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Say hi to Cavendish!

We are proud to announce that the potential new fueling company will be named Cavendish Hydrogen. The name is a tribute to English scientist Henry Cavendish, who is noted for the discovery of hydrogen.

As communicated in February, Nel is exploring a potential spin-off and separate listing of its Fueling division on the Oslo Stock Exchange. The purpose of the spin-off is to create two independent pure-play companies aiming to become market leaders in their respective fields.

Cavendish Hydrogen's new logo

Furthermore, Nel is pleased to announce that the following have been elected as members of the board of directors of Cavendish Hydrogen:

  • Jon André Løkke (Chair)
  • Mimi K. Berdal (Board Member)
  • Vibeke Strømme (Board Member)
  • Allan Bødskov Andersen (Board Member)
  • Kim Søgård Kristensen (Board Member)

Robert Borin will act as CEO, and Marcus Halland will act as CFO of Cavendish Hydrogen.

Nel has also completed an internal reorganization whereby Nel’s assets, rights, and liabilities related to the Fueling division and shares in the relevant Fueling subsidiaries have been transferred from Nel to Cavendish Hydrogen. Subject to Nel’s decision to complete the spin-off and pursue the separate listing of Cavendish Hydrogen, the shares in Cavendish Hydrogen are intended to be distributed to the shareholders of Nel as dividend in kind.

The decision to spin off and separately list Cavendish Hydrogen has not yet been concluded, and no assurances can be given that it will be completed. However, the company plans to conduct the spin-off by the end of the second quarter of 2024. If completed, the shares of Nel (comprising its Electrolyser division) will remain listed on the OSE under the ticker “NEL”.

For more information, please read the official Press Release.

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