Nel ASA Welcomes Morten Holum as New CEO to Propel Hydrogen Innovations

Morten Holum Appointed as Nel ASA's New Chief Executive Officer

OSLO, Norway - In a significant leadership transition, Nel ASA has announced the appointment of Morten Holum as the new Chief Executive Officer (CEO), effective no later than May 1, 2027. Mr. Holum succeeds Håkon Volldal, bringing a wealth of experience across the global hydrogen value chain to his new position.

Morten Holum joins Nel after serving as the President and CEO of Hexagon Purus. He has an extensive background in various leadership roles, including his time at Saferoad Group and positions within Norske Skog, Norsk Hydro, and American Airlines. His rich career spanning over several years has equipped him with deep industry knowledge and practical experience in hydrogen technologies, end-market applications, and regulatory frameworks.

The Board of Directors expressed confidence in Holum's ability to navigate Nel through this next crucial phase of commercial development. Arvid Moss, Chair of the Board, commented, "Morten brings the broad international experience, leadership, and commercial mindset necessary at this stage of Nel's development. He is well-positioned to build on the solid foundation already in place."

During the interim period leading up to Holum’s official start, Kjell Christian Bjørnsen, Nel’s CFO, will serve as interim CEO. Bjørnsen has been with Nel since 2020 and is set to guide the company through this transitional phase. Torbjørn Berg, VP of Finance, will step in as interim CFO.

Nel ASA has recently secured crucial orders from prominent companies such as Collins Aerospace, positioning the company for potential growth, particularly in defense applications. Holum’s extensive experience with industrial customers aligns perfectly with Nel's strategic goals, and he aims to capitalize on ongoing opportunities as the hydrogen market evolves.

"Nel has long been a company I have admired," said Holum. "Having worked in hydrogen for many years, I have witnessed the vital role the company has played in shaping the industry. I am eager to join the team and build upon the achievements already made. Nel has an outstanding reputation, advanced technology, and significant industrial expertise, all of which present ample opportunities for enhancing the company’s position in the market and creating long-term value."

As part of his compensation, Holum will receive a fixed salary and participate in the company's long-term incentive program, which includes a Performance Share Unit (PSU) grant expected in 2028. His total package is valued at NOK 5 million, incorporating NOK 2 million in cash and NOK 3 million in Restricted Stock Units (RSUs). The vesting of these RSUs is conditioned on his continued employment at Nel until the specified payment dates.

The previous CEO, Håkon Volldal’s executive duties will conclude at the end of October 2026, giving way to Holum to lead Nel ASA into a promising future. The leadership team and corporate organization in both Norway and the United States remain strong, enabling a seamless transition as they continue to execute the company’s strategic initiatives.

Nel ASA, founded in 1927, stands as a prominent entity in hydrogen technology, specializing in PEM and Alkaline electrolyzer technology for renewable hydrogen production. As a pivotal player in cultivating a green hydrogen economy, Nel’s solutions facilitate the decarbonization of various sectors, including transportation, refining, steel, and ammonia.

For further details, please visit www.nelhydrogen.com.

This release contains information subject to disclosure under the Norwegian Securities Trading Act. It is classified as inside information according to the EU Market Abuse Regulation, and has been disseminated by Wilhelm Flinder, Head of Investor Relations at Nel ASA.