HYON AS - HYON signs contract for delivery of mobile hydrogen refueler

20 Mar 2023 16:40 CET

(Oslo, 20 March 2023) HYON AS (HYON, OSE: HYON) has signed a contract with
Norwegian Hydrogen AS for delivery of a mobile hydrogen refueler for both
maritime and land-based applications. The project is an important step in HYON's
technological development roadmap.

The refueler will initially be used to distribute the hydrogen produced at
Norwegian Hydrogen's plant in Hellesylt. Mobility is vital to support a range of
customers in their initial hydrogen pilots. The refueler will be delivered to
Norwegian Hydrogen in the third quarter of 2023.

"We are proud to get this opportunity. It gives us important hands-on experience
and is a crucial first step toward our mission. We are impressed by the
leadership demonstrated by Norwegian Hydrogen, and look forward to further
develop our strong partnership," says Jørn K. Lindtvedt, CEO of HYON.

The contract is an important step in HYON's technological development roadmap
toward a full range of fueling products to maritime users. The contract will
allow the company's technical team to gain valuable experience in construction,
testing and qualification of hydrogen fueling solutions.

"The HYON Mobile refueler enables us to offer hydrogen to most hydrogen
applications in an easy and affordable way for pilots and demonstrations. For
Norwegian Hydrogen, this is a good solution to complement our network of full
-scale refueling stations for the maritime sector and heavy-duty trucks. The
roll-out of larger full-scale stations is, however, dependent on government
support. We hope Norwegian authorities will follow the Swedish and set up a
dedicated program covering the support needed for a nationwide network," says
Per Øyvind Voie, Managing Director, Refueling at Norwegian Hydrogen.

The agreement is based on a principle where Norwegian Hydrogen partly covers
HYON's related development costs. The financial terms in the contract reflect
that this is a joint effort to prepare for more extensive commercial deliveries.

For further information, please contact:

Jørn Kristian Lindtvedt, CEO, +47 95270739 or

Jan Frode Andersen, CFO +47 9822 8115

About Hyon | https://hyon.energy/

HYON delivers high-capacity hydrogen fueling systems for ships. We enable
hydrogen to be transferred from shore to ships in a fast and safe manner. HYON
was founded in 2017, is headquartered in Drammen, Norway and is backed by strong
industrial owner Norwegian Hydrogen. We're on a mission to accelerate the energy
transition in the maritime sector, aiming to be the leading provider of high
-capacity hydrogen fueling solutions for ships.

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