Cavendish Hydrogene — Investor Presentation 2024

May 31, 2024

Cavendish Hydrogen

+140 station modules sold globally +20 years of experience

Important information and disclaimer (1/4)

THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, JAPAN, SOUTH AFRICA, OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS PRESENTATION IS NOT AN OFFER OR INVITATION TO BUY OR SELL SECURITIES IN ANY JURISDICTION.

This presentation and its appendices (the "Presentation") have been produced by Cavendish Hydrogen ASA (the "Company", and together with its subsidiaries, the "Group") with assistance from Carnegie AS (the "Manager") solely for information purposes in connection with the potential spin-off of Nel ASA's ("Nel") fueling division and listing of the Company's shares on the Oslo Stock Exchange. This Presentation is being provided solely for information purposes.

This Presentation does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or a solicitation of an offer to subscribe for or purchase, or a recommendation regarding, any securities of the Company or any subsidiary of the Company in any jurisdiction, and nothing contained herein shall form the basis of or be relied upon in connection with, or be regarded as an inducement to enter into, any investment activity. By attending a meeting where this Presentation is made, or by reading the Presentation or by otherwise receiving this Presentation or the information contained herein, you agree to be bound by the terms, conditions and limitations set out herein. Each recipient of the Presentation or the information contained in this Presentation is responsible for making its own independent assessment of the business, financial condition, prospects, status and affairs of the Group. For the purposes of this notice, "Presentation" means and includes this document and its appendices, any oral presentation given in connection with this Presentation, any question and answer session during or after such oral presentation and any written or oral material discussed or distributed during any oral presentation meeting.

Important information and disclaimer (2/4)

This Presentation and the information contained herein has not been independently verified, and no representation, warranty or undertaking, express or implied, is made or given by the Company, Nel, the Manager or their respective directors, officers, employees, agents, affiliates, advisors or other persons acting on their behalf, as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. No liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company, Nel, the Manager or their respective directors, officers, employees, agents, affiliates, advisors or other persons acting on their behalf accepts any liability whatsoever arising directly or indirectly from the use of this Presentation.

This Presentation speaks as of the date hereof. Information in this Presentation may be subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. None of the Company, Nel, the Manager or any of their respective directors, officers, employees, agents, affiliates, advisors or any person acting on their behalf, undertake any obligation to provide the recipient with access to any additional information, to update this Presentation or to correct any inaccuracies in in the Presentation.

The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments that may occur after the date of this Presentation. This Presentation contains summary information only and does not purport to contain a complete description of the Group or the market(s) in which the Group operates.

The Presentation is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation, and do not provide an audited valuation of the Group. The analyses contained in these materials are not, and do not purport to be, appraisals of the assets, securities or business of the Group, Nel or any other person. Moreover, these materials are incomplete without reference to, and should be viewed and considered solely in conjunction with the oral briefing provided by an authorized representative of the Company in relation to these materials.

The Company has not authorized any other person to provide any persons with any other information related to the Group and neither the Company, Nel nor the Manager will assume any responsibility for any information other persons may provide.

Important information and disclaimer (3/4)

An investment in the Company involves a high level of risk and several factors could adversely affect the business, legal or financial position of the Group or the value of the Company's shares. An investment in the Company is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment.

This Presentation is intended to present background information on the Group, its business and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made. Should the Company choose to pursue an offering of its securities in Norway or elsewhere, any decision to invest in such securities must be made on the basis of information contained in the materials to be prepared in connection with any such offering. Any decision as to whether or not to enter into any transaction should be taken solely by the relevant recipient. Before entering into such transaction, each recipient should take steps to ensure that it fully understands such transaction and has made an independent assessment of the appropriateness of such transaction in the light of its own objectives and circumstances, including the possible risks and benefits of entering into such transaction.

The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own financial, legal, business, investment and tax advisers to receive financial, legal, business, investment and tax advice.

