Knox Energy Solutions AS

HYON - First half year 2022 financial results

(Oslo, 25 August 2022) HYON AS, the supplier of high-capacity hydrogen fueling

systems for ships, reported revenues for the first half of 2022 of MNOK 3.7 and

EBIT of MNOK -8.1. The company has achieved a strong positioning for maritime

hydrogen projects in the Norwegian market.

"Throughout the first half of 2022, we have worked intensively to position HYON

as the supplier of high-capacity hydrogen fueling solutions for hydrogen

infrastructure projects in the Norwegian market. The NOK 670 million Enova grant

announced towards five hydrogen infrastructure hubs for the maritime sector is a

clear market starter, and we are confident that out technology and business

development roadmap are well-aligned with this development", says Jørn Kristian

Lindtvedt, CEO of HYON.

In the first half of 2022, HYON reported revenues of MNOK 3.7, up from MNOK 1.8

in the same period last year. Operating profit (EBIT) was MNOK -8.1, compared to

MNOK -0.07 last year. Cash balance at the end of the period was MNOK 33.7.

Following the successful private placement of MNOK 50 in January, HYON was

listed on Euronext Growth on 14 February this year.

"We are in an exciting build-up phase, where our primary focus is technological

and organizational development. In addition to expanding our core team, we have

positioned ourselves for several major projects and have signed agreements with

important suppliers bringing unique competence in their fields and capacity to

execute", says Lindtvedt.

In May 2022, HYON entered a collaboration agreement with the Japanese trading

and investment company Mitsui & Co., Ltd. The partnership sets the stage for a

large-scale development of hydrogen fueling solutions, starting with a joint

feasibility study in the second half of 2022.

"Adding to the activity in our home market, we are seeing increasing interest

from global majors in the maritime trade. They recognize HYON as a provider of

an important and missing piece to realize their future zero carbon value

chains", Lindtvedt concludes.

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For further information, please contact:

Jørn Kristian Lindtvedt, CEO, +47 95270739 or

Jan Frode Andersen, CFO +47 9822 8115

About HYON | https://hyon.energy/

HYON delivers high-capacity hydrogen fueling systems for ships. We enable

hydrogen to be transferred from shore to ships in a fast and safe manner.

HYON was founded in 2017, is headquartered in Drammen, Norway and is backed by

owners including Saga Pure, Norwegian Hydrogen and Nel. We're on a mission to

accelerate the energy transition in the maritime sector, aiming to be the

leading provider of high-capacity hydrogen fueling solutions for ships.

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