Saga Pure — M&A Activity 2021

Jun 29, 2021

Saga Pure ASA: Acquires Hyon and partners with Nel and Norwegian Hydrogen

Saga Pure ASA: Acquires Hyon and partners with Nel and Norwegian Hydrogen

(Oslo, 29 June 2021) Saga Pure ASA (Saga, OSE: SAGA) today announced the

acquisition of Hyon AS (Hyon), and following a subsequent transaction, Saga

Pure, Nel ASA and Norwegian Hydrogen AS will have equal shareholdings in the

company. Hyon has a strong position within maritime hydrogen solutions and will

mainly focus on developing hydrogen and bunkering solutions for harbors going

forward.

"Sustainability is at the top of the agenda within the maritime sector, and

hydrogen will play an important role in the future, maritime fuel mix. An

entirely new value chain needs to be developed, and a key part of that is

transferring hydrogen from the harbors to the vessels. Hyon is currently

developing solutions for production and fueling of hydrogen ships and we look

forward to be an active part of the further development of these solutions,"

says Bjørn Simonsen, CEO of Saga Pure.

"There is a strong demand for green hydrogen in the near future, and we are

developing a robust infrastructure for both heavy road transport and maritime

sector. Joining a group of strong partners in bringing Hyon forward as a key

solution- and technology provider makes a lot of sense to us," says Jens Berge,

CEO of Norwegian Hydrogen AS.

Saga, Nel and Norwegian Hydrogen will each have an ownership of 29% of Hyon, and

key employees will hold the remaining shares. The key employees are Jørn

Kristian Lindtvedt, appointed as CEO of the company, and Harald Hansen as

Director of Project Development & Commercial. Lindtvedt and Hansen have

previously held key positions in relation to the TechnipFMC led "Deep Purple"

project, which focuses on solutions for offshore production of hydrogen and

intermittency management of wind farms by storing the hydrogen subsea.

The company has built a strong position within hydrogen energy solutions for the

maritime sector since 2017, and the main priority for Hyon going forward will be

the further development and commercialization of the hydrogen and bunkering

solution for harbors. The parties have decided not to disclose the value of the

transaction.

ENDS

For additional information, please contact:

Bjørn Simonsen, CEO, +47 971 79 821

Espen Lundaas, CFO, +47 924 31 417

About Saga Pure ASA | www.sagapure.com

Saga Pure ASA is an investment company focusing on opportunities within

renewable energy, hydrogen, circular economy and CO2-reduction.

About Nel ASA | www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to

produce, store, and distribute hydrogen from renewable energy. We serve

industries, energy, and gas companies with leading hydrogen technology. Our

roots date back to 1927, and since then, we have had a proud history of

development and continuous improvement of hydrogen technologies. Today, our

solutions cover the entire value chain: from hydrogen production technologies to

hydrogen fueling stations, enabling industries to transition to green hydrogen,

and providing fuel cell electric vehicles with the same fast fueling and long

range as fossil-fueled vehicles - without the emissions.

About Norwegian Hydrogen AS

Norwegian Hydrogen AS was established by the Flakk Group in January 2020 with a

clear purpose to make a difference in the critical energy transition. The

company will develop and operate a wide and robust infrastructure for the

provision of green hydrogen in several road- and maritime transportation

segments. Supported by a group of strong industrial owners and a diverse network

of collaborative partners, Norwegian Hydrogen will manage the entire value chain

from production to customer.