This Presentation contains forward-looking information and statements relating to the business, financial performance and results of the Group and/or industry and markets in which it operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance and risks, uncertainties and other important factors could cause the actual results of operations, financial condition and liquidity of the Group or the industry to differ materially from the results expressed or implied in this Presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue influence on any forward-looking statement.

Important information and disclaimer (4/4)

This Presentation include market and industry data obtained by the Company and/or Nel from industry publications and surveys. The Company and Nel may not have access to the facts and assumptions underlying the numerical data, market data and other information extracted from public sources and as a result neither the Company, Nel nor the Manager is able to verify such information and assume no responsibility for the correctness of any such information.

This Presentation does not constitute an offer for sale of, or a solicitation of an offer to purchase or subscribe for, any securities in any jurisdictions. The distribution of this Presentation may in certain jurisdictions be restricted by law, including but not limited to Australia, Canada, the Hong Kong special administrative region of the People's Republic of China, Japan, South Africa and the United States. Neither this Presentation nor any advertisement or other material pertaining to the Company's shares may be distributed or published in any jurisdiction except under circumstances that will result in compliance with applicable laws and regulations. In addition, the Company's shares are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable securities laws and regulations. By accepting the Presentation, each recipient represents and warrants that it is able to receive it without contravention of an unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such recipients resides or conducts business.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo city court (Nw: Oslo tingrett) as exclusive venue.

INTRODUCTION

Cavendish Hydrogen's executive management

Marcus Halland Cavendish Hydrogen CFO

Table of contents

• 1. Introduction to Cavendish Hydrogen
• 1. The hydrogen mobility opportunity
• 1. A leading player in hydrogen fueling equipment
• 1. Financials
• 1. Cavendish Hydrogen's roadmap
• A. Appendix

Introduction to Cavendish Hydrogen

INTRODUCTION TO CAVENDISH HYDROGEN

This is Cavendish Hydrogen – 20 years of experience developing fueling solutions

Uniquely positioned to capture the hydrogen opportunity

Geographical presence in key markets

USA South Korea Poland France Germany Netherlands Canada Iceland United Kingdom Denmark Sweden Norway Latvia Belgium

INTRODUCTION TO CAVENDISH HYDROGEN

Fueling plays a critical role in the value chain, enabling hydrogen applications in transport

INTRODUCTION TO CAVENDISH HYDROGEN

Offering fueling equipment and full scope of services from project engineering to operation support services

The hydrogen mobility opportunity

Overall hydrogen market set to grow three-fold by 2050 with mobility being a key driver

Advantages of heavy-duty hydrogen mobility

No emissions

An obvious prerequisite for all modern vehicles, making all fossil fueled vehicles obsolete

Long driving range

A well-functioning truck must be able to drive 800 km on one tank

Fueling time

Where the battery electric vehicle can not compete with a traditional fossil fueled vehicle on charging time, the fuel cell electric vehicle can

Grid connection

Battery charging a truck would require a 7-11,000 kW grid connection – hydrogen fueling only 900 kW

Current regulatory momentum is creating strong tailwinds for hydrogen adoption in mobility

Note: AFIR – Alternative Fuel Infrastructure Regulation, JTF – Just Transition Fund, CEC – California Energy Commission, CFI – Charging and Fueling Infrastructure Program, LCFS & HRI – Low Carbon Fuel Standard and Hydrogen Refueling Infrastructure, ZE – Zero-Emission, RFNBO – Renewable Fuels of Non-Biological Origin, HRS – Hydrogen Refueling Station, GHG – Green House Gas; Source: Hydrogen Europe & Company information

Hydrogen fueling station market is set to grow

Strong commitment from reputable players throughout the hydrogen mobility value chain

Strong momentum for hydrogen solutions within heavyduty vehicles – OEMs preparing for launch

