HAV GROUP ASA 19 June 2024 - Norwegian state-owned Enova has awardedNOK 300 million in innovation funding to a Maris Fiducia Norway AS, withHAV Group subsidiary HAV Hydrogen and Norwegian Hydrogen as subcontractors, to develop, build and operate five hydrogen-powered dry-bulk vessels. Reference is made to the stock exchange announcement about the partnership dated13 May 2024 . TheNOK 300 million grant is awarded under Enova's "hydrogen in vessels"-programme, which aims to contribute to market change by supporting companies that will use hydrogen as fuel in vessels and support the development of zero emission vessel technologies.Maris Fiducia Norway , which is the Norwegian operation of Dutch shipownerMaris Fiducia , will manage and operate the five vessels. When built the five dry-bulk carriers will go on hire through a zero-emission time charter agreement with Schulte & Bruns, establishing a commercial operation for vessels operating on hydrogen fuel, proving the feasibility of hydrogen technologies for shipping. The 6,000 dwt vessels are designed by the Dutch ship designer Ankerbeer with a hull design optimised for efficiency and low fuel consumption. The power plant shall consist of a dual fuel hydrogen ICE combined with fuel cells for auxiliary power. H2 system on board In addition to the Dual Fuel ICE, the plan is to equip the five vessels with a Zero Emission Pod - ZEPOD® - a module containing a complete hydrogen energy system for ships, delivered by Norway-based HAV Hydrogen - a wholly owned subsidiary ofHAV Group ASA . Each of the ZEPODs are intended to be delivered with a total capacity of 400 kW, which is enough to run all auxiliary systems on board the bulk carriers The ZEPODs can be upgraded to 1 MW capacity at a later stage. HAV Hydrogen is currently developing its first full-scale ZEPOD, which will be ready for testing next year. Preliminary delivery schedule shows that the sequence of delivery will commence from the end of 2025, depending on shipyard. "This brings us another step closer to the commercial breakthrough for our hydrogen-based energy systems for ships. Everyone knows that the shipping industry needs to lower emissions, but it relies on companies such asMaris Fiducia Norway to pave the way. We are delighted to be part of this partnership and to help develop the future for short sea cargo together withMaris Fiducia and Norwegian Hydrogen," saysKristian Osnes , managing director of HAV Hydrogen. Leading hydrogen producer and distributor Norwegian Hydrogen will provide security of supply forMaris Fiducia and Schulte & Bruns by providing all the green hydrogen fuel for the five dry bulk carriers. Following acceptance of Enova's innovation funding offer and subsequent placement of newbuild contract with its chosen shipyard,Maris Fiducia will enter into discussions with HAV Hydrogen and Norwegian Hydrogen to agree on commercial terms and delivery structure for the cooperation project. Enova supports tomorrow's energy and climate technology, so that Norway will reach the climate goals for 2050. Enova manages theClimate and Energy Fund and is a state-owned enterprise owned by theNorwegian Ministry of Climate and Energy . (ENDS) For further information, please contact:Gunnar Larsen , CEO gunnar.larsen@havgroup.no +47 901 05 694 AboutHAV Group | www.havgroup.noHAV Group and its subsidiaries (together: "HAV Group ") is an international provider of technology and services for maritime and marine industries.HAV Group has several decades of industry experience, in addition to special expertise in guiding the marine and maritime industries through the green shift and towards the goal of zero emissions.HAV Group ASA is listed on Euronext Growth under the ticker code HAV. About HAV Hydrogen | www.havhydrogen.no HAV Hydrogen delivers complete and scalable hydrogen systems for use on board large and small vessels, newbuilds and retrofitted. Based on our Norwegian heritage, experience, quality focus and innovative solutions, our insight provides our customers with a head start, increases their competitiveness, and enables them to realize the green shift towards a sustainable future at sea.
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