Cavendish Hydrogen, emerging from Norwegian fuel cell company Nel’s fueling division, has formally applied for a listing on the Oslo Stock Exchange.
Spin-off and Listing Contingent on Approval
However, the spin-off and listing remain subject to meeting specific conditions. This includes approval from the Oslo Stock Exchange and the Financial Supervisory Authority of Norway. Moreover, Cavendish and Nel must finalize share distribution details related to the spin-off.
Both companies express confidence that the spin-off and listing process will successfully conclude before the end of the second quarter.
To shed more light on the spin-off and future plans, Cavendish will hold investor meetings from June 3rd to 7th.
Creating Independent Market Leaders
The primary goal of the spin-off is to establish Nel and Cavendish as two separate, focused companies, each positioned to become leaders in their respective markets.
Cavendish’s board of directors will include Jon André Løkke as Chairperson, Robert Borin as CEO, and Marcus Halland as CFO. All assets, rights, and liabilities associated with Nel’s fueling division will transfer to Cavendish.
Meanwhile, Nel, with its electrolyser division, will continue to be listed on the Oslo Stock Exchange.