(Oslo, 11 May 2022) - HYON AS (HYON) enters a collaboration agreement with
Japanese trading and investment company Mitsui & Co., Ltd. (Mitsui). The
partnership sets the stage for large-scale development of hydrogen fueling
solutions, starting with a joint feasibility study in the second half of 2022.

On 10 May 2022, HYON entered a collaboration agreement with Mitsui. Together,
the parties aim to venture into business opportunities related to establishing
hydrogen fueling infrastructure in Europe, Asia or any other geographies with
potential hydrogen demand. The agreement also opens for a financial and
strategic commitment from Mitsui into HYON.

Mitsui is a leading Japanese trading and investment company, with a diversified
portfolio of business in various sectors, including shipping, offshore
development, mobility, infrastructure, chemicals and energy. It has an extensive
global footprint, with current operations in 63 countries and regions worldwide
and approx. 44,500 employees (consolidated basis). The company is listed on the
Tokyo Stock Exchange with a market capitalization of over USD 40 billion.

"With its vast network and global presence, Mitsui is an important strategic
partner that will allow us to scale the business volume quickly and thereby
provide highly competitive offerings to the market. This agreement is an
important step towards making HYON a leading global provider of hydrogen fueling
solutions.", says Jørn K. Lindtvedt, CEO of HYON.

HYON was founded in 2017 on a mission to accelerate the energy transition in the
maritime sector. The company is set to deliver fast and safe bunkering of
hydrogen for ships.

"The hydrogen market is expected to grow significantly within the shipping
industry, accelerated by stringent regulations, guidelines and initiatives for
GHG emission reductions. By combining Mitsui's track record and global network
in the shipping industry with HYON's expertise in hydrogen solutions, we aim to
capture this growth and penetrate new markets.", says Kensuke Kubota, General
Manager of Transportation & Machinery Bus Div. IV at Mitsui.

As a first step of the collaboration, HYON and Mitsui will conduct a feasibility
study to define relevant parameters for the global presence of hydrogen fueling
solutions, roll-out plan, cost and specification of the technical solutions. The
feasibility study will be undertaken in the second half of 2022, lasting a
minimum of three to six months.

For further information, please contact:

Jørn Kristian Lindtvedt, CEO, +47 95270739 or

Jan Frode Andersen, CFO +47 9822 8115

About Hyon | https://hyon.energy/

Hyon AS delivers fast and safe bunkering of hydrogen for ships. We make sure
that hydrogen can be transferred from shore to ships, both as a stand-alone
fueling solution and as an integrated solution combining production, storage and
distribution on a barge.

HYON was founded in 2017, is headquartered in Oslo, Norway and is backed by
owners including Saga Pure, Norwegian Hydrogen and Nel.

HYON is on a mission to accelerate the energy transition in the maritime sector,
aiming to be the leading provider to bunkering solutions for hydrogen.

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