A leading player in hydrogen fueling equipment with real global experience

Cavendish Hydrogen has the experience and building blocks needed to succeed

Long history in a young market

• 20 years of experience and learnings accumulated to propel product development and capture market share

Technology protected by patents

• Current technology and innovations are both protected by approximately 75 patents¹ worldwide

Strong R&D division

• ~60 research and development professionals globally developing the next generation of fueling solutions

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Well-invested production facilities with option to expand capacity if required

All-in-one facility – the complete value chain under the same roof

+190 full-time employees

7 years in operation

One of the world's largest HRS production facilities

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Real-time station monitoring & diagnostics

1. Remote monitoring Instant remote event-solving by hydrogen service technicians

2. Dispatching of service team If event is not solved remotely, local service technicians are sent to site

3. Harvesting Big Data Data gathering system with great potential for use of big data analytics optimization in development of the HC-HDV concept

Cavendish Hydrogen offers a clear value proposition to a strong base of blue-chip customers

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Hydrogen refueling station order from Alperia Greenpower SRL

• Client: Alperia Greenpower SRL

• Value: ~EUR 3.8m
• Location: Italy
• Signed: 30. May 2024
• Hydrogen fueling equipment for one site to serve both light- and heavy-duty FCEVs in Bruneck, Italy
• Primarily built for the 2026 Winter Olympics, fueling vehicles for transfer between sports facilities
• Contract value approximately ~3.8 EURm, includes a 2-year service and maintenance contract
• The hydrogen refueling station is expected to be operational in the second half of 2025, and will be the first Cavendish Hydrogen refueling station in Italy

Improved station utilization and uptime

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• Current technology is improving with increasing demand and utilization
• 15/15 Korean stations in operation since Q1 2022
• The decrease for Americas in 2024 driven by hydrogen shortage and decommissioning of legacy stations

Hydrogen fueling, as fast as diesel, is a must – an industry-wide challenge

Hydrogen and energy transfer during fueling

• End-users expect same performance as internal combustion engines (ICE)
• Today, vehicles are fueled with 1.5-3 kg H² /min
• Heavy-duty vehicles will require 6.5 kg /min – 2.2x the current market technology
• The high-capacity solution delivering 6.5 kg / min equates to a 12.8 MW¹ average for a BEV charger - equivalent to a small city

kW energy transfer

Financials

FINANCIALS

Financial highlights

(EUR million)	FY 2021	FY 2022	FY 2023	Q1 2023	Q1 2024
Total revenue and income	33	24	30	7	10
EBITDA	-20	-37	-19	-6	-5
EBITDA margin	-61%	-154%	-64%	-79%	-49%
EBIT	-24	-74	-24	-7	-6
Pre-tax income (loss)	-26	-76	-30	-8	-6
Net income (loss)	-25	-75	-29	-8	-6
Net cash flow from operating activities	-25	-32	-19	0	-2

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• FY 2023 revenue is back to 2021 levels after a dip in activity in 2022
• Q1 24 revenue is positively impacted by Nikola termination, but otherwise on same level as Q1 23 and recent quarters
• FY 2023 EBITDA improved from 2022 levels and is back to same level as 2021. 2022 EBITDA impacted by low revenue, high warranty repair costs and high indirect costs
• Q1 24 EBITDA is also positively impacted by Nikola partly offset by other one-offs in the quarter

FINANCIALS

Revenue streams

Production of core equipment, station module, dispensers, supply cabinet, and storage panels

Project engineering, installation & commissioning, and aftermarket services

Revenue split on customer contracts1

Current split: ~55 % ~45 %
Expected split: ~75 % ~25 %

(EUR million)	2021	2022	2023	Q1 2023	Q1 2024
Type of goods or service
Equipment	17.2	9.5	16.0	4.4	7.3
Projects, I&C and Service	14.0	11.0	12.9	2.5	2.4
Total Revenue from contracts with customers	31.2	20.5	28.9	6.9	9.7
Timing of revenue recognition
Revenue recognized at point in time	17.2	9.5	16.0	4.4	7.3
Revenue recognized over time	14.0	11.0	12.9	2.5	2.4
Total Revenue from contracts with customers	31.2	20.5	28.9	6.9	9.7

