A subsidiary of Cavendish Hydrogen ASA, itself a subsidiary of Nel ASA has received a purchase order from Alperia Greenpower SRL for H₂ fueling equipment for one site to be used for light- and heavy-duty fuel cell electric vehicles in Bruneck, South Tyrol, Italy.

"We are pleased to be chosen by Alperia to be the supplier of their first H₂ fueling station. It will also be Nel's first H2Station installation in Italy, and we are looking forward to deliver and demonstrate our performance and capabilities in this lighthouse project," said Robert Borin, future CEO of Cavendish Hydrogen.

The H₂ fueling station will primarily be built for the 2026 Winter Olympics to fuel vehicles for the transfer between the Olympic sports facilities. The contract has a total value of around €3.8 MM and includes a 2-year service and maintenance contract. The station is scheduled to be operational in the second half of 2025.

Nel is preparing for a potential spin-off of its H₂ fueling activities under the name 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, if such a decision is made, 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 Electrolyzer division) will remain listed on the OSE under the ticker "NEL".