The Board of Nel ASA (OB:NEL) announced the spin-off of Fueling Division on February 28, 2024. As of May 15, 2024, The spin off company will be named Cavendish Hydrogen. The spin off is subject to satisfaction of certain conditions, including inter alia the approval by the Oslo Stock Exchange, satisfaction of any conditions set for such approval, Nel's Board of Directors resolving to distribute the shares in Cavendish to the shareholders of Nel as dividend in kind, and approval of a listing prospectus by the Financial Supervisory Authority of Norway.

Carnegie AS acted as financial advisor and Wikborg Rein Advokatfirma As acted as legal advisor to Nel ASA. Arctic Securities AS and Fearnley Securities AS acted as joint lead managers. Advokatfirmaet Thommessen AS is acting as legal counsel to the Managers.