to end-use applications. Produced closer to where they are
needed, these fuels can reduce reliance on centralised production and long,
vulnerable supply chains. By deploying modular fuel production nearer to demand
centres, the collaboration aims to strengthen energy security and preparedness
through a more decentralised fuel supply system.

Nel will contribute its electrolyser technology for renewable hydrogen
production, while Rheinmetall will contribute its Giga PtX concept, systems
-integration capabilities and experience in strategic infrastructure.

In a period of heightened geopolitical tension, secure access to fuels is
becoming an increasingly important part of national preparedness. Many countries
remain dependent on imported fuels or refined products supplied through long,
centralised logistics chains. Producing fuels closer to where they are consumed
can reduce exposure to disruption and strengthen national and regional energy
security. This challenge is particularly evident in Norway. With only one oil
refinery in operation, the country exports significant volumes of crude oil to
Europe for refining before refined products are transported back for domestic
use. In times of disruption, this can leave parts of the fuel supply chain
dependent on infrastructure beyond national control.

"Countries that depend on long and vulnerable fuel supply chains face increasing
uncertainty. We believe renewable hydrogen can play an important role in
enabling more resilient fuel systems while reducing emissions," said Kjell
Christian Bjørnsen, CFO of Nel. "Through this collaboration with Rheinmetall, we
are exploring how our technology can be integrated into new value chains for
synthetic fuels."

Rheinmetall brings extensive industrial expertise in defence, advanced systems
engineering and infrastructure development, and sees strong potential in next
-generation fuel ecosystems.

"The transformation of energy systems requires new partnerships across
industries," said Shena Britzen, Head of Hydrogen Program of Rheinmetall AG. "By
working with Nel, we are exploring decentralised synthetic fuel solutions that
can support both civilian and defence-related needs. We see localised synthetic
fuel production, enabled by electrolysis, as an important element in
strengthening energy security and future fuel supply chains."

Norway represents a natural starting point given its strong renewable power
base, industrial capabilities, and ongoing development of carbon capture and
utilisation value chains, although the scope of the cooperation is not limited
geographically. Norway's energy system is characterised less by a shortage of
electricity generation than by constraints in transmission and distribution.
Decentralised fuel production can enable renewable energy to be converted and
used closer to the source, creating additional flexibility in how renewable
power resources are utilised while potentially reducing pressure on existing
infrastructure.

Under the MoU, Nel and Rheinmetall will jointly assess technical and commercial
feasibility, including potential sites, infrastructure requirements, renewable
power access, sustainable carbon sources and priority use cases. The cooperation
may include pilot projects to validate modular concepts and demonstrate the
viability of decentralised fuel ecosystems. The MoU is non-binding, and any
further steps will be subject to mutual agreement and ongoing assessments.

ENDS


For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02?097
Wilhelm Flinder, Head of IR, Communications & 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 the energy transition, making it possible
to decarbonize various industries such as transportation, refining, steel, and
ammonia.

About Rheinmetall AG | www.rheinmetall.com

Rheinmetall was founded in 1889 as "Rheinische Metallwaaren- und Maschinenfabrik
Actiengesellschaft". Today, the listed company Rheinmetall AG, headquartered in
Düsseldorf, stands for a company that is as strong in substance as it is
successful internationally, and that is active in various markets with an
innovative range of products and services. Rheinmetall is a leading
international systems supplier in the defence industry. The focus on
sustainability is an integral part of Rheinmetall's strategy.
Rheinmetall is reducing its Scope 1 and 2 CO? emissions (market-based). The CO?
emissions in the supply chain and during the products' use phase account for a
significant proportion of the Group's emissions. Reducing CO? emissions in the
supply chain will form part of the procurement strategy in future. A transition
plan is currently being drawn up.
ons. Reducing CO? emissions in the\
supply chain will form part of the procurement strategy in future. A transition\
plan is currently being drawn up.\