29 Note: Q1 Financial figures subject to a simplified audit; Source: 1) Company information

• Equipment

Revenue recognition is "point in time" when the equipment is finalized and transfer of title to customer occurs

• Projects, I&C, Service & Maintenance Revenue recognition is "over time" until customer takes over the site and it is opened for commercial operation. Service and Maintenance period then starts and is also recognized over the service period
• A standard offering to our customers includes supply scope for equipment, I&C and service & maintenance

Order backlog FINANCIALS

EUR million

The timing of the order backlog is subject to risks such as delays and/or cancellations

• Sufficient order backlog for revenue from equipment for 9-12 months
• Sufficient order backlog for projects and I&C 16-24 months depending on the region
• Announcement of new order intake will be made upon confirmation/signatures and may include
  • Region
  • Contract value
  • Expected delivery year

FINANCIALS

Financially well positioned to capture the hydrogen opportunity

Cavendish Hydrogen's roadmap

ROADMAP

Developing the next generation hydrogen fueling concept for heavy-duty vehicles

Current target values

• Fueling capacity: ~260kg per hour (>3.200km range for heavy trucks)
• Filling time: 65kg in 10 min (~800km in 10 min)
• Dispensers: Up to 6 dispensers
• Standardization: Compliant with SAE J2601-5 and future ISO standards

ROADMAP

Cavendish Hydrogen's roadmap and ambitions

Initiated development of high-capacity stations for heavy-duty transportation in 2023

Capitalize on insights derived from the light-duty market to standardize products and de-risk the high-capacity fueling business case

Our next-generation hydrogen fueling stations are expected to be commercialized in 2025

Ambition to capture 15% of the high-capacity market for hydrogen fueling in Europe and Americas

Setting a new standard for fueling heavy-duty vehicles - with reliable fueling solutions

Appendix

Cavendish Hydrogen's long history – in a young market

37 Source: Company information

P&L

(in EUR 1,000)	2021	2022	2023	Q1 2023	Q1 2024
Revenue and income
Revenue from contracts with customers	31 223	20 504	28 887	6 944	9 712
Other operating income	1 430	3 713	1 506	409	124
Total revenue and income	32 653	24 217	30 393	7 352	9 837
Operating expenses
Raw materials	21 987	15 468	12 415	2 858	4 842
Personnel expenses	20 293	25 490	24 239	5 795	5 450
Depreciation and amortization	3 926	4 696	4 689	1 179	1 232
Impairment of tangible and intangible assets	-	32 393	48	-	-
Other operating expenses	10 352	20 491	13 109	4 534	4 328
Total operating expenses	56 558	98 538	54 499	14 366	15 852
Operating loss	-23 905	-74 321	-24 106	-7 014	-6 016
Finance income	2	1	153	36	157
Finance costs	-1 763	-1 804	-5 740	-1 242	-401
Net finance costs	-1 761	-1 802	-5 587	-1 206	-244
Loss before taxes	-25 666	-76 123	-29 692	-8 220	-6 260
Tax expense (income)	-1 002	-823	-804	-206	-203
Net loss	-24 665	-75 300	-28 889	-8 014	-6 057
Currency translation differences	-620	1 136	813	429	689
Cash flow hedges, effective portion of changes in fair value	71	105	-92	-	-142
Cash flow hedges, reclassified	-118	-202	-34	-	-
Total comprehensive income	-25 331	-74 261	-28 201	-7 584	-5 510

