WASHINGTON (dpa-AFX) - Nel ASA and Nikola (NKLA) have announced a revision
to their previous agreement, with Nel becoming the supplier for Fortescue's 80
MW electrolyzer, involving a total consideration of about $20 million.

The original supply agreement between Nel and Nikola, initiated in 2018 and
followed by a firm purchase order for 85 MW of electrolyzer equipment in 2020,
has been terminated.

The companies have mutually agreed to cancel the existing supply agreement,
opting for a new arrangement focused on 110 alkaline stacks and associated
Balance of Stack equipment. As a compensation for the modified scope, Nel will
receive around $9 million.

Concurrently, as part of Fortescue's acquisition of Nikola's Phoenix Hydrogen
Hub, 80 MW of electrolyzer equipment previously supplied by Nel to Nikola will
be incorporated. In return for updated guarantees and warranties for the
equipment and changes in the scope of delivery, Nel will receive about $11
million from Fortescue.



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