Cavendish Hydrogene

Transaction in Own Shares • Jul 1, 2024

Cavendish Hydrogen ASA: Transfer of Nel's shareholding in Cavendish to Cavendish

Cavendish Hydrogen ASA: Transfer of Nel's shareholding in Cavendish to Cavendish

Oslo, 1 July 2024: Reference is made to the stock exchange announcements by Nel ASA ("Nel", OSE: NEL) and Cavendish Hydrogen ASA ("Cavendish", OSE: CAVEN) on 6 June 2024 regarding the distribution of shares in Cavendish to the shareholders of Nel (the "Distribution") and the stock exchange announcement by Cavendish on 12 June 2024 regarding inter alia the shareholder disclosure notification by Nel.

Following completion of the Distribution on 12 June 2024, Nel's shareholding in Cavendish comprised a total of 200,180 shares, representing approximately 0.60% of the issued shares and voting rights in Cavendish, as a result of downward rounding in connection with rounding to the nearest whole share. As set out in the announcement on 12 June 2024, these shares were intended to be transferred from Nel to Cavendish without consideration when appropriate following completion of the Distribution and be held by Cavendish as treasury shares.

Nel has now signed a deed for the transfer of Nel's 200,180 shares in Cavendish to Cavendish without consideration. Following completion of the transfer, Nel will own 0 shares in Cavendish, and Cavendish will own 200,180 treasury shares, representing approximately 0.60% of the issued shares and voting rights in Cavendish.

For further information, please contact:

Marcus Halland, CFO, +47 930 90 190

About Cavendish Hydrogen ASA:

Cavendish Hydrogen ASA is a leading hydrogen fueling company that specializes in the development, production, marketing, sales and service of equipment for fueling hydrogen into on-road vehicles. The company operates globally with offices in Denmark, California (the U.S), South Korea and Austria. The ongoing focus of the company is to develop its product portfolio to meet the expected market expansion for long-distance heavy-duty trucking. For more information, please visit https://cavendishh2.com/.