Norwegian Air Shuttle ASA

Regulatory Filings • Apr 24, 2023

Norwegian partners with Norsk e-Fuel to build new e-fuel plant in Norway

Norwegian partners with Norsk e-Fuel to build new e-fuel plant in Norway

Norwegian has announced a landmark partnership with Norsk e-Fuel to build the world’s first full scale e-fuel plant in Mosjøen, Norway. The plant will produce sustainable aviation fuels (SAF), marking an important milestone towards Norwegian's target of 45 percent emissions reduction by 2030.

Norwegian has signed a strategic partnership agreement with Norsk e-Fuel, with the ambition to secure long-term offtake of SAF and an equity stake in the company. The partnership will contribute to speeding up the production and availability of SAF in favour of a more sustainable aviation industry. The parties aim to finalise the detailed agreement within the next few months.

“We are moving Norwegian into the future. Our sector contributes to great value creation, both socially and economically, and we commit to significantly reducing our climate impact as we take advantage of technological advances within aviation fuel. E-fuels can become a gamechanger for aviation. The partnership with Norsk e-Fuel is a landmark agreement for Norwegian, but also a milestone for aviation in Norway. It helps us move closer to the promise we have given our customers. We want to make it possible for everyone to fly sustainably,” said Geir Karlsen, CEO of Norwegian.

The partnership with Norsk e-Fuel is estimated to secure approximately 20 percent of Norwegian’s total demand for SAF until 2030. In addition, Norwegian will invest more than NOK 50 million for a minority equity stake in the company. These measures will contribute to reaching Norwegian’s goal of a 45 percent emission reduction by 2030. They also positively impact the European aviation industry’s goal of net zero CO2 emissions by 2050.

The goal is to start producing e-fuels in Mosjøen in Northern Norway as early as 2026.

“Sustainable aviation fuels need to become both more available and less expensive. To make this a reality, the aviation industry depends on collaborating with public authorities to close the price gap between fossil fuels and e-fuels. Ultimately, e-fuels will be able to compete with and replace fossil fuels. Time is crucial and we are very eager to get started,” said Karlsen.

Norsk e-Fuel is backed by a strong group of shareholders consisting of technology pioneers and industrial experts. The company's first production facility in Mosjøen will become the world’s first full scale e-fuels production facility.

For further information, please contact:

Jesper M. Hatletveit, Investor Relations at Norwegian Air Shuttle ASA Tel: +47 906 64 401

Norwegian Air Shuttle ASA

Fornebu, 24 April 2023

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.