Nel ASA has acquired a 4.85% stake in Cavendish Hydrogen to support the company strategically for its long-term success.

Reference is made to the filing made by Cavendish Hydrogen calling for an Extraordinary General Meeting to replace the current Board of Directors. When Nel spun out and separately listed its fueling business, the entity was set up to maximize its long-term potential. To be able to succeed, a highly competent and dedicated Board of Directors is needed.

“We have a long history together and it is strategically important for Nel to maintain a good and collaborative relationship with Cavendish and some of its customers. As such, we intend to vote in favor of the nomination committee’s proposals,” said Kjell Christian Bjørnsen, CFO of Nel ASA.