Balance sheet

(in EUR 1,000)	2021	2022	2023	Q1 2024
Assets
Non-current assets
Property, plant and equipment	11 656	12 282	11 880	11 706
Goodwill	28 195	-	-	-
Intangible assets	11 494	7 950	8 683	9 163
Non-current financial assets	3 460	3 962	1 035	1 058
Total non-current assets	54 806	24 194	21 599	21 927
Current assets
Inventories	19 257	22 773	27 748	24 833
Trade receivables	9 405	22 214	7 186	5 145
Trade receivables related parties	1 581	862	3 056	1 640
Contract assets	4 012	3 937	641	455
Other current assets	2 666	5 633	2 646	3 520
Cash and cash equivalents	5 862	2 655	7 018	5 816
Total current assets	42 782	58 073	48 297	41 409
Total Assets	97 588	82 267	69 895	63 336

(in EUR 1,000)	2021	2022	2023	Q1 2024
Equity and Liabilities
Equity
Contributed equity and retained earnings	38 588	4 510	19 440	13 490
Other reserves	197	1 236	1 923	2 470
Total equity	38 785	5 746	21 364	15 960
Non-current liabilities
Deferred tax liabilities	205	147	88	73
Long-term debt	2 322	2 133	1 998	1 963
Long-term debt related parties	23 916	23 513	13 769	16 341
Lease liabilities	301	327	600	534
Other non-current liabilities	2 865	2 021	1 404	1 304
Total non-current liabilities	29 609	28 141	17 859	20 215
Current liabilities
Trade payables	2 589	3 777	2 290	1 652
Trade payables related parties	6 777	9 226	3 281	3 741
Lease liabilities	373	343	440	414
Contract liabilities	10 492	22 747	17 461	13 934
Other current liabilities and provisions	8 963	12 287	7 201	7 420
Total current liabilities	29 194	48 381	30 673	27 161
Total Equity and Liabilities	97 588	82 267	69 895	63 336

Cash flow

(in EUR 1,000)	2021	2022	2023	Q1 2023	Q1 2024
Loss before taxes	-25 666	-76 123	-29 692	-8 220	-6 260
Depreciation, amortisation and impairment	3 926	37 089	4 736	1 179	1 232
Change in net working capital	-11 366	2 671	-19	4 939	2 317
Other adjustments	7 827	4 185	6 168	2 549	807
Cash Flows from operating activities	-25 279	-32 178	-18 806	447	-1 905
Payments for capitalized technology	-3 856	-2 716	-3 044	-723	-1 096
Investments in other financial assets	-1 292	-524	-	-	-
Purchases of property, plant and equipment	-1 917	-2 141	-1 240	-150	-397
Disposal of fixed assets	990	-	-	-	-
Cash Flow from investing activities	-6 075	-5 381	-4 284	-873	-1 493
Interest paid	-92	-103	-88	-25	-28
Payment of long-term debt	-439	-187	-134	-26	-33
Payments of lease liabilities	-371	-400	-512	-104	-107
Proceeds from new loan related party	34 435	35 182	28 363	2 328	921
Net proceeds from changes in cash pool related parties	-	-	-	-	1 586
Capital increase	-	-	-	-	88
Payment of loans related party	-	-	-499	-499	-
Cash Flows from financing activities	33 532	34 492	27 128	1 674	2 427
Effect of exchange rate changes on cash	415	-139	325	-261	-232
Net change in cash and cash equivalents	2 593	-3 207	4 363	988	-1 203
Cash and cash equivalents at the beginning of the period	3 268	5 862	2 655	2 655	7 018
Cash and cash equivalents at the end of the period	5 862	2 655	7 018	3 642	5 816

Extended management team

Martin Keller Head of Research & Development 3 Years with Nel Samsung, Siemens

Karsten Poulsen Head of Operations 15 Years with Nel Grundfos

Peder Hykkelbjerg Head of Projects and Service ½ Year with Nel Siemens

Martin Pfandl Head of Sales & Business Development 7 Years with Nel Linde

Michael Stefan Head of Product Management & Documentation & GM Austria 7 Years with Nel Linde

