Cavendish Hydrogen ASA: Transfer of Nel's shareholding in Cavendish to Cavendish

01 Jul 2024 13:52 CEST

Oslo, 1 July 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 (the "Distribution") and the stock exchange announcement by Cavendish on
12 June 2024 regarding inter alia the shareholder disclosure notification by
Nel.

Following completion of the Distribution on 12 June 2024, Nel's shareholding in
Cavendish comprised a total of 200,180 shares, representing approximately 0.60%
of the issued shares and voting rights in Cavendish, as a result of downward
rounding in connection with rounding to the nearest whole share. As set out in
the announcement on 12 June 2024, these shares were intended to be transferred
from Nel to Cavendish without consideration when appropriate following
completion of the Distribution and be held by Cavendish as treasury shares.

Nel has now signed a deed for the transfer of Nel's 200,180 shares in Cavendish
to Cavendish without consideration. Following completion of the transfer, Nel
will own 0 shares in Cavendish, and Cavendish will own 200,180 treasury shares,
representing approximately 0.60% of the issued shares and voting rights in
Cavendish.

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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