Hydrogen and Power-to-X

“During 2025, due to the continued rapid deterioration in our electrolyzer markets and overall hydrogen markets, along with significant uncertainty in the alternative power markets resulting from reductions in government incentives, we fully impaired all of the goodwill for our electrolyzer business and wrote off certain inventory in the third quarter of 2025. These conditions prompted a further strategic review of this business in the fourth quarter of 2025. As a result of market conditions and the current business outlook, we intend to stop new commercial activity in the electrolyzer space, subject to information and consultation in accordance with local legal requirements.”

Annual report 2025A · The company itself

“We also support virgin, recycled plastics, and polymers production and energy transition investments into wind power, hydrogen compression and carbon capture.”

Annual report 2025A · The company itself

“Our Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe and reliable storage, transport, dispensing, and remote monitoring of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments.”

Annual report 2025A · The company itself

“Markedene for karbonfangst og -lagring og lavkarbonprodukter, som ammoniakk og hydrogen, utvikler seg langsommere enn forventet, og dermed blir forventede kostnadsreduksjoner som følge av skalering skjøvet ut i tid.”

Annual report 2024A · The company itself

“Gulf Coast Ammonia (USA) Lavkarbon ammoniakkproduksjon 1) Northern Endurance Partnership (inklulderer 4 letelisenser) INTRODUKSJON INNHOLD VÅRE RESULTATER BÆREKRAFTS- RAPPORT REGNSKAP TILLEGGS- INFORMASJON Vi forventer at etterspørselen etter fornybar energi E1- Klimaendringer vil øke betydelig i årene fremover, hovedsakelig på grunn av økt elektrifisering av samfunnet. Videre forventer vi en økning i etterspørselen etter CCS, hydrogen og andre lavkarbonprodukter.”

Annual report 2024A · The company itself

“Vi bygger videre på vår historie som teknologipionérer og har utviklet og startet opp verdens første flytende vindpark som forsyner olje- og gassinstallasjoner med strøm, tatt investeringsbeslutning på verdens første gasskraftverk med karbonfangst, og vi utvikler verdens første ammoniakkdrevne forsyningsfartøy.”

Annual report 2024A · The company itself

“Dette omfatter utslippsreduksjon fra vår olje- og gassproduksjon, karbonfangst og -lagring (CCS), investeringer i karbonfjerningstiltak av høy kvalitet, økt produksjon av fornybar energi og økt produksjon av lavutslippshydrogen og biodrivstoff.”

Annual report 2024A · The company itself

“Hydrogen kan bli en viktig energibærer i energiomstillingen av sektorer som er vanskelige å avkarbonisere, som for eksempel skipsfart, industrielle prosesser og langtransport. Equinor deltar i flere utviklingsprosjekter av lavkarbon hydrogen i Storbritannia og i Belgia.”

Annual report 2024A · The company itself

“I 2035 har vi som ambisjon å utvikle tranport- og lagringskapasitet på 30-50 millioner tonn CO2 Vi vil også fortsette å modne vår portefølje innen hydrogen, både lavkarbon hydrogen og fornybar hydrogen, og vi jobber med å utvikle biodrivstoff, lavkarbon ammoniakk og andre fremtidige drivstoff.”

Annual report 2024A · The company itself

“For offshore-fartøyene investerer vi i et “dual-fuel” ammoniakk forsyningsfartøy.”

Annual report 2024A · The company itself

“Bruk av nye og alternative drivstoff vil være nødvendig for å oppnå netto null ambisjonen i 2050.”

Annual report 2024A · The company itself

“Flere initiativer ble lansert for å utvikle kritisk kompetanse som gjør det mulig for Equinor å drive energiomstillingen, inkludert: • Fornyelse og lansering av porteføljen av bærekraftsprogrammet i 2024 til alle ansatte • Utvikling av opplæringsprogrammer som dekker havvind, hydrogen og karbonfangst, -utnyttelse og -lagring • Oppdatering av eksisterende verdikjedeprogrammer for å adressere ny fornybar energi og lavkarbonverdikjeder Vår samlede satsing på formell opplæring og kompetanseutvikling har økt årlig.”

Annual report 2024A · The company itself

“Fossilbaserad energi ersätts med förnybar energi med hjälp av en metod anpassad för respektive anläggning. Bland annat drivs vår fabrik i Lilla Edet i Sverige på biogas, och i Kawerau på Nya Zeeland används geotermisk ånga. Infrastruktur för att övergå till vätgas har installerats vid vår anläggning i Kostheim i Tyskland, och i ett pilotprojekt har vi utfört koldioxidneutral vätgasbaserad mjukpappersproduktion.”

Annual report 2024A · The company itself

“The energy transition is moving forward, but at a slower pace than needed and expected. While there have been notable advancements in the adoption of renewable energy, the overall progress for hydrogen has been dampened by cost inflation, regulatory uncertainty and growing geopolitical tensions.”

Annual report 2024A · The company itself

“The Company believes that the market for hydrogen distribution systems will continue to be an attractive long-term market for Hexagon Purus as more hydrogen becomes available.”

Annual report 2024A · The company itself

“A delay in roll-out of green hydrogen projects will impact near-term growth for the hydrogen infrastructure business, but the Company continues to expect a base level of demand for its distribution solutions for industrial use-cases from its existing customer base of blue-chip industrial gas companies.”

Annual report 2024A · The company itself

“REFLECTING ON 2024 | A WORD FROM THE CEOREFLECTING ON 2024 | A WORD FROM THE CEO Opened new and expanded hydrogen infrastructure and systems manufacturing hub in Weeze, Germany, significantly increasing capacity of Type 4 high-pressure hydrogen infrastructure solutions Launched the Tern RC8 battery electric heavy-duty truck for the US market, in partnership with Hino Motors, at the ACT Expo show in Las Vegas Confirmed by Toyota Motor North America (TMNA) as supplier of components for its heavy-duty fuel cell electric powertrain kits for hydrogen powered heavy-duty vehicles Secured up to CAD 8.5 million in funding from the Commercial Vehicle Innovation Challenge (CVIC) in Canada to further develop the Company’s battery electric vehicle technology”

Annual report 2024A · The company itself

“As in previous years, hydrogen infrastructure was a sizable contributor to revenue growth, but hydrogen mobility also grew substantially in 2024, driven mainly by increased demand from our transit bus customers.”

Annual report 2024A · The company itself

“REFLECTING ON 2024 | HIGHLIGHTS 2024REFLECTING ON 2024 | HIGHLIGHTS 2024 Signed a multi-year supply agreement with GILLIG, a leading designer and manufacturer of heavy-duty transit buses in the United States, for supply of hydrogen fuel storage systems for their new fuel cell powered transit buses Secured an order from Freire Shipyard for a hydrogen fuel system for a Greenpeace vessel Successfully raised approximately NOK 1 billion in equity Selected by New Flyer, North America’s largest mass mobility solutions provider, to supply Type 4 hydrogen cylinders for the fifth consecutive year for their next generation, zero-emission hydrogen fuel cell-electric transit bus, the Xcelsior CHARGE FC™ REFLECTING ON 2024 | HIGHLIGHTS 2024REFLECTING ON 2024 | HIGHLIGHTS 2024 The broader energy transition is developing slower than expected in Europe and North America, creating a challenging market backdrop and limited forward visibility on customer demand for 2025.”

