Cavendish Hydrogen, which is being spun out of Norwegian fuel cell company Nel’s fuelling division, has applied for its shares to be listed on the Oslo Stock Exchange.
The spin-off and listing are still subject to satisfaction of certain conditions, including approval by the stock exchange and the Financial Supervisory Authority of Norway.
Cavendish and Nel also have to resolve share distribution matters related to the spin-off.
The companies are confident the spin-off and listing will conclude before the end of the second quarter.
Cavendish will host investor meetings between June 3 and 7 to provide more information on the spin-off and its future plans.
Through the spin-off, Nel and Cavendish aim to create two independent pure-play companies to become market leaders in their respective fields.
The board of Cavenish will include Jon André as chairperson, Robert Borin as CEO and Marcus Halland as CFO.
The assets, rights and liabilities related to Nel’s fuelling division will all transfer to Cavendish.
Nel, with its electrolyser division, will remain listed on the Oslo Stock Exchange.