Cavendish Hydrogen ASA: First day of trading

12 Jun 2024 09:09 CEST

Oslo, 12 June 2024: Reference is made to the stock exchange announcements by Nel
ASA ("Nel", OSE: NEL) and Cavendish Hydrogen ASA ("Cavendish", OSE: CAVEN) on 6
June 2024 regarding the distribution of shares in Cavendish to the shareholders
of Nel, and the stock exchange announcement on 10 June 2024 regarding the
approval and publication of Cavendish's prospectus prepared in connection with
the listing of the shares in Cavendish (the "Shares") on the Oslo Stock
Exchange.

Trading in the Shares on the Oslo Stock Exchange commenced today, 12 June 2024.

"We are pleased with today's spin-off and listing of Cavendish Hydrogen on the
Oslo Stock Exchange. With this important milestone, we take a big step forward
towards our ambition to deliver hydrogen fueling solutions that are safer,
faster, and more reliable than any alternative – all while reducing emissions",
says CEO of Cavendish, Robert Borin.

As further described in the stock exchange announcements of 6 June 2024, the
shareholders of Nel as of close of trading on the Oslo Stock Exchange on 7 June
2024 (as registered as such in the Central Securities Depository Euronext
Securities Oslo ("VPS") as of close of business on 11 June 2024 pursuant to VPS'
standard two days' settlement procedure (the "Record Date")), will receive one
Share for every 50 shares held in Nel as of the Record Date, with no fractional
shares issued and with rounding to the nearest whole share. The distributed
Shares are expected to be delivered to the VPS accounts of the relevant Nel
shareholders later today, 12 June 2024.

Any excess Shares in Cavendish after completion of the distribution will be kept
by Nel. These Shares are intended to be transferred to Cavendish without
consideration when appropriate following completion of the distribution and be
held by Cavendish as treasury shares.

In connection with the internal reorganization and spin-off of Cavendish, Nel
has, as previously communicated, estimated the value of the distributed Shares
to approximately NOK 0.63 per share in Nel, which entails a value per Share of
fifty times such amount (as the ratio between the total number of Nel shares and
the total number of Shares is 50:1), i.e. approximately NOK 31.60 per Share.
Please note that this valuation has been prepared previously for corporate,
accounting and tax purposes and may not be indicative of the market
capitalization of Cavendish once trading in the Shares commences on the Oslo
Stock Exchange.

Carnegie AS is acting as global coordinator, and Arctic Securities AS and
Fearnley Securities AS as joint lead managers (together the "Managers") to Nel
and Cavendish, and Wikborg Rein Advokatfirma AS is acting as Nel and Cavendish's
legal counsel. Advokatfirmaet Thommessen AS is acting as legal counsel to the
Managers.

For further information, please contact:

Marcus Halland, CFO, +47 930 90 190

About Cavendish Hydrogen ASA:

Cavendish Hydrogen ASA is a leading hydrogen fueling company that specializes in
the development, production, marketing, sales and service of equipment for
fueling hydrogen into on-road vehicles. The company operates globally with
offices in Denmark, California (the U.S), South Korea and Austria. The ongoing
focus of the company is to develop its product portfolio to meet the expected
market expansion for long-distance heavy-duty trucking. For more information,
please visit https://cavendishh2.com/.

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