Annual report 2024A · The company itself

“REFLECTING ON 2024 | OUR STRATEGYREFLECTING ON 2024 | OUR STRATEGY | HYDROGEN AND BATTERY STORAGE OFFERING Core component and systems technology offering Hexagon Purus’ Type 4 hydrogen cylinders and systems Hexagon Purus’ proprietary battery systems for heavy-duty trucks Type 4 cylinder Hydrogen fuel storage systems Battery systems Power module (eBTC) Auxiliary module Hexagon Purus is a leading player in the hydrogen infrastructure and zero-emission mobility space offering hydrogen and battery energy storage solutions. The company’s hydrogen systems based on Type 4 cylinder technology and battery systems and vehicle-level software enable safe and efficient use of hydrogen and battery electricity in a variety of zeroemission infrastructure and mobility applications.”

Annual report 2024A · The company itself

“Overview of Hexagon Purus’ proprietary portfolio technology Complete vehicle integration for battery electric heavy-duty trucks Complete vehicle integration for hydrogen electric heavy-duty trucks Hydrogen fuel storage systems Power modules (eBTC) Battery systems Auxiliary modules SBM-1 40ai, 40aii, 40e 1414 Manufacturing footprint In 2024, Hexagon Purus finalized its two-year long capacity expansion program, with ramp-up now completed in seven new locations on three continents.”

Annual report 2024A · The company itself

“Our hydrogen distribution systems, built on Type 4 high-pressure cylinders offer a superior combination of weight and payload, enabling greater hydrogen capacity compared to Type 1 cylinders and a lower total cost of ownership. Today, Type 4 cylinders have become the preferred technology for transporting hydrogen from point of production to end-use location.”

Annual report 2024A · The company itself

“Hexagon Purus delivers mobile refueling solutions for hydrogen mobility applications. A mobile refueling unit is essentially a distribution unit with dispensing technology added on board and can be modified to serve both on-and off-road mobility.”

Annual report 2024A · The company itself

“Hexagon Purus delivers stationary ground storage solutions for hydrogen based on a modular and flexible design. A stationary ground storage unit is a flexible and scalable solution allowing for further expansion after initial installation. The units come in a range of pressure levels (200-1 000 bar) and are stackable to ensure optimal use of available floor space.”

Annual report 2024A · The company itself

“The Company’s hydrogen infrastructure business is EBITDA profitable and is mainly based on large industrial gas companies’ need to cost efficiently transport gray hydrogen for industrial use cases.”

Annual report 2024A · The company itself

“Yhtiön omassa toiminnassa näitä oletuksia ovat: • Uusiutuvan sähkön osuus kasvaa vaiheittain sataan prosenttiin maailmanlaajuisesti, ja vihreää vetyä käytetään laajasti samalla, kun korkeapäästöisistä energialähteistä luovutaan vaiheittain tai niitä vähennetään merkittävästi. • Henkilö- ja raskaan liikenteen ajoneuvoissa siirrytään sähköistämiseen ja vedyn käyttöön, ja teollisissa prosesseissa siirrytään vähähiilisiin vaihtoehtoihin. • Energiatehokkuus paranee maailmanlaajuisesti samalla, kun energian kysyntä tasoittuu talouden kasvusta riippumatta. • Hiilen hinnoitteluun liittyvät mekanismit, sääntely ja hallitusten kannustinohjelmat edistävät päästövähennyksiä ja ajoneuvokannan sähköistämistä.”

Annual report 2025A · The company itself

“our biosolutions are in>50% of all bread, yogurt and cheese produced globally”

Annual report 2025B · From the report

“We are also advancing promising exploration areas, such as enzymatic plastic recycling, carbon capture, future fuels, and chemicals, as well as specialized nutritional proteins.”

Annual report 2025A · The company itself

“Growth was driven by Energy and supported by Agriculture and Tech. Performance in Energy was driven by strong growth in Latin America and Asia Pacific, predominantly India, reflecting increased capacity for ethanol production. Solid growth in North America was driven by adoption of innovation and growing ethanol production volumes, supported by continued expansion of ethanol exports.”

Annual report 2025A · The company itself

“Det stigende politiske og samfundsmæssige fokus på effektive og mere klima- og miljøvenlige løsninger på energiforsyning og -omstilling kræver udvikling af infrastruktur samt transport og mobilitet fra produktionsstedet til den enkelte forbruger, fra by til by og region til region. Vi har erfaringen, kompetencerne og kapaciteten til at bidrage og indgå i innovative samarbejder om fx mere vindenergi, etablering af fjernvarme, elektrificering af samfundet, udførelse af anlæg til CO2-fangst samt rørledninger til brintindustrien, der alle er afgørende for den grønne omstilling af vores samfund.”

Annual report 2025A · The company itself

“I regnskabsåret er det blandt andet en relativ stor stigning i anvendelsen af biobrændsel, som bidrager til, at vores energisammensætning er mere vedvarende.”

Annual report 2025A · The company itself

“Insikten växer om att ny teknik sällan är snabb eller enkel att implementera och debatten börjar skifta från drivlinan (motorer, batterier eller bränsleceller) till bränslet. Med fördelarna av befintlig infrastruktur för tillverkning, service och tankning, kombinerat med operatörernas erfarenhet, lastkapacitet och total ägandekostnad, tror vi att förbränningsmotorn – med rena, klimatneutrala bränslen – kommer att vara en viktig del av den långsiktiga lösningen för hållbar mobilitet. Oavsett hur den framtida energimixen fördelas mellan vätgas, e-bränslen, biodrivmedel, förnybar naturgas, förnybar diesel och andra nya lösningar, kommer grundmotorn i huvudsak att förbli densamma. Drivkraften mot rena bränslen är en drivkraft mot SinterCast på lång sikt.”

Annual report 2024A · The company itself

“För den långsiktiga strategin för tunga fordon stödjer vi branschen och våra kunder i övergången till rena bränslen för förbränningsmotorer, eftersom vi anser att detta är ett mer hållbart alternativ än eldrift eller bränsleceller. Med denna övertygelse har vi blivit medlemmar i Hydrogen Europe för att bidra till att forma framtida regleringar och utvecklingen av vätgasförsörjningen i Europa.”

Annual report 2024A · The company itself

“Pilotprojektet för den fossilfria järnsvampen har nu pågått i sex år och vi har tillsammans med våra partners, Vattenfall och LKAB, nått flera milstolpar. LKAB planerar att bygga en anläggning i Gällivare med en kapacitet om 1,3 miljoner ton fossilfri järnsvamp, som blir den första i sitt slag.”

Annual report 2024A · The company itself

“När den nya ljusbågsugnen är i drift kommer fossilfri järnsvamp framställd med HYBRIT-tekniken att användas som råvara.”

Annual report 2024A · The company itself

“Anläggningen kommer att använda en flexibel mix av råvara bestående av återvunnet stål och fossilfri järnsvamp tillverkad med HYBRIT-tekniken.”

Annual report 2024A · The company itself

“In 2025, two significant SAF mandate policies went into effect: ReFuelEU and the UK's Renewable Transport Fuel Obligations (Sustainable Aviation Fuel) Order, both of which require aviation fuel suppliers to supply a minimum of 2% SAF into their jet fuel supply starting in 2025 and increasing in subsequent years. Outside of SAF uplift reporting obligations under ReFuelEU, these mandates do not impose compliance obligations on the Company but have led to significantly higher fuel prices across the EU and UK.”

