Cloudberry Clean Energy ASA

Share Issue/Capital Change • Jun 1, 2021

Cloudberry Clean Energy ASA | Key information regarding potential Repair Issue

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE "UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

Oslo, Norway, 1 June 2021: Reference is made to the stock exchange notice published on 1 June 2021, regarding the successful private placement of 86,000,000 new shares (the "Private Placement") in Cloudberry Clean Energy ASA ("Cloudberry" or the "Company"), where it is announced that the Company will consider to launch a repair issue of up to 2,000,000 new shares with non-tradable subscription rights directed towards eligible shareholders (the "Repair Issue").

Key information

Date on which the terms and conditions of the Repair Issue were announced: 1 June 2021 Last day of trading including right to receive subscription rights: 1 June 2021 First day of trading exclusive right to receive subscription rights: 2 June 2021 Record Date: 3 June 2021 Date of approval: To be determined Maximum number of new shares: 2,000,000 Subscription price: NOK 12.50 per share Maximum gross proceeds: NOK 25,000,000 Will the subscription rights be listed: No

The Repair Issue is subject to (i) the completion of the Private Placement, (ii) required corporate resolutions and (iii) the publication of a prospectus in accordance with applicable legislation.

The formal resolution (including the final number of new shares to be offered) related to the Repair Offering will be made by the Company's Board of Directors following the general meeting to be held on or about 17 June 2021 and the approval and subsequent publication of a prospectus prepared in connection with the Repair Offering.

The Company's Board of Directors may in its sole discretion decide that the Company shall not carry out the Repair Issue, for example if the prevailing market price of the Company's share trade lower than NOK 12.50 per share, which will allow the shareholders wishing to reduce the dilutive effect of the Private Placement to acquire the shares in the market at similar price and thus make the Repair Issue redundant.

For further information, please contact:

Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no Christian Helland, CVO, +47 418 80 000, ch@cloudberry.no Suna Alkan, CSO, +47 913 02 907, sa@cloudberry.no

This information is subject to the disclosure requirements set out in the Euronext Growth Oslo Rule Book. This stock exchange announcement was published by Suna Alkan, CSO at Cloudberry Clean Energy ASA on 1 June 2021, at 23:55 CEST.

About Cloudberry

Cloudberry Clean Energy ASA is a Nordic renewable energy company, owning, developing, and operating hydro power plants and wind farms in Norway and Sweden. The Companys purpose is to provide clean renewable energy for future generations, developing a sustainable society for the long term and creating value for our stakeholders. The Company believes in a fundamental long-term demand for renewable energy in the Nordics and Europe, and purpose shapes every aspect of how Cloudberry operates. Cloudberrys shares are currently admitted to trading on Euronext Growth Oslo, supported by strong owners and led by an experienced management team and board. The Company has initiated preparations for listing on Oslo Stock Exchange's main list (Oslo Børs) in 2021. The Company is located in Oslo, Norway (main office) and Karlstad, Sweden. To learn more about Cloudberry, go to www.cloudberry.no.