HYON raises fresh funds to develop maritime hydrogen bunkering business

HYON AS, a Norway-based provider of zero-emission maritime hydrogen bunkering solutions, has announced the successful completion of a private placement of NOK 50 million ($5.6 million), valuing the company at NOK 130 million.

Founded in 2017, HYON is backed by owners including Saga Pure, Norwegian Hydrogen and Nel. 

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

“The private placement was oversubscribed and attracted strong investor interest. The placement and potential listing will allow HYON to continue the growth and development … in the market for maritime hydrogen fueling solutions,” Jørn Kristian Lindtvedt, Chief Executive Officer of HYON, commented.

“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.

“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,” Bjørn Simonsen, Chief Executive Officer of Saga Pure and Member of the Board of Directors of HYON, said.

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.

“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,” Jon André Løkke, Chief Executive Officer of Nel, added.