Annual report 2025A · The company itself

“An important part of the Company's strategy to expand its global network and operate an environmentally sustainable, responsible and innovative airline has included making significant investments, both domestically and in other parts of the world, in other airlines and other aviation industry participants, producers of SAF, manufacturers of electric, hybrid and other new generation aircraft, and startups developing technologies in aerospace, next-generation air traffic control and aviation infrastructure, energy transition and AI-driven travel innovation.”

Annual report 2025A · The company itself

“fossil fuels and biomass for conventional and e- and bio-methanol fuels”

Annual report 2025A · The company itself

“we took delivery of 10 dual-fuel vessels, bringing our total fleet to 19”

Annual report 2025A · The company itself

“Maersk also signed a supply agreement for liquefied biomethane, a lower-GHG-emission fuel, and piloted new ethanol fuel blends for greater customer flexibility.”

Annual report 2025A · The company itself

“Ocean Logistics & Services Terminals Group Executive summary Our business Performance Corporate governance Financials Sustainability SUSTAINABILITY SUMMARY Progress on energy transition Maersk progressed its shift towards energy sources with a lower climate impact across its operations in 2025 by electrifying equipment, integrating renewable energy and diversifying our mix of lower-emission marine fuels. We added 10 dual-fuel methanol vessels, bringing our fleet to 19, and advanced our multi-fuel portfolio approach through a liquefied biomethane supply agreement and a successful blended e-methanol pilot.”

Annual report 2025A · The company itself

““By harnessing our significant in-house expertise in renewable energy, wells and subsurface, marine, engineering and design – we continue to successfully diversify from our legacy in offshore wind and traditional renewable energy, to become a leading light in critical and emerging technology development. A recognised partner in international and high-profile research and development (R&D) projects, we increasingly forge a reputation as a trusted technical expert in innovative initiatives,” Energy Transition / PROJECT SPOTLIGHT ABL Group joins AquaVentus – North Sea Hydrogen Innovation Initiative ABL Group joined the pioneering green energy initiative AquaVentus – a project aimed at turbocharging innovation for the development of 10 GW of green hydrogen capacity from North Sea offshore wind by 2035.”

Annual report 2024A · The company itself

“Together ABL Group combines recognised practical experience across our markets with cutting-edge engineering and technical expertise, to provide turn-key and fit-for-purpose technical solutions to decarbonise our sectors. We bring a technical authority across the renewable energy landscape, covering wind energy, energy storage, solar PV and hydrogen among others, as well as an understanding of the challenges facing different segments of energy and oceans in transitioning to net-zero.”

Annual report 2024A · The company itself

“Power-to-x, Hydrogen and Derivatives With a varied track-record across more than 40 projects, ABL Group companies ABL, OWC and Longitude, combine to provide expert marine, design and engineering consulting to support projects for roadmaps and goto-market strategies, production, storage and transportation, consumption and application projects.”

Annual report 2024A · The company itself

“Expandera erbjudandet inom dekarbonisering, energi och biobaserade material Ambitionen är att stärka vår ledande position internationellt inom ren energi, papper & massa och andra biobaserade industrier, samt inom cirkulära lösningar. Vår målsättning är att uppnå en stark ställning inom gröna capex-projekt så som grönt stål, vätgas och batterier.”

Annual report 2024A · The company itself

“Process Industries har verksamhet Divisionen erbjuder ingenjörsoch konsulttjänster för den globala processindustrin inom papper och massa, kemikalier, bioraffinering, gruvdrift och metaller samt inom tillväxtsektorer som batterier, vätgas och power-to-x.”

Annual report 2024A · The company itself

“While clean energy markets have not developed as previously anticipated, we remain confident in the long-term demand fundamentals for industrial gases and clean energy solutions.”

Annual report 2025A · The company itself

“Volumes were unfavorable primarily due to lower on-sites, driven by previously announced project exits and the impact of a one-time asset sale in the prior year related to a customer-initiated early contract termination.”

Annual report 2025A · The company itself

“OBBBA did not have a material impact on our fiscal year 2025 results and is expected to primarily affect future fiscal years. While OBBBA revised certain Inflation Reduction Act incentives, we continue to anticipate future benefits from tax credits related to certain clean hydrogen production projects, where construction has begun or is expected to begin prior to the applicable phase-out dates.”

Annual report 2025A · The company itself

“Changes to project revenue and cost estimates unfavorably impacted operating results by approximately $85 in fiscal year 2025.”

Annual report 2025A · The company itself

“In addition, our large-scale clean hydrogen projects are being built before finalization of offtake agreements for a substantial percentage of expected production, which may create uncertainty regarding future demand, pricing, and other commercial terms. If we are unable to enter into favorable commercial agreements with prospective customers, our projected returns could be adversely impacted, which may harm our business and financial performance.”

Annual report 2025A · The company itself

“Decisive actions taken in fiscal year 2025, including the cancellation and descoping of several large energy transition projects and other targeted productivity initiatives, reflect our commitment to disciplined capital allocation and operational excellence.”

Annual report 2025A · The company itself

“Operating income of $9.6 increased 63%, or $3.7, primarily due to lower costs following the deconsolidation of Blue Hydrogen Industrial Gases Company ("BHIG") in the second quarter of fiscal year 2025, as well as productivity improvements.”

Annual report 2025A · The company itself

“We expect capital expenditures for fiscal year 2026 to be approximately $4 billion, reflecting continued investment in our energy transition projects, traditional industrial gas projects, and maintenance within our core business. Approximately $1 billion is expected to be dedicated to traditional industrial gas projects.”

Annual report 2025A · The company itself

“During the second quarter of fiscal year 2025, our Board of Directors and Chief Executive Officer initiated a project review to focus resources on projects we believe will deliver the greatest value to our shareholders. As a result of this review, we made the decision to exit various projects, primarily related to clean energy generation and distribution.”

Annual report 2025A · The company itself

“We continue to pursue opportunities in both traditional industrial gas and energy transition projects that meet our projected return requirements.”

Annual report 2025A · The company itself

“We also develop, engineer, build, own, and operate some of the world’s largest clean hydrogen projects supporting the transition to low- and zero-carbon energy, particularly in industrial applications and the heavy-duty transportation sector. Additionally, our sale of equipment businesses provide specialized products such as turbomachinery, membrane systems, and cryogenic containers to customers worldwide.”

Annual report 2025A · The company itself

“Additionally, we have made significant progress on the construction of several energy transition projects, including the NEOM Green Hydrogen Project, which we expect to come onstream and deliver green ammonia in 2027.”

Annual report 2025A · The company itself

“Aker Solutions also delivers consultancy and engineering services as well as technical solutions to support energy transition projects within offshore wind, electrification, hydrogen, carbon capture and storage and hydropower.”

Annual report 2024A · The company itself

“Key milestone projects were the delivery of the Northern Lights storage terminal, the mechanical completion of the Brevik carbon capture plant and the connection to power from shore on the Troll West electrification project.”

