On February 2, 2023, Gunnar Eliassen notified the Board of Directors (the “Board”) of ST Energy Transition I Ltd. (the “Company”), that he was tendering his resignation as a Chief Executive Officer of the Company. His decision to resign was not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices (financial or otherwise). Mr. Eliassen's resignation became effective on February 2, 2023.

To fill the vacancy created by Mr. Eliassen's resignation, on February 3, 2023, the Board appointed Jan Erik Klepsland as Chief Executive Officer, effective February 3, 2023. Mr. Klepsland will also continue to serve as the Chief Financial Officer of the Company. Additional information regarding, among other things, Mr. Klepsland's background and compensatory arrangements is contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2022 and is incorporated herein by reference.