NEL – Information with Respect to the Shareholders Meeting

OSLO, Norway--()--Regulatory News:

Reference is made to the notice of an extraordinary general meeting of NEL ASA (the "Company") (OSE:NEL) to be held on 19 December 2014, as announced on 28 November 2014. As set out in the notice, specific proposals for the agenda items on new composition of the board of directors and nomination committee of the Company, and for remuneration of members of the board and nomination committee, would be announced later.

The Company has been informed that the proposal from the shareholders Strata Marine & Offshore AS, FENEL AS and ELMO AS is that Martin Nes be appointed as Chairman of the board, and that Øystein Stray Spetalen, Jan Christian Opsahl (independent), Eva Dugstad (independent) and Anne Marie Gohli Russell (independent) be appointed as board members, and Harald Arnet be appointed as deputy board member. Further, it is proposed that Glen Ole Rødland be elected as chair of the nomination committee, that Leif Eriksrød be elected as a member of the nomination committee and that Magne Myrehaug be elected to the nomination committee as a new member.

Board remuneration is proposed as follows: NOK 145,000 to the Chairman and NOK 70,000 for each board member for the period from 22 May 2014 to 19 December 2014, and NOK 105,000 to the chairman and NOK 50,000 to each board member for the period from 19 December 2014 to the Annual General Meeting 2015.

Remuneration to the nomination committee for the period from May 2014 to the Annual General Meeting in 2015 was resolved by the general meeting on 22 May 2014. The Annual General Meeting set the remuneration to NOK 40,000 for the Chair and NOK 20,000 to each of the members. In light of proposed changes to the committee, it is now proposed that remuneration as resolved by the Annual General Meeting on 22 May 2014 is split between existing and new board members. This implies that Andreas Lorentzen will receive a remuneration of NOK 11,616 for the period from 22 May 2014 to 19 December 2014.

About the Company:

NEL ASA is a leading global supplier of hydrogen technology for industrial/energy purposes, and its electrolyser technology has been delivered to more than500 plants in more than 50 countries. The Company's main products are hydrogen production plants based on water electrolysis, complete hydrogen stations for transport and renewable energy storage solutions. The Company has its roots from the hydrogen activities of Norsk Hydro, which dates back to 1927. The Company also has a number of patents related to tests for early detection and diagnosis of diseases.

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Contacts

NEL ASA
Lars Christian Stugaard
Acting CEO
+47 23 01 49 06
+47 47 63 05 22

Contacts

NEL ASA
Lars Christian Stugaard
Acting CEO
+47 23 01 49 06
+47 47 63 05 22