Annual report 2024A · The company itself

“Vi tror att framtiden kommer att kräva olika tekniker för att möta våra kunders behov och miljökrav. Det är därför vi har en tredelad strategi när det gäller drivlinor. Vi erbjuder redan batterielektriska lösningar och motorer som kan drivas på biogas och vi investerar inom vätgasområdet – för bränslecellsapplikationer och som ett bränsle för förbränningsmotorer.”

Annual report 2024A · The company itself

“Dessutom meddelade vi att vi utvecklar förbränningsmotorer som ska kunna köras på vätgas. Tester på väg inleds 2026, och den kommersiella lanseringen är planerad mot slutet av detta decennium.”

Annual report 2024A · The company itself

“Det kommer att ske en stadig övergång till fordon och maskiner som är batterielektriska, bränslecellselektriska eller drivs av förbränningsmotorer som går på fossilfria eller koldioxidsnåla bränslen.”

Annual report 2024A · The company itself

“Det är ett joint venture tillsammans med Westport Fuel Systems, där vi äger 45%, med fokus på att utöka den patenterade HPDI-bränslesystemteknologin. Systemet gör det möjligt för förbränningsmotorer att arbeta med koldioxidneutrala eller fossilfria bränslen som biobränslen, e-bränslen eller grönt väte utan att kompromissa med prestanda och effektivitet.”

Annual report 2024A · The company itself

“Volvo Lastvagnar utvecklar lastbilar som drivs med vätgas I maj offentliggjorde Volvo Lastvagnar att man utvecklar lastbilar med förbränningsmotorer som drivs med vätgas. Tester på väg med dessa lastbilar kommer att påbörjas 2026 och en kommersiell lansering är planerad till slutet av detta årtionde.”

Annual report 2024A · The company itself

“Volvo Lastvagnars nya erbjudande ska ses mot bakgrund av Volvokoncernens ambition att nå nettonollutsläpp 2040 genom en trevägsstrategi som inkluderar batterielektriska lastbilar, vätgasdrivna bränslecellslösningar samt förbränningsmotorer som drivs på förnybara bränslen.”

Annual report 2024A · The company itself

“VOLVOKONCERNEN 2024 VÅR AFFÄR Cespira – ett joint venture med Westport lanserat I juni blev samriskföretaget mellan Volvokoncernen och Westport Fuel Systems om högtrycksinsprutning, Cespira, operativt. Cespiras strategi fokuserar på att utöka tillgången till högtrycksdirektinsprutning, så kallad HPDITM-bränslesystemsteknik genom att övervinna hinder för dess införande. Systemet gör det möjligt för förbränningsmotorer att drivas med koldioxidneutrala eller fossilfria bränslen som biobränslen, e-bränslen eller grönt väte utan att kompromissa med prestanda och effektivitet.”

Annual report 2024A · The company itself

“I mars slutförde Volvokoncernen, Renault Group och CMA CGM Group bildandet av ett joint venture, Flexis SAS, för en helt ny generation elektriska skåpbilar för stadslogistik. Under Q2 tillkännagavs att Volvo Lastvagnar utvecklar lastbilar med förbränningsmotorer som drivs med vätgas.”

Annual report 2024A · The company itself

“Tester på väg med dessa lastbilar kommer att påbörjas 2026, och den kommersiella lanseringen är planerad till slutet av detta årtionde. Under Q2 blev det tidigare tillkännagivna samriskföretaget med Westport för bränslesystemstekniken High Pressure Direct Injection operativt.”

Annual report 2024A · The company itself

“Företaget siktar på att uppnå nettonollutsläpp av växthusgaser i sin värdekedja till 2040, genom användning av förbränningsmotorer med förnybara bränslen samt elektriska drivlinor inklusive batterioch bränslecellslösningar.”

Annual report 2024A · The company itself

“De större investeringarna var kopplade till produktuppgraderingar såsom Volvo FH Aero och Mack fjärrtransportlastbil samt utveckling av såväl batterielektriska och bränslecellselektriska lastbilar med både utvecklingsaktiviteter och anpassningar i fabriker samt nya testanläggningar.”

Annual report 2024A · The company itself

“Vätgasmarknaden är ett exempel där det finns stora innovationsbehov. Nya produkter för vätgastillämpningar utvecklas i den nya affärsenheten Electrolyzers & fuel cells i samarbete med branschledare.”

Annual report 2024A · The company itself

“Under 2024 levererade vi våra första ammoniakleveranssystem och våra första LNGbränslepumpar, och vi har nu utökat vår installerade bas och orderstock till över etthundra försörjningssystem för alternativa bränslen.”

Annual report 2024A · The company itself

“The Carbohydrate Solutions segment is focused on decarbonization efforts that are aimed at positioning the reportable segment to offer low-carbon intensity feedstocks for biosolutions and biomaterials, including fuel solutions, to replace petroleum-based products.”

Annual report 2025A · The company itself

“Clean energy related - For 2025, this consists of operating results related to our investments in new clean energy projects, primarily fusion and carbon sequestration projects.”

Annual report 2025A · The company itself

“The product portfolio was expanded, particularly for applications related to compression of gases.”

Annual report 2024A · The company itself

“Atlas Copco also sees potential to use this technology to further develop Atlas Copco´s product and service offering in the growing hydrogen and carbon capture segments.”

Annual report 2024A · The company itself

“Apart from energy efficiency we enable solutions that can abate, capture, utilize and store greenhouse gases.”

Annual report 2024A · The company itself

“Compressors are used in wastewater treatment, and increasingly in applications contributing to the transition to a low-carbon society, such as hydrogen produced with renewable energy, LNG, carbon capture, and batteries for electric vehicles.”

Annual report 2024A · The company itself

“We continue to invest in new technologies, equipment, and facilities and to expand our capabilities and technology portfolio to meet the challenges of a net-zero future. These efforts include expanding into new energy areas such as geothermal and CCUS, strengthening our digital architecture and addressing key energy market themes.”

Annual report 2025A · The company itself

“The transaction closed on January 1, 2026. •Climate Technology Solutions ("CTS") includes CCUS, hydrogen, clean power, geothermal and emissions abatement capabilities to enable energy operators, as well as users of energy in the broader industry, to achieve their emission reduction goals.”

Annual report 2025A · The company itself

“We have invested in developing innovative technologies and solutions for clean energy applications, including geothermal, CCUS, hydrogen energy, and other integrated solutions. As the energy transition slows and demand shifts back toward traditional oil and gas applications, the market for our clean energy technologies and services may not develop as anticipated, which could adversely affect our revenue from these segments and the return on our investments in clean energy innovation.”

Annual report 2025A · The company itself

“Biofuels convert crops, such as sugarcane, corn, soybeans, palm, rapeseed, canola, and other oilseeds, into ethanol, renewable diesel, or biodiesel to extend, enhance or substitute for fossil fuels. Production of biofuels has increased significantly in the last decade in response to both periods of high fossil fuel prices and to government incentives to produce biofuels offered in many countries, including the United States, Brazil, Argentina, and several South-East Asian and European countries. Furthermore, in several countries, governmental authorities are mandating biofuel use in transport fuels at specified levels.”

Annual report 2025A · The company itself

“We also have joint ventures with several partners, including the Bunge Chevron JV for manufacturing low lifecycle carbon intensity transportation fuels.”

