Hyon to support expansion of its hydrogen bunkering solutions for shipping

Hyon AS has successfully completed a private placement of NOK 50m ($5.6m) to have its shares traded on Euronext Growth in order to enable the company to scale its maritime hydrogen bunkering solutions.

Hyon to support expansion of its hydrogen bunkering solutions for shipping

HYON announces an intention to list the company on Euronext Growth. 

Jørn Kristian Lindtvedt, Chief Executive Officer of HYON, says:

“The private placement was oversubscribed and attracted strong investor interest. The placement and potential listing will allow HYON to continue the growth and development to leverage on the leading position in the market for maritime hydrogen fueling solutions. We will deliver bunkering technology to the world’s first commercial-scale filling station for pressurized hydrogen for the maritime sector at the Hellesylt Hydrogen Hub, showcasing our solutions to the numerous maritime hydrogen projects set to commence construction over the next years.” 

HYON has completed a private placement of 21,367,521 shares at a price of NOK 2.34 per share raising gross proceeds of NOK 50 million. The private placement values the company, based on the shares outstanding following the private placement and the offer price, at approximately NOK 130 million. 

Bjørn Simonsen, Chief Executive Officer of Saga Pure and Member of the Board of Directors of HYON, says:

“We are pleased with the strong interest in HYON. With the company’s focus on developing leading hydrogen bunkering technologies, a strong team and exciting projects in the pipeline, we see them contributing to shaping the future of hydrogen in the maritime sector.” 

The net proceeds from the private placement will be used to fund growth and scale on investments made, and to strengthen the balance sheet for general corporate purposes. 

Jon André Løkke, Chief Executive Officer of Nel, says:

“HYON is filling an important gap in the value chain critical in making hydrogen a success within maritime applications, both domestically in Norway and beyond. We therefore look forward to supporting HYON and working with them to realize this important market which has a huge future growth potential."

HYON has an intention to have its shares shortly admitted to trading on Euronext Growth.