Cloudberry Clean Energy ASA

CLOUDBERRY CLEAN ENERGY ASA | ISSUANCE OF SHARES TO BOARD MEMBERS

Oslo, Norway, 24 October 2022: The Company's 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 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 5,823.75 through issuance of 23,295

new shares at a subscription price of NOK 10,625 per share. The subscription

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

21 October 2022. Frank J. Berg (chairperson), Liv Lønnum (board member) and

Petter W. Borg (board member) have each subscribed 7,765 new shares. A separate

stock exchange release on the PDMR trades will be issued.

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

Following the issuance of the new shares, the Company will have 291,299,905

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

capital of the company will be NOK 72,824,976.25. The company's Articles of

Associations will be updated accordingly.

For further information please contact:

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 traditions. The Company owns, develops, and operates

hydropower plants and wind farms in Norway and Sweden. 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 www.cloudberry.no

AI Terminal