Annual report 2025A · The company itself

“We will continue developing the High- Capacity Station to service the future market for heavy duty vehicles, while looking for partners to co-finance the pilot station and building of a test site.”

Annual report 2024A · The company itself

“During 2024 investment activities was according to plan with significant efforts made in the development of the High-Capacity Hydrogen Refuelling Station.”

Annual report 2024A · The company itself

“Nel acquires H2 Logic Second Generation 700 bar H2Station TM First office opens in California Factory opens in Herning, Denmark First UL Certified Fueling Station in US About us Cavendish Hydrogen ASA is a leading hydrogen fueling company that specializes in the development, production, marketing, sales, installation, commissioning and service of equipment for fueling hydrogen to on-road vehicles.”

Annual report 2024A · The company itself

“This year equipment delivered by Cavendish dispensed more than 900.000kg hydrogen, underlining that Cavendish is one of the most experienced suppliers of gaseous hydrogen refueling stations in Europe, North America and South Korea.”

Annual report 2024A · The company itself

“Cavendish Hydrogen’s fueling equipment is now dispensing nearly 1 million kilograms of hydrogen for our customers on an annual basis.”

Annual report 2024A · The company itself

“The focus continues to be hydrogen fueling solutions for mobility, evolving with the market from light-duty solutions to high-capacity fueling systems for trucks, buses, and longhaul transport.”

Annual report 2024A · The company itself

“CenterPoint Energy has adopted energy transition goals and its analysis and plans for execution require it to make a number of assumptions. These goals and underlying assumptions involve risks and uncertainties and are not guarantees, and our ability to achieve these goals will ultimately be driven by the needs of our business, the needs and desires of the customers, jurisdictions and other stakeholders we serve and our performance for our shareholders.”

Annual report 2025A · The company itself

“We believe the demand for low-carbon ammonia could take several years to materialize and then ten or more years to fully develop and mature, and we cannot be certain that this demand or the demand for low-carbon hydrogen will grow to the size or at the rate we expect or at all. In 2025, hydrogen was estimated to account for approximately 2% of global energy needs.”

Annual report 2025A · The company itself

“Recently, many proposed low-carbon ammonia projects have been announced or considered, and future hydrogen, energy, or environmental/carbon policies may support development of additional nitrogen production outside North America. In the event that the growth in supply of low-carbon ammonia and low-carbon hydrogen exceeds the growth in demand for those products, the resulting unfavorable supply and demand balance could lead to lower selling prices than we expect for many of our products, which could negatively affect our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Failure of our and our business partners’ technologies to work as predicted, or unintended consequences of new designs or uses, could lead to cost overruns, project delays, financial penalties, or damage to our reputation. We may face difficulties marketing products produced using new technologies including, but not limited to, low-carbon ammonia, which may adversely impact our sales and financial results.”

Annual report 2025A · The company itself

“The Blue Point joint venture is expected to construct an autothermal reforming (ATR) ammonia production facility with a CO2 dehydration and compression unit to prepare captured CO2 for transportation and sequestration. Engineering, equipment procurement and pre-construction activities at our Blue Point complex began in the second quarter of 2025. Construction of the ammonia production facility is expected to begin in 2026, with low-carbon ammonia production expected to begin in 2029.”

Annual report 2025A · The company itself

“Additional nitrogen production capacity has come online in the past 12 months and is expected to continue to do so globally over the next 12 months. In addition, we and other companies have announced plans to build new facilities for low-carbon ammonia, such as our ongoing development of a low-carbon ammonia production facility at our Blue Point complex in Louisiana.”

Annual report 2025A · The company itself

“Further to our clean energy strategy, we recently launched low-carbon ammonia production at our Donaldsonville complex and have ongoing investments in our Yazoo City and Blue Point complexes. This production and these investments are dependent on our third-party providers, including their CO2 pipelines and sequestration wells, for the transport and permanent sequestration of CO2.”

Annual report 2025A · The company itself

“Strategic Risks The market for low-carbon ammonia may be slow to develop, may not develop to the size expected or may not develop at all. Moreover, we may not be successful in the development and implementation of our low-carbon ammonia projects in a timely or economic manner, or at all, due to a number of factors, many of which are beyond our control. We have made and expect to continue to make significant investments in our clean energy strategy (including our low-carbon ammonia projects) that may not create any or our expected value of such investments if demand for low-carbon ammonia does not develop and mature to the size and at the rate we expect.”

Annual report 2025A · The company itself

“Chevron also owns a majority interest in ACES Delta, LLC, a joint venture developing the Advanced Clean Energy Storage Project in Delta, Utah. In 2025, hydrogen was produced and safely introduced into the salt cavern for storage at the ACES Delta site.”

Annual report 2025A · The company itself

“New Energies The new energies organization is focused on developing new businesses with the aim to support the company’s objectives to lower the carbon intensity of its operations and enable growth opportunities with the potential to generate competitive returns. These include additional fuel solutions utilizing hydrogen and its derivatives such as ammonia, carbon emissions management through carbon capture and storage and offsets, and power generation for data centers.”

Annual report 2025A · The company itself

“The organization is focused on technologies that are ready to adopt and scale today, as well as breakthrough technologies in support of its oil, natural gas and products and new energies businesses, including shale and tight recovery, deepwater development, lowering the carbon intensity of heavy oil, advancing facilities of the future, renewable fuels, carbon capture, utilization and storage, hydrogen and geothermal energy.”

Annual report 2025A · The company itself

“Tightening carbon regulations are reshaping the industry and NORDEN’s first-mover position in biofuels creates a clear competitive edge. By leveraging our early experience and securing future biofuel supply, we can prepare ahead of IMO requirements and offer genuinely greener freight solutions.”

Annual report 2025A · The company itself

“Mikkelsen, Head of Handysize, Projects & Parcelling, NORDEN these new vessels are highly fuel-efficient, boasting lower emissions compared to older vessels. They are also biofuel compatible, enabling us to offer lower-emission freight solutions to our customers.”

Annual report 2025A · The company itself

“When combining share buy-backs and dividends, NORDEN has returned USD 1.2 billion to shareholders in the past Microsoft, which selected NORDEN to help reduce emissions from its maritime supply chain through our biofuel voyages and Book & Claim system.”

Annual report 2025A · The company itself

“The vessel of tomorrow programme is contingent on fuel availability and commercial factors and are expected to be powered by lowand near zero-emission fuels such as electricity, methanol, or ammonia.”

Annual report 2025A · The company itself

“Flera stora industriaktörer planerar att bygga ytterligare vindkraftverk i norra Sverige, vilket skulle stärka landets energiförsörjning ytterligare. Med insikt om vätgasens avgörande roll i den gröna omställningen har EU-kommissionen aviserat investeringar på upp till 470 miljarder euro i vätgasteknologi fram till 2050.”

Annual report 2024A · The company itself

“Additionally, Dominion Energy’s renewable natural gas facilities include 21 facilities in Colorado, Georgia, Idaho, Kansas, New Mexico, Nevada and Texas, which capture methane from dairy farms and convert it into pipeline quality natural gas. These facilities produce approximately 5,500 MMBtu per day.”

Annual report 2025A · The company itself

“Teollisuudessa investoidaan vetylaitoksiin ja muihin e-polttoaineisiin sekä vihreään energiasiirtymään. Myös EU:n vaatimukset ja Suomen ilmastotavoitteet ohjaavat investointien suuntaa Enersensen osaamisalueille.”

