13 February 2024 - HAV Group's hydrogen business has received NOK 12.4 million
in funding to build, test and certify a full-scale prototype of the company's
Zero Emission Pod - a containerized hydrogen (H2) energy system for ships. 

The DNV-approved Zero Emission Pod is a complete deck house where several fuel
cells are mounted together with a complete hydrogen distribution system, control
and safety system including emergency shutdown system, ventilation system,
cooling system, and DC/DC power distribution system.

The Zero Emission Pod received Approval in Principle (AiP) by DNV last year.
Building and testing of a full-scale prototype is a continuation of this work.
The prototype testing will further enhance technology readiness-level and -from
a shipowner's perspective - substantially de-risk the solution. The latter will
make it easier for shipowners to choose to invest in one or more Zero Emission
Pods. 

"Our system is designed based on a risk-based methodology in order to comply
with the safety barrier requirements of IMO's fuel cell guidelines. This is
essential to create a mass market product that can be quickly adopted by the
maritime industry. Moreover, having a physical, working product to showcase to
shipowners and yards will enable an enhanced understanding of the maturity and
marketability of the Zero Emission Pod," says Kristian Osnes, managing director
of HAV Group's business for hydrogen-based energy systems.

Testing and certification will be conducted at SINTEF's new test facility in
Trondheim, Norway.

Grant awarded

Due to the system's innovative features and substantial commercial potential,
Innovation Norway has allocated a NOK 12.4 million grant to HAV Hydrogen to
build and test the first full-scale Zero Emission Pod. The prototype will be
built during 2024. 

Innovation Norway's Environmental Technology Scheme is aimed at the pilot and
demonstration phase of a development project, targeting environmental
technology. The purpose of the scheme is to promote the development and
implementation of new technologies that provide increased environmental
protection and contribute to strengthening Norwegian business competitiveness.

"Facing the monumental challenges of transitioning and phasing out fossil fuels,
the importance of our mission at Innovation Norway becomes ever more clear.
Supporting projects like HAV Hydrogen's is important, as it embodies Innovation
Norway's commitment to support Norwegian industries through this pivotal
transformation," says Magne Aarsnes, financial adviser at Innovation Norway.

HAV Group ASA will provide the remaining funds required to build, test and
certify the prototype. 
"HAV Group is dedicated to enabling the green transition at sea. Adopting a safe
and easy-to-install hydrogen energy system is an attractive shortcut for vessel
operators and owners that are keen to decarbonise their fleet without incurring
unreasonable hight costs in doing so. We are excited about contributing towards
the building of the prototype and the commercial potential this can help to
unlock," says Gunnar Larsen, CEO of HAV Group.
 
Newbuild or retrofit

Installed effect from the Zero Emission Pod can be used for the main propulsion
systems, or for additional power supply on board the vessel to comply with green
operation standards. Quayside, the hydrogen system can ensure sufficient green
power supply to the vessel, which does not need to rely on onshore charging
infrastructure to achieve zero emission status. 

"The Zero Emission Pod can either be utilized as a retrofit option for vessels
that have not already been prepared for a conventional retrofit installation
below deck, or as a complete plug-in module that de-risks the yard installation
for newbuilds. The size of the potential market is huge," adds Kristian Osnes.

(ENDS)

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

About HAV Group | www.havgroup.no 
The HAV Group is an international provider of technology and services for
maritime and marine industries, listed on Euronext Growth under the ticker code
HAV. The group comprises four subsidiaries with several decades of combined
experience in the industry, in addition to special expertise in guiding the
marine and maritime industries through the green shift and towards the goal of
zero emissions.

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