Knox Energy Solutions AS

Investor Presentation • Feb 3, 2023

Hyon company update

03.02.2023

We deliver high-capacity hydrogen transfer to ships

20-30X flow rate compared to truck stations

Our two high-capacity fueling solutions

SOLUTION A SOLUTION B

Integrated hydrogen factory and highcapacity fueling for coastal sailing

Distributed high-capacity fueling configuration for the maritime sector

HYON team

CEO Jørn Kristian Lindtvedt

Project Engineering Manager Øyvind Oppheim

Controls & Automation Manager Fredrik Østheim

Management and technical team

COO Harald Bjørn Hansen

Technical Manager Kjellbjørn Kopperstad

Process Systems Manager Kine Temte

CFO Jan Frode Andersen

Project Manager Arne-Kristian Krydsby Johnsen

Product Development Manager Sondre Rosfjord Askim

Chairman Otto Søberg

Board Member Jens Berge

Board Member Silje Smådal

Board Member Bjørn Simonsen

Main owner

Board of Directors

4

Partners

~8.000+ vessels

Zero emission fuel technologies have different applications and maturity levels

Compressed hydrogen is an attractive target market1

¹ Number of vessels globally for each category based on HYON estimates

5

5 Kristiansand 4 Florø 3 Hitra 2 Rørvik 1 Glomfjord

1

2

3

5

Zero emission focus emerging in maritime industry

Shipping included in EU Emissions Trading System, significantly increasing costs of operating fossil fueled ships

Increased focus on zero-emission fuels has led to NOK 1.1 bn in support from Enova to build hydrogen infrastructure along the Norwegian coast

4

6

IMO to implement new measures from 2023: 40% of today's tankers, bulk carriers and container fleets will need modification by 20261

Selected maritime end-users of Compressed hydrogen in Norway

Torghatten Nord decided on compressed hydrogen for Vestfjorden ferry

7

Salmonor with service vessel on compressed hydrogen from 2023

ships on compressed hydrogen

Samskip with two hydrogen-powered, containerships from 2025

Tor Dahl's zero emission bulk carrier from 2024

HYON joins consortium set to develop complete hydrogen value chain for maritime sector

• Cruise vessels starting to position for zero emission requirements
• Typically, hybrid fuel solutions
• LOI signed with Northern Xplorer for delivery of fueling solutions to their ship
• MOU with Multi Maritime, Hexagon Purus Maritime, Norwegian Hydrogen, Maritime, Hyon and Northern Xplorer

Core components in Hyon fueling solution

Control & Safety

Process Plant Handling Tower

Connector

Qualification roadmap

Status end 2022

Revenue1 MNOK 5.7 EBT1

MNOK -20.2

Cash end of period1 MNOK 25.2

No. of shareholders2 544

¹ Numbers are unaudited; 2 As per 31 January 2023

HYON's top 20 shareholders

Shareholder	Country	Number of shares	Ownership
NORWEGIAN HYDROGEN AS *	Norway	9 804 000	17,6%
Credit Suisse (Switzerland) Ltd.	Switzerland	7 450 000	13,4%
Longstreet Securities AS	Norway	3 637 779	6,5 %
CLEARSTREAM BANKING S.A.	Luxembourg	2 561 458	4,6%
VULGATA INVEST AS ***	Norway	2 394 000	4,3%
MYHREGÅRDEN INVEST AS **	Norway	2 394 000	4,3%
MUEN INVEST AS	Norway	2 381 549	4,3%
NORDNET LIVSFORSIKRING AS	Norway	2 123 465	3,8%
VINJE, SIGURD HEGGSTAD	Norway	1 450 751	2,6%
MONSEN, FRODE	Norway	900 000	1,6%
Nordnet Bank AB	Sweden	804 041	1,4%
GRØNLAND, STEINAR	Norway	751 456	1,4%
SILVERCOIN INDUSTRIES AS	Norway	605 803	1,1%
KARA, ZAFER	Norway	590 000	1,1%
OMLAND, DANIEL CABRERA	Norway	580 000	1,0%
SELACO AS	Norway	518 669	0,9%
Ghayoornia, Mohammad	Norway	500 000	0,9%
NAUTNES, JAN-ARNE	Norway	500 000	0,9%
DAKUR AS	Norway	427 350	0,8%
EIDE, JOSÉ EGIL ANDRÉ	Norway	427 181	0,8%
Top 20 shareholders		40 801 502	73,43%
Total other shareholders		14 766 001	26,57%
International shareholders		11 652 240	20,97%
Total outstanding shares		55 567 521	100,00%

As per 1 February 2023 * Board member Jens Berge represents Norwegian Hydrogen AS, ** Controlled by CEO Jørn Kristian Lindtvedt, *** Controlled by COO Harald Bjørn Hansen