Cloudberry Clean Energy ASA

Cloudberry Clean Energy ASA | Issuance of shares to members of the Board of Directors

Oslo, Norway, 11 May 2023: Cloudberry Clean Energy ASA's ("Cloudberry" or

"Company") general meeting has resolved a share purchase program for the Board

of Directors. Pursuant to this program the members of the Board of Directors

shall invest 30% of the fixed gross remuneration (prior to tax) per year in the

Company's shares until the value of the shares of each individual member amounts

to at least two years of board remuneration. The members of the Board of

Directors shall after the threshold of two years board remuneration has been

achieved, be offered to use up to 30% of the gross board remuneration (prior to

tax) to acquire shares. The shares that are acquired pursuant to the program

subject to a three-year lock-up and will be offered at a subscription price

which is 15% below the prevailing market price.

In relation to this program, the board of directors has today resolved to

increase the Company's share capital by NOK 17,549.75 through issuance of 70,199

new shares at a subscription price of NOK 9.54 per share. The subscription price

represents a 15% discount on the closing price of Cloudberry's shares on 11 May

2023. All existing board members have subscribed for shares.

The new shares are subject to a three-year lock-up.

Following the issuance of the new shares, the Company will have 291,370,104

shares outstanding, each with a nominal value of NOK 0.25. The total share

capital of the company will be NOK 72,842,526.00. The company's Articles of

Associations will be updated accordingly.

For further information, please contact:

Anders Lenborg, CEO, +47 934 13 130, [email protected]

Christian Helland, CVO, +47 418 80 000, [email protected]

Ole-Kristofer Bragnes, Senior Financial Officer, +47 917 03 415,

The information contained in this stock exchange announcement is subject to the

disclosure requirements pursuant to section 5-12 of the Norwegian Securities

Trading Act.

About Cloudberry

Cloudberry is a renewable energy company operating in the Nordics and in

accordance with local tradition. The Company owns, develops, and operates

hydropower plants and wind farms in the Nordics. Cloudberry is powering the

energy transition to a sustainable future by providing new renewable energy

today and for future generations. The Company believes in a fundamental long

-term demand for renewable energy in Europe. With this as a fundament,

Cloudberry is building a sustainable, scalable, efficient, and profitable

platform for creation of shareholder value. Cloudberry`s shares are traded on

Oslo Stock Exchange's main list (Oslo Børs), supported by strong owners and led

by an experienced team and board. The Company has offices in Oslo, Norway (main

office), Karlstad, Gothenburg and Eskilstuna, Sweden. To learn more about

Cloudberry, go to http://www.cloudberry.no

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