Norwegian partners with Norsk e-Fuel to build new e-fuel plant in Norway

24 Apr 2023 10:00 CEST

Norwegian has announced a landmark partnership with Norsk e-Fuel to build the
world’s first full scale e-fuel plant in Mosjøen, Norway. The plant will produce
sustainable aviation fuels (SAF), marking an important milestone towards
Norwegian's target of 45 percent emissions reduction by 2030.

Norwegian has signed a strategic partnership agreement with Norsk e-Fuel, with
the ambition to secure long-term offtake of SAF and an equity stake in the
company. The partnership will contribute to speeding up the production and
availability of SAF in favour of a more sustainable aviation industry. The
parties aim to finalise the detailed agreement within the next few months.

“We are moving Norwegian into the future. Our sector contributes to great value
creation, both socially and economically, and we commit to significantly
reducing our climate impact as we take advantage of technological advances
within aviation fuel. E-fuels can become a gamechanger for aviation. The
partnership with Norsk e-Fuel is a landmark agreement for Norwegian, but also a
milestone for aviation in Norway. It helps us move closer to the promise we have
given our customers. We want to make it possible for everyone to fly
sustainably,” said Geir Karlsen, CEO of Norwegian.

The partnership with Norsk e-Fuel is estimated to secure approximately 20
percent of Norwegian’s total demand for SAF until 2030. In addition, Norwegian
will invest more than NOK 50 million for a minority equity stake in the
company. These measures will contribute to reaching Norwegian’s goal of a 45
percent emission reduction by 2030. They also positively impact the European
aviation industry’s goal of net zero CO2 emissions by 2050.

The goal is to start producing e-fuels in Mosjøen in Northern Norway as early as
2026.

“Sustainable aviation fuels need to become both more available and less
expensive. To make this a reality, the aviation industry depends on
collaborating with public authorities to close the price gap between fossil
fuels and e-fuels. Ultimately, e-fuels will be able to compete with and replace
fossil fuels. Time is crucial and we are very eager to get started,” said
Karlsen.

Norsk e-Fuel is backed by a strong group of shareholders consisting of
technology pioneers and industrial experts. The company's first production
facility in Mosjøen will become the world’s first full scale e-fuels production
facility.


For further information, please contact:
Jesper M. Hatletveit, Investor Relations at Norwegian Air Shuttle ASA Tel: +47
906 64 401


Norwegian Air Shuttle ASA
Fornebu, 24 April 2023


This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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