19 June 2024 - Norwegian state-owned Enova has awarded NOK 300 million in
innovation funding to a Maris Fiducia Norway AS, with HAV Group subsidiary HAV
Hydrogen and Norwegian Hydrogen as subcontractors, to develop, build and operate
five hydrogen-powered dry-bulk vessels.
 
Reference is made to the stock exchange announcement about the partnership dated
13 May 2024.

The NOK 300 million grant is awarded under Enova's "hydrogen in
vessels"-programme, which aims to contribute to market change by supporting
companies that will use hydrogen as fuel in vessels and support the development
of zero emission vessel technologies. 

Maris Fiducia Norway, which is the Norwegian operation of Dutch shipowner Maris
Fiducia, will manage and operate the five vessels. When built the five dry-bulk
carriers will go on hire through a zero-emission time charter agreement with
Schulte & Bruns, establishing a commercial operation for vessels operating on
hydrogen fuel, proving the feasibility of hydrogen technologies for shipping.

The 6,000 dwt vessels are designed by the Dutch ship designer Ankerbeer with a
hull design optimised for efficiency and low fuel consumption. The power plant
shall consist of a dual fuel hydrogen ICE combined with fuel cells for auxiliary
power. 

H2 system on board

In addition to the Dual Fuel ICE, the plan is to equip the five vessels with a
Zero Emission Pod - ZEPOD® - a module containing a complete hydrogen energy
system for ships, delivered by Norway-based HAV Hydrogen - a wholly owned
subsidiary of HAV Group ASA. 

Each of the ZEPODs are intended to be delivered with a total capacity of 400 kW,
which is enough to run all auxiliary systems on board the bulk carriers The
ZEPODs can be upgraded to 1 MW capacity at a later stage. 
HAV Hydrogen is currently developing its first full-scale ZEPOD, which will be
ready for testing next year. Preliminary delivery schedule shows that the
sequence of delivery will commence from the end of 2025, depending on shipyard. 

"This brings us another step closer to the commercial breakthrough for our
hydrogen-based energy systems for ships. Everyone knows that the shipping
industry needs to lower emissions, but it relies on companies such as Maris
Fiducia Norway to pave the way. We are delighted to be part of this partnership
and to help develop the future for short sea cargo together with Maris Fiducia
and Norwegian Hydrogen," says Kristian Osnes, managing director of HAV Hydrogen.

Leading hydrogen producer and distributor Norwegian Hydrogen will provide
security of supply for Maris Fiducia and Schulte & Bruns by providing all the
green hydrogen fuel for the five dry bulk carriers.

Following acceptance of Enova's innovation funding offer and subsequent
placement of newbuild contract with its chosen shipyard, Maris Fiducia will
enter into discussions with HAV Hydrogen and Norwegian Hydrogen to agree on
commercial terms and delivery structure for the cooperation project.

Enova supports tomorrow's energy and climate technology, so that Norway will
reach the climate goals for 2050. Enova manages the Climate and Energy Fund and
is a state-owned enterprise owned by the Norwegian Ministry of Climate and
Energy.
 
(ENDS)

For further information, please contact:
Gunnar Larsen, CEO 
gunnar.larsen@havgroup.no 
+47 901 05 694 

About HAV Group | www.havgroup.no 
HAV Group and its subsidiaries (together: "HAV Group") is an international
provider of technology and services for maritime and marine industries. HAV
Group has several decades of industry experience, in addition to special
expertise in guiding the marine and maritime industries through the green shift
and towards the goal of zero emissions. HAV Group ASA is listed on Euronext
Growth under the ticker code HAV.

About HAV Hydrogen | www.havhydrogen.no 
HAV Hydrogen delivers complete and scalable hydrogen systems for use on board
large and small vessels, newbuilds and retrofitted. Based on our Norwegian
heritage, experience, quality focus and innovative solutions, our insight
provides our customers with a head start, increases their competitiveness, and
enables them to realize the green shift towards a sustainable future at sea.