Annual report 2025A · The company itself

“Ajoneuvokantaa tullaan sähköistämään edelleen sekä Suomessa että Baltiassa, ja biopolttoaineiden käyttöä tullaan lisäämään. Toiminnan toteuttaminen vaatii operatiivisia investointeja ja kuuluu hankinnan ja liiketoimintojen vastuulle.”

Annual report 2025A · The company itself

“Enersense on laajalti mukana erilaisissa vihreän energiantuotannon hankkeissa suunnittelemassa, rakentamassa, käyttämässä ja kunnossapitämässä. Näitä ovat muun muassa sähköverkot, sähköasemat, vihreän vedyn laitokset sekä vesi-, tuuli- ja aurinkovoimalaitokset.”

Annual report 2025A · The company itself

“Vedyn valmistus Yhtiön asiakkaalleen toteuttama kunnossapitotyö vetytehtaassa on arvioitu luokitusjärjestelmäkelpoiseksi. Enersense tuottaa vetytehtaassa palvelua, jolla varmistetaan tehtaan turvallinen toiminta ja häiriötön tuotanto.”

Annual report 2025A · The company itself

“In the alternative, the ALJs recommended that if the PUCT approves the resources, that conditions be imposed, including a deferral of the finding that the resources were prudently selected until Entergy Texas’s next rate case, a prudence review by an external consultant if actual project costs exceed estimated costs by more than 10%, weatherization requirements, and a requirement that Entergy Texas obtain additional regulatory approvals prior to implementing hydrogen co-firing or carbon capture and storage.”

Annual report 2025A · The company itself

“The facility will primarily be powered by natural gas, and it will also be enabled for future carbon capture and storage and for hydrogen co-firing optionality.”

Annual report 2025A · The company itself

“The project includes combustion turbine technology with dual fuel capability, able to co-fire up to 30% hydrogen by volume upon commercial operation and upgradable to support 100% hydrogen operations in the future.”

Annual report 2025A · The company itself

“Legend Power Station and Lone Star Power Station In June 2024, Entergy Texas filed an application seeking PUCT approval to amend Entergy Texas’s certificate of convenience and necessity to construct, own, and operate the Legend Power Station, a 754 MW combined cycle combustion turbine facility, which will be enabled for future carbon capture and storage and for hydrogen co-firing optionality, to be located in Jefferson County, Texas, and the Lone Star Power Station, a 453 MW simple cycle combustion turbine facility, which will be enabled with hydrogen co-firing optionality, to be located in Liberty County, Texas.”

Annual report 2025A · The company itself

“To reduce emissions and strengthen the operational resilience of our air networks, we are focused on two central strategies: sourcing cost-competitive sustainable aviation fuel (“SAF”) and improving efficiency through fleet modernization and fuel conservation. Beginning in May 2025, FedEx executed five SAF offtake agreements designed to bring more than 16.5 million gallons of blended SAF deployed at a minimum blend ratio of 30% online across five U.S. airports: Los Angeles (LAX), Chicago O’Hare (ORD), Miami (MIA), Dallas Fort Worth (DFW), and New York-JFK International (JFK).”

Annual report 2026A · The company itself

“Beyond electrification, we are testing drop-in alternative fuels, including renewable diesel and hydrotreated vegetable oil (“HVO”). Alternative fuels can offer practical solutions for heavy-duty vehicles and long-haul applications where full electrification is not yet feasible at scale.”

Annual report 2026A · The company itself

“Lisäksi sovitun lainsäädännön toimeenpano jäsenvaltioissa on edelleen viivästynyt, ja esimerkiksi REDIII-direktiivissä asetettuja keskeisiä tavoitteita, jotka kannustaisivat vedyn tuotantoon, ei ole vielä sisällytetty kansalliseen lainsäädäntöön.”

Annual report 2025A · The company itself

“Teknologiariskit Fortumin strategiaan sisältyy investointeja uusiin teknologioihin tai sellaisiin teknologioihin, jotka ovat vielä kaupallisesti kehitysvaiheessa. Näihin teknologioihin kuuluu muun muassa vetytuotanto, joka tukee siirtymää kohti tulevaisuuden vähähiilistä taloutta.”

Annual report 2025A · The company itself

“We operate in industries where technology and customer needs evolve rapidly, and our growth and business depend on developing and bringing to market new products, solutions, and services.”

Annual report 2025A · The company itself

“Our long-term success depends on addressing both electrification and decarbonization by adapting our portfolio and scaling less carbonintense and lower carbon technologies (such as gas as a replacement for coal, small modular or other advanced nuclear reactors, hydrogen-based power generation, carbon capture and sequestration, and grid-scale storage).”

Annual report 2025A · The company itself

“We also have engineering and product management resources focused on evaluating and developing alternative technologies that are emerging and could become commercially viable over the long-term, such as fuel cells and hydrogen-fueled products.”

Annual report 2025A · The company itself

“In 2022, Hafnia announced its collaboration with Clean Hydrogen Works (CHW) to explore the development of a new, global-scale, clean hydrogen ammonia production and export project, Ascension Clean Energy (ACE), located on the west bank of the Mississippi River in Ascension Parish, Louisiana. This project aims to capture up to 98 percent of CO2 emissions from its processes and will provide a cost-effective, scalable pathway to supply carbon-free energy.”

Annual report 2022A · The company itself

“The new MyHarvia smart sauna app and technology platform enhanced our digital leadership, while theworld’s first o-the-grid electric sauna including a solar panel and the hydrogen-powered sauna showcased Harvia’s industry-leading energy saving solutions.”

Annual report 2025A · The company itself

“The company’s collaboration with Toyota Motor Corporation yielded the innovative hydrogen sauna project, which has shown promising results related to clean energy and minimal environmental impact.”

Annual report 2025A · The company itself

“Harvia aims to deliver the full sauna experience and enables that by bringing new solutions and innovations to meet the needs of different sauna cultures. From the sustainability point of view, this means educating people about the sauna, especially the right way of using different saunas, guiding customers in selecting sustainable solutions suited to their needs, and introducing products that utilize energy-efficient technologies and alternative zeroemission energy sources, such as digital solutions for optimized energy use and sauna concepts powered by hydrogen or solar energy.”

Annual report 2025A · The company itself

“- Supply-chain decarbonization: introducing climate criteria in procurement and improving supplier GHG data management. - Product and service portfolio changes: developing low-emission sauna concepts and designs for durability and recyclability. - Adoption of new technologies: developing sauna solutions utilizing new technologies such as hydrogen and future energy storage solutions.”

Annual report 2025A · The company itself

“As of 31 December 2024, the Hexagon Purus share price closed at NOK 5.60 per share, translating to a fair value of Hexagon’s share in Hexagon Purus of NOK 922 million. Compared to the share price as of the date of Hexagon’s initial fair value recognition of Hexagon Purus as an associated company (29 June 2023) of NOK 19.8/share, this represents more than 70 per cent decline.”

Annual report 2024A · The company itself

“Hexagon is focused on carbon negative and near-zero emission energy solutions, supported by world-class manufacturing and digitalization, enabling customers to reach their net-zero ambitions. Together with customers and partners, the Company is finding new ways to make alternative energy solutions available and affordable.”