Elsebeth Rasmussen Head of HR 2.5 Years with Nel MHI Vestas, Vestas

Søren Højgaard Head of QHSE 2.5 Years with Nel Dynaudio, Grundfos

Michael Dahl Head of Strategy & PMO 2 Years with Nel MHI Vestas, Vestas

Board of directors

Jon André Løkke Chair of the Board

• Nel CEO from 2015 to 2022
• Chair of the board in Bergen Carbon Solutions and Tunable
• Over 20 years experience from the energy space

Mimi Kristine Berdal Board Member

• 20 years of experience serving as board member
• Current chair of the board in Goodtech and Connect Bus, and board member in Norsk Titanium, Kongsberg Digital Holding, and more

Vibeke Strømme Board Member

• CEO of Kiwa Norge from 2013 to 2021 and Nettparner from 2022 to 2023
• Long experience as both chair of the board and board member in several companies

Allan Bødskov Andersen Board Member

• Current CFO and board member of Topsoe A/S and previous CFO of DLF
• Past experience as Senior Vice President in various postitions in both Ørsted and DONG Energy

Kim Søgård Kristensen Board Member

• CEO of Evida Holding A/S and past CEO in Insero Horsens
• Extensive experience from TDC, serving as CFO in TDC Finance and several other leading financial positions

Project Holland Hydrogen 1

Europe's largest renewable hydrogen plant being developed by Shell

• 200MW electrolyser project being constructed in the Port of Rotterdam, Netherlands
• FID signed in July 2022 with construction commenced the same year, plant is expected operational in 2025
• Daily production capacity of 60,000 kg green hydrogen, powering roughly 1,000 heavy-duty trucks per day
• Fully powered by Hollandse Kust, a 759 MW offshore wind farm
• Shell committed to a USD 1 billion annual investment in hydrogen and carbon capture and storage for 2024 and 2025

Cavendish Hydrogen site case study – Shell Groningen, Netherlands

Shell's 20 bus fleet 350 bar filling site

Two stations provided by Cavendish Hydrogen

Dispensed hydrogen¹ In 1,000 kgs, monthly basis Site availability¹ In percentages, monthly basis 2023 2024

Site overview

• Shell's first operational hydrogen filling point for buses globally
• Built on behalf on the local public transport agency for 20 Qbuzz hydrogen busses

Performance measures

• Refueling takes ~10 minutes and covers roughly 400 km on a 25 kg tank
• Site availability was 99.68% in April, with an average of 96.1% in 2023
• Dispensed mass increased from 91 tons in 2022, to 133 tons in 2023
• Improved performance is a testament to Cavendish Hydrogen's continued development

Note: 1) Data per April 2024. April numbers for dispensed hydrogen adj. to reflect full month; Source: Company information, Shell plc 44

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Cavendish Hydrogen site case study – KOGAS-Tech #05, South Korea

KOGAS-Tech's LDV 700 bar filling site

Single station provided by Cavendish Hydrogen

Dispensed hydrogen¹ In 1,000 kgs, monthly basis Site availability¹ In percentages, monthly basis 0 2 4 6 8 0 50 100 2023 2024 2023 2024

Site overview

• The KOGAS-Tech #05 was the first hydrogen station in the Gyoung Gi province in South Korea
• Commissioned in late 2020, service and maintenance contract extended after warranty expiry

Performance measures

• Refueling takes < 5 minutes and covers roughly 600 km on a 5 kg tank
• For 2023 >50,000 kg hydrogen dispensed, representing 30-40 Hyundai NEXOs per day
  • Year 2023 Average : 1,000 NEXO/Month
  • Year 2024 Average(YTD) : 1,030 NEXO/Month
• Average site availability: above 97.2%
  • Year 2023 Average: 96.9%
  • Year 2024 Average(YTD) : 98.4%

Cavendish Hydrogen is the third largest hydrogen fueling station provider

The 3rd largest hydrogen fueling station provider by sites in operation¹