HAV Group ASA has been granted preliminary approval for the hydrogen-based
energy system developed in the FreeCO2ast project. The approval is a major step
towards the commercial use of hydrogen fuel by a commercial vessel. 

"Hydrogen can be the key to achieve zero-emission shipping. This regulatory
approval takes us an important step towards commercializing our hydrogen
solutions and realizing the zero-emission ambition. The learnings from this
comprehensive approval process are highly important for HAV Hydrogen's
competence in designing hydrogen system solutions," says Kristian Osnes, project
manager for the FreeCO2ast Project and managing director at HAV Hydrogen. 

Alternative design approval
The Norwegian Maritime Authority has issued a statement of preliminary
assessment which confirms that the alternative design is considered feasible and
sound in accordance with IMO guidelines on alternative design (MSC.1/Circ.1455)
and that the project is ready to advance into the final design phase.  

This means that HAV Hydrogen's technology is ready to enter the commercial stage
where the company can start offering its products to the global maritime market 

HAV Hydrogen is one of the first companies to receive this type of approval for
a maritime hydrogen-based energy systems with a liquid hydrogen tank below deck
from the Norwegian flag. 

FreeCo2ast project
HAV Hydrogen's energy system is a spin-off from the groundbreaking FreeCo2ast
project, which is currently developing a high-capacity hydrogen energy system
that can be retrofitted onboard one of Havila Kystruten's coastal cruise ships.

The FreeCo2ast project is supported by the Norwegian Research Council,
Innovation Norway and Enova. 

Major project partners are amongst others Havila Kystruten and HAV Group's
subsidiaries HAV Design, Norwegian Electric Systems and HAV Hydrogen, in
addition to the research institutions Sintef Ocean and Prototech.

The fuel cell manufacturer Powercell AB and tank system supplier Linde
Engineering GmbH have contributed with knowledge and expertise in their
respective areas.

"The almost four years of cooperation with internal and external project
partners in the FreeCo2ast project is obviously a major contributor towards the
preliminary design approval. The ability to cooperate closely with highly
experienced sister companies covering both ship design, electrical integration
and hydrogen systems, gives us a competitive edge as a group", adds Gunnar
Larsen, CEO of HAV Group ASA. 

Next steps
HAV Hydrogen will now enter into the final design stage for its hydrogen-based
energy system.

"We are now in a position where we can offer shipowners the necessary competence
in selecting hydrogen system solutions and guide them through their approval
processes, as well as delivering the marine zero-emission systems. The key is to
align the right technology for the right need at the right time," concludes
Kristian Osnes at HAV Hydrogen. 

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 future at sea.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock
exchange announcement was published by Daniel Kopperstad, Head of Legal Affairs
at HAV Group ASA, at 07:00 CET, 6 May 2022.