Nel transfers all fuelling assets to spin-off Cavendish Hydrogen

Nel Hydrogen’s planned fuel division has been named Cavendish Hydrogen and has elected its initial Members of the Board, with Robert Borin appointed CEO.

Named in tribute to English scientist, Henry Cavendish – known for the discovery of hydrogen, the spin-off has been established to create two “independent pure-play companies” that want to become market leaders in their respective fields.

All of Nel’s assets, rights and liabilities related to refuelling have been transferred to Cavendish. Subject to Nel’s decision to complete the spin-off and the separate listing of Cavendish, the shares in the company are intended to be distributed to the shareholders of Nel as dividends in kind.

Cavendish Hydrogen has not yet been separately listed and Nel has stated “no assurances can be given that it will be completed.” Despite this, the company plans to complete the new company by the end of Q2 2024, in which the shares of Nel will remain listed on the OSE.

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