Oslo, 19 June 2024: Höegh Autoliners ASA, (the Company, ticker code "HAUTO")
today was granted NOK 109,4 in increased Enova funding as part of its "Ammonia
fuelled vessel programme" to ensure that four of Höegh Autoliners' Aurora Class
vessels can run fully on ammonia when they are delivered in 2027. Combined with
the NOK 146 million granted by Enova for two Aurora class vessels earlier in
March this year, the company will in total receive NOK 255,4 million in Enova
funding. 

The funding is part of the largest ever Enova funding round supporting the green
maritime transition. The purpose of the funding is to establish the first
functioning value chains for ammonia and hydrogen for maritime purposes. 

Andreas Enger, Chief Executive Officer of Höegh Autoliners, comments: "At Höegh
Autoliners, we take leadership by actively collaborating with a wide range of
highly qualified and dedicated suppliers to make clean ammonia viable as a
zero-emission shipping fuel. We believe it is important for shipping companies
to send a clear signal to the rest of the value chain that the technology can be
realized in a short time and that there will be demand for carbon-neutral fuel.
Almost all Höegh Autoliners vessels sail under the Norwegian flag and have
significant Norwegian content from the Norwegian cluster. The support from
Enova, together with our innovative multi-fuel vessel design, significantly
helps de-risking the choice of bringing the first zero-carbon vessels to our
industry.". 

Sebjørn Dahl, Chief Operations Officer of Höegh Autoliners, comments: "With this
support, Norway as a maritime nation, is sending a strong sustainability
message. This is important for the whole Norwegian maritime cluster and for our
continuous efforts to lead the way to more sustainable deep-sea transportation
and a greener maritime sector. It is visionary and a key component in the green
maritime transition becoming a reality. Höegh Autoliners is grateful for Enova's
support, which we view as a strong endorsement of our newbuild project. We aim
at a net zero emissions future by 2040 and our Aurora Class vessels, the largest
and most environmentally friendly PCTC vessels ever built, will be the first
zero-carbon vessels in our industry able to run on ammonia by 2027. To get to
net zero, we must make clean ammonia, perfect for long-distance transportation
with our two-stroke engines, viable as the future shipping fuel, and send a
clear signal to the rest of the value chain that the technology can be developed
and implemented in a short time. Public-private collaboration is crucial for
advancing the maritime green transition, particularly in implementing mechanisms
to lower the cost of sustainable fuels until they reach parity with fossil fuels
in the years to come".

"The competition was fierce, and there were many good projects that
unfortunately did not quite make it. It bodes very well for the further
investment and the next round of applications. With this and the other
pioneering projects that are now being awarded, Norway is leading the way, and
we see that the maritime industry is at a tipping point where the transition can
accelerate from here," says CEO of Enova, Nils Kristian Nakstad.


For further information, please contact:

Andreas Enger, CEO 
andreas.enger@hoegh.com
+47 901 31 228 
 
Per Øivind Rosmo, CFO 
per.oivind.rosmo@hoegh.com 
+ 47 400 39 938

Investor Relations:
My Linh Vu, Head of Finance, Treasury and IR
my.linh.vu@hoegh.com
Ir@hoegh.com 
+47 486 48 086

Media contact:
Camilla Knappskog, Head of Communications
camilla.knappskog@hoegh.com
+47 926 66 156

About Höegh Autoliners: 

Höegh Autoliners is a leading global provider of RoRo (Roll On Roll Off)
transportation services delivering cars, high and heavy and breakbulk cargoes
across the world. The Company operates around 40 RoRo vessels in global trade
systems and makes about 3 000 port calls each year. Our purpose is to develop
innovative solutions for greener and more sustainable deep sea transportation.
We are on a path to a zero emissions future and are working closely with
customers and partners to achieve this. Höegh Autoliners has its head office in
Oslo, Norway and employs around 390 people in its 16 offices worldwide and
around 1 170 seafarers.