Annual report 2024A · The company itself

“Leader in cryogenic tank technology for liquid (renewable) natural gas (LNG) and liquid hydrogen (LH2).”

Annual report 2024A · The company itself

“Our portfolio offers solutions that cover compressed (renewable) natural gas, hydrogen and battery electric.”

Annual report 2024A · The company itself

“Sustainable Energy Solutions (SES) - 49% ownership SES is a leading European supplier of highpressure cylinders and systems for storage and distribution of compressed natural gas, hydrogen and industrial gases, with production facilities in Austria, Poland and Germany.”

Annual report 2024A · The company itself

“Det har även beslutats om solpaneler på Lev Groups fabrik i Aveiro, Portugal där installation förväntas ske under 2025. • Fortsatt produktion av biogas från restavfall på Jalofoods egna biogasanläggning. • Privab har infört en ny logistiklösning genom anlitandet av en ny speditör där varor levereras till terminaler för samlastning med andra företag.”

Annual report 2024A · The company itself

“green hydrogen production is still in development and market sentiment may be volatile. Client expectations on the Company continue to evolve with the maturity of the industry, and failures to sufficiently document own technology and performance, standup local presence in key markets, and meet customer expectations on financial, operational and environmental dimensions may put contractual agreements at risk.  a log of performance data from its operational electrolyzers installed in partnership with Mitsubishi Power and through increased testing activity in own facilities.  market position of the Company and mitigate contractual risks.”

Annual report 2024A · The company itself

“On a medium-term outlook, HydrogenPro is exposed to the risk that green hydrogen’s importance in a low-carbon society could change significantly, and by that, the customer demand for electrolyzers  technological breakthroughs for other low-carbon hydrogen solutions, such as blue hydrogen using carbon capture and storage, or alternatives to hydrogen, such as batteries for deep-sea shipping  not something HydrogenPro works to mitigate, as these technologies would be important steps to mitigate climate change and reach the 2050 net zero targets.”

Annual report 2024A · The company itself

“A significant part of our environmental contribution  competitive technology and expand our production capabilities. Additionally, collaborating with other market players will be essential to accelerate the adoption and implementation of green hydrogen solutions worldwide.”

Annual report 2024A · The company itself

“An example is that in 2024, we improved the interior design of the electrolyzer stack to reduce shunt currents and thereby increasing the current efficiency several percent. In fall 2024, HydrogenPro announced that its Danish subsidiary, HydrogenPro ApS, had been awarded a EUR 16.5 million grant from the EU  support large-scale production of next-generation electrode technology, enhancing the efficiency of HydrogenPro’s highpressure alkaline electrolyzers and further reducing the Levelized Cost of Hydrogen.”

Annual report 2024A · The company itself

“In collaboration with our partners, we made significant advancements in green hydrogen technology, enhancing our products, expanding production capacity, and adapting to evolving  close partnerships, we worked to accelerate hydrogen adoption across various sectors.”

Annual report 2024A · The company itself

“Research and development is the foundation to lead the market with the best technology, bringing the levelized cost of hydrogen down.  Innovation Fund of EUR 16.5 million for large-scale production of nextgeneration electrode technology.”

Annual report 2024A · The company itself

“Our core products are high-pressure alkaline electrolyzers and gas separation unit, featuring some of the most advanced technology available.”

Annual report 2024A · The company itself

“HydrogenPro aims to meet the growing demand for energy-efficient hydrogen production equipment by being a key player in the global deployment of electrolyzers.”

Annual report 2024A · The company itself

“HydrogenPro is a recognized leading original equipment manufacturer (OEM) of large-scale green hydrogen technologies and solutions. Our core technologies include electrolyzers comprising cell stacks and gas separators, along with their respective controls.  are continuing to optimize the product design and selected materials to further increase performance for green hydrogen production.”

Annual report 2024A · The company itself

“HydrogenPro was established in 2013 with a mission to design and deliver green hydrogen technology solutions in collaboration with global partners  product is high-pressure alkaline electrolyzers, including one of the most advanced technologies in the industry. HydrogenPro employed 151 highly skilled and experienced people at year-end 2024, including key personnel with leading global  is currently present in Denmark, Germany, the US, and China with operations that include R&D, sales offices and production, and aims to grow the global presence further in the years to come.”

Annual report 2024A · The company itself

“Key developments include: HydrogenPro remains a proven supplier for major hydrogen initiatives based on its deliveries to 2 of the ten largest  involvement in delivering 42 electrolyzers (plus two reserves) for the ACES project and 20 electrolyzers for Salzgitter reinforces its credibility in large-scale hydrogen infrastructure as well as having some of the few documented operational projects as reference.  testing of its next generation electrolyzer at Herøya, Norway.”

Annual report 2024A · The company itself

“Our aspiration to take delivery of the world’s first PCTC vessel to run on ammonia in 2027 has been converted into firm contracts during 2024 and is progressing according to plan.”

Annual report 2024A · The company itself

“In April 2021, we launched the design of the world’s largest and most environmentally friendly PCTC vessels, the Aurora Class. The Aurora Class has DNV’s new “ammonia ready” notation, which makes it the first in the segment to be ready for operation on carbon neutral ammonia. Together with its capacity to carry up to 9 100 cars it will be the world’s largest and most environmentally friendly car carrier to be built.”

Annual report 2024A · The company itself

“The acquisition will enable Ingersoll Rand to combine several technologies like low pressure compressors with SSI’s aeration offerings to provide a comprehensive, end-to-end solution. •In July 2025, the Company completed the acquisition of Termomeccanica Industrial Compressors S.p.A. (“TMIC”) and its subsidiary Adicomp S.p.A. (“Adicomp”) (collectively “TMIC/Adicomp”) for cash consideration of $193.2 million. TMIC is an international leader in the design and production of air and gas compressors and its subsidiary Adicomp provides engineered-to-order solutions in the renewable natural gas industry.”

Annual report 2025A · The company itself

“The new Twistlock program  lines operating in the chassis areas > Next generation of couplings:  performance for air management systems         2025. The adoption of product lifecycle management  reduced development lead times and improved coordina-   E-MOBILITY TRANSITION AND PRODUCT DEVELOPMENT > KA connector development: Completed the devel-  - mance in low-pressure drops, reduced weight, and  > Coolant lines for battery electric vehicles (BEV) and fuel cell electric vehicles (FCEV) applications:        fuel cell recharging systems.”

Annual report 2024A · The company itself

“The EU has introduced a requirement for all aircraft taking off from an EU airport to have at least 2% SAF in the tank”

Annual report 2025A · The company itself

“Research and Development – Linde’s research and development are directed toward development of gas processing, separation and liquefaction technologies, and clean energy technologies; improving distribution of industrial gases and the development of new markets and applications for these gases. This results in the development of new advanced air separation, hydrogen, synthesis gas, natural gas, adsorption and chemical process technologies; novel clean energy and carbon management solutions; as well as the frequent introduction of new industrial gas applications.”

Annual report 2025A · The company itself

“Hydrogen is produced from several different feedstocks using a range of technologies. Today, carbon intensity is used to designate and differentiate between the production processes and the respective feedstocks used to produce the molecule. The majority of conventional hydrogen currently produced by Linde is derived from natural gas or methane, using steam methane reformation (SMR) or auto-thermal reforming (ATR) technology. Linde has a range of technologies to produce low-carbon hydrogen from fossil feedstocks, or renewable hydrogen from renewable energy (non-fossil feedstock).”

Annual report 2025A · The company itself

“Prescription Technology Solutions offers technology services, which includes electronic prior authorization, prescription price transparency, benefit insight, dispensing support services, and patient enrollment, in addition to third-party logistics, and wholesale distribution support across various therapeutic categories and temperature ranges to biopharma customers throughout the product lifecycle. •Medical-Surgical Solutions segment provides medical-surgical, laboratory, and pharmaceutical distribution, logistics, and other services to U.S. healthcare providers operating in the non-acute settings.”

Annual report 2026A · The company itself

“Our proactive measures, including the investment in postsmolt and Mowi 4.0 including Smart Farming, position us favourably in the transition to a low-carbon economy.”

Annual report 2024A · The company itself

“To adapt to these financial transitions, Mowi is prioritising more investment in cleaner technologies, installing hybrid energy systems for feed barges or connecting site to land power, wherever possible, to reduce diesel consumption and associated carbon costs. This transition requires capital expenditure but is essential for long-term cost savings and compliance with stricter climate regulations under this scenario.”

Annual report 2024A · The company itself

“The newbuilding activity is also impacting the environmental profile, with 43% of all container vessels ordered set to be built with a DF-LNG engine. Another 24% will have methanol DF engines.‌ 11 8 Alphaliner, Weekly Container Shipping Newsletters, January 2025.”

Annual report 2024A · The company itself

“Expectations in the industry are pointing to a multi-fuel future, and by incorporating environmentally sustainable technologies, we are strategically positioning MPCC to invest in and capitalize on the transition towards greener shipping practices and further enhancing long-term shareholder value.”

Annual report 2024A · The company itself

“The vessels are equipped with the latest engine technology and advanced hull design that will emit approximately 20% less greenhouse gases compared to conventional designs if operated on the same fuel. Additionally, the design allows for a cost-efficient conversion to operations on methanol in the future, in which case emission reductions of more than 90% would be in reach.”

Annual report 2024A · The company itself

“In accordance with the Green Loan Principles (GLP) developed by the Loan Market Authority (LMA) recommending borrowers to engage external review providers to assess the alignment of their green loan or green loan program with the four core components of the GLP, MPCC has obtained a second party opinion confirming the alignment of the Agreement with the GLP by the American Bureau of Shipping (ABS).”

Annual report 2024A · The company itself

“Two of the 1,300 TEU dual-fuel vessels are able to operate on green methanol with a design-based efficiency yield of more than 30%. Equipped with an ice class hull, they will be deployed on trades along the western coast of Norway, where they can achieve emission reductions of up to 95% compared to conventional ships.”

Annual report 2024A · The company itself

“Dessutom utvecklas lösningar löpande för nya applikationer inom segment som batteritillverkning, vätgasindustrin och koldioxidinfångning.”

Annual report 2024A · The company itself

“Vätgas Vätgasindustrin är en framväxande sektor för ren energi, med stora framtidsmöjligheter. Framställning av vätgas kräver effektiv filtrering och återvinning av biprodukter som kolpulver (kimrök). Vi tillhandahåller teknik som hjälper till att övervaka och rena processerna, vilket bidrar till en mer hållbar produktion.”

Annual report 2024A · The company itself

“A number of Nel’s existing and potential customers are themselves planning for substantial growth, and should these customers fail to succeed with their business plans or fail to fulfil their contracts with Nel, Nel’s sales to such customers may be adversely affected.”

Annual report 2024A · The company itself

“Competitors’ or new entrants’ innovations in the hydrogen industry could make our current technologies, and those under development, less relevant for the future. Additionally, if competitors gain advantages in the performance of current or in the development of alternative electrolyser technologies, this could affect the competitive position of the group.”

Annual report 2024A · The company itself

“Nel foresee an increased risk related to product failure and technology obsolescence. The reputational damage risk from product failure and failure to meet high expectation from our customers may affect the eligibility of our equipment technology.”

Annual report 2024A · The company itself

“• Signing of strategic partnerships: In 2024 and early 2025, we signed several agreements with companies across the hydrogen value chain that strengthen our position as a leader in the hydrogen industry.”

Annual report 2024A · The company itself

“A proven track record of delivering working electrolyser systems over several decades, a diverse product portfolio covering both alkaline and PEM solutions, and automated GW-scale production facilities are important differentiating factors. Nel also continues to make significant investments in improving the performance of current technology platforms and maturing next generation technologies, for example a pressurized alkaline system and a new PEM stack developed in collaboration with General Motors.”

Annual report 2024A · The company itself

“The company specializes in electrolyser technology for production of renewable hydrogen. Nel’s product offerings are key enablers for a renewable hydrogen economy, making it possible to decarbonize various industries such as transportation, refining, steel, and ammonia.”

Annual report 2024A · The company itself

“Nel is a leading global electrolyser supplier, offering both AWE (alkaline water electrolysis) and PEM (proton exchange membrane) technology globally.”

Annual report 2024A · The company itself

“Nel’s strategy is to deliver reliable and energy-efficient electrolyser stacks and balance of stack systems to mid- and large-scale projects, initially in Europe and North America and over time in other markets.”

Annual report 2024A · The company itself

“In addition, we plan to advance other low- or zero-emission energy resources and technologies, such as hydrogen and renewable natural gas.”

Annual report 2025A · The company itself

“Selv om hovedelementene består, så gjorde vi noen justeringer for å adressere den utfordrende markedssituasjonen i batteriog hydrogensektorene. Et resultat av dette er at disse områdene nå ikke lenger er vurdert som strategiske vekstområder og ingen ytterligere kapital vil bli allokert hit.”

Annual report 2024A · The company itself

“Manufacture of biogas and biofuels for use in transport and of bioliquids Saugbrugs Biogas production produced from wastewater streams related to manufacturing of publication paper. The biogas is sold and used for utility vehicles in Halden, Norway.”

Annual report 2024A · The company itself

“The Company has a potential indirect impact on forced labour in its supply chain in relation to the production of SAF over the short and medium term.”

Annual report 2024A · The company itself

“Investments in Norsk e-Fuel, a key player in the transition to renewable aviation and sustainable fuels, lead the charge in contributing to decarbonizing in the aviation industry.”

Annual report 2024A · The company itself

“To support the development, Outokumpu is investing approximately USD 45 million in a pilot plant in New Hampshire, U.S., to pilot and advance proprietary technology for producing critical low‑CO₂ materials, such as chromium metal and enriched ferrochrome. The pilot plant is planned to be operational in the first half of 2027.”

Annual report 2025A · The company itself

“Under Outokumpu’s growth-focused strategy, EVOLVE, R&D activities increasingly focused on progressive and exploratory activities to drive growth in new and modified grades, including applications such as the production and use of green hydrogen.”

Annual report 2025A · The company itself

“Demand for commercial vehicles may also be affected by the introduction of new vehicles and technologies by the Company or its competitors.”

Annual report 2025A · The company itself

“The Company has ongoing product development programs intended to address changing customer demand in the context of climate change and achieve its targeted reductions in emissions. These involve the continuing development of compliant clean diesel powertrains and the design, manufacture