Knox Energy Solutions AS

Regulatory Filings • May 11, 2022

HYON enters collaboration agreement with Mitsui

HYON enters collaboration agreement with Mitsui

(Oslo, 11 May 2022) - HYON AS (HYON) enters a collaboration agreement with

Japanese trading and investment company Mitsui & Co., Ltd. (Mitsui). The

partnership sets the stage for large-scale development of hydrogen fueling

solutions, starting with a joint feasibility study in the second half of 2022.

On 10 May 2022, HYON entered a collaboration agreement with Mitsui. Together,

the parties aim to venture into business opportunities related to establishing

hydrogen fueling infrastructure in Europe, Asia or any other geographies with

potential hydrogen demand. The agreement also opens for a financial and

strategic commitment from Mitsui into HYON.

Mitsui is a leading Japanese trading and investment company, with a diversified

portfolio of business in various sectors, including shipping, offshore

development, mobility, infrastructure, chemicals and energy. It has an extensive

global footprint, with current operations in 63 countries and regions worldwide

and approx. 44,500 employees (consolidated basis). The company is listed on the

Tokyo Stock Exchange with a market capitalization of over USD 40 billion.

"With its vast network and global presence, Mitsui is an important strategic

partner that will allow us to scale the business volume quickly and thereby

provide highly competitive offerings to the market. This agreement is an

important step towards making HYON a leading global provider of hydrogen fueling

solutions.", says Jørn K. Lindtvedt, CEO of HYON.

HYON was founded in 2017 on a mission to accelerate the energy transition in the

maritime sector. The company is set to deliver fast and safe bunkering of

hydrogen for ships.

"The hydrogen market is expected to grow significantly within the shipping

industry, accelerated by stringent regulations, guidelines and initiatives for

GHG emission reductions. By combining Mitsui's track record and global network

in the shipping industry with HYON's expertise in hydrogen solutions, we aim to

capture this growth and penetrate new markets.", says Kensuke Kubota, General

Manager of Transportation & Machinery Bus Div. IV at Mitsui.

As a first step of the collaboration, HYON and Mitsui will conduct a feasibility

study to define relevant parameters for the global presence of hydrogen fueling

solutions, roll-out plan, cost and specification of the technical solutions. The

feasibility study will be undertaken in the second half of 2022, lasting a

minimum of three to six months.

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 AS delivers fast and safe bunkering of hydrogen for ships. We make sure

that hydrogen can be transferred from shore to ships, both as a stand-alone

fueling solution and as an integrated solution combining production, storage and

distribution on a barge.

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

owners including Saga Pure, Norwegian Hydrogen and Nel.

HYON is on a mission to accelerate the energy transition in the maritime sector,

aiming to be the leading provider to bunkering solutions for hydrogen.