Cavendish Hydrogene — Capital/Financing Update 2026

May 5, 2026

Cavendish Hydrogen ASA strengthens its financial position and accelerates growth through strategic investment and partnership with BHDT GmbH

Cavendish Hydrogen ASA strengthens its financial position and accelerates growth through strategic investment and partnership with BHDT GmbH

May 5, 2026 - Oslo Norway - Cavendish Hydrogen ASA (Cavendish Hydrogen, the

company, Oslo Børs ticker: CAVEN), a global leader in hydrogen fueling

solutions for the mobility sector, today announces a strategic equity

investment and long-term cooperation with BHDT GmbH (BHDT), a leading

industrial engineering and equipment group headquartered in Austria.

The transaction represents a significant validation of Cavendish Hydrogen's

strategy and strengthens the company's financial platform by securing a strong

industrial anchor investor with deep engineering expertise, global customer

relationships and a long term commitment to hydrogen and the energy

transition.

With this agreement, BHDT will enforce its strategic activities to enter the

hydrogen market. BHDT does hereby take an important step in expanding its

contribution and role in the energy transition. Together, the two companies

aim to accelerate innovation, scale solutions, and expand into hydrogen and

adjacent energy markets.

Cavendish Hydrogen will issue 17.7% new shares in a direct share issue.

Following customary clearance and closing, BHDT will hold approximately 15.0%

of Cavendish Hydrogen shares on a post-money basis. The board of directors

(the Board) of Cavendish Hydrogen welcomes the nomination of a member to its

Board by BHDT GmbH in connection with the upcoming 2026 Annual General Meeting

on May 26.

Strategic rationale -- key highlights

The agreement is based on a clear strategic fit and shared long-term

ambitions:

* Strengthened financial position: The investment provides capital to support

operations growth, and continued development of Cavendish Hydrogen.

* Secured anchor shareholder and strategic partner: BHDT becomes a long term

industrial partner, enhancing Cavendish Hydrogen's credibility, market

access and execution capability.

* Improved end-to-end offering: By combining Cavendish Hydrogen's systems and

integration expertise with BHDT's industrial engineering and manufacturing

capabilities, we enhance our ability to deliver high-quality solutions.

BHDT's hydrogen activities and system integration focus represents a natural

extension of its existing industrial platform, while Cavendish Hydrogen

benefits from access to a highly experienced, financially solid and

growth-oriented partner.

CEO of Cavendish Hydrogen, Robert Borin comments:

"We are very pleased to welcome BHDT as a shareholder and long-term strategic

partner in Cavendish Hydrogen. This investment strengthens our financial

position and marks an important step in our growth journey. BHDT brings deep

industrial competence, and a clear commitment to hydrogen. Together, we see

significant opportunities to accelerate innovation, scale our joint customer

solutions and create mutual shareholder value."

CEO of BHDT, Michael Simml comments:

"This agreement with Cavendish Hydrogen aligns strongly with our strategy to

build hydrogen systems into a key pillar of our future business. Cavendish

Hydrogen's technology and system integration capabilities are highly

complementary to our industrial engineering strengths. We look forward to a

close and forward-looking cooperation to support growth in hydrogen and the

wider energy market."

In parallel with the investment, the parties have entered into commercial and

R&D agreements that establish a clear framework for structured dialogue,

systematic opportunity assessment, and long-term collaboration. The agreements

are designed to enable close cooperation while fully preserving each party's

operational independence and intellectual property. Importantly, they include

no minimum purchase obligations or exclusivity commitments, ensuring continued

strategic flexibility for both sides.

Transaction details

Cavendish Hydrogen currently has 33,618,145 issued and outstanding shares. The

Board of Cavendish Hydrogen has resolved to issue up to 5,940,749 new shares

to BHDT through a direct share issue, representing 17.7% of the share capital

pre-money.

The subscription price will be NOK 8.73 per share, representing 5-day

volume-weighted average share price (VWAP) as of May 5, 2026. This is

equivalent to a total cash contribution to Cavendish Hydrogen of about NOK 52

million.

The share issue will be registered with the Norwegian Register of Business

Enterprises after closing conditions have been fulfilled.

For additional information, please contact:

Cavendish Hydrogen ASA Investor Relations

Mirza Koristovic, Head of Investor Relations

IR@cavendishh2.com

+47 938 70 525

About BHDT GmbH

BHDT is the specialist for high pressure and ultra-high-pressure equipment and

components for the chemical and petrochemical industry. The product range

comprises valves and tubular equipment for LDPE/EVA and UREA plants. The focus

of BHDT lies on long-term customer relation, extensive experience and know-how

as well as newest manufacturing techniques and technology standards and

highest quality products and services. BHDT designs and manufactures products

in co-operation with well-known licensors of chemical processes, using

state-of-the-art engineering tools, high-precision computer-controlled

processing machinery and taking customer demands into account at the highest

level of technological standards.

About Cavendish Hydrogen ASA | www.cavendishh2.com

Cavendish Hydrogen is a global leader in hydrogen fueling solutions for the

mobility sector. Driven by the vision to end emission from mobility, Cavendish

is committed to providing safe, competitive, and reliable hydrogen fueling

solutions, offering the convenience of traditional fuels but with zero

emissions. The company covers the entire value chain from development and

production to installation, commissioning, and maintenance. Through value

creation and cutting-edge technology, Cavendish is setting new standards for

fueling heavy-duty vehicles with reliable hydrogen solutions. Cavendish

Hydrogen ASA is listed on the Oslo Stock Exchange (CAVEN) and headquartered in

Herning, Denmark.

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR. The information was submitted for publication, through the

agency of the contact persons set out above, at 2026-05-05 17:35 CEST.