June 7, 2026 – Oslo, Norway) Reference is made to the press release dated February 7, 2024, in which Nel ASA (Nel, OSE: NEL) announced that Iwatani Corporation of America had filed a lawsuit against Nel and certain entities that were, at the time, part of the Nel group, in connection with agreements for the delivery of fueling equipment and services. Besides Nel, the defendants included entities that are now part of Cavendish Hydrogen ASA (Cavendish Hydrogen, OSE: CAVEN), as well as four individuals.
 
Iwatani, Nel, and Cavendish Hydrogen have resolved their dispute, and related lawsuit, involving Iwatani’s hydrogen fueling stations in California. The dispute arose from technical and operational challenges in a developing industry and has been resolved amicably and in the best interests of all parties. With the issues now resolved to each party’s satisfaction, Iwatani, Nel, and Cavendish Hydrogen can confidently affirm each other’s continuing commitment to advancing the hydrogen fueling industry and remain open to future collaboration. 
 
The settlement amount for Cavendish Hydrogen is USD 3 million. While the settlement represents a notable item on the balance sheet, it is not expected to impact the Cavendish Hydrogen’s outlook. The settlement eliminates further legal costs and mitigates litigation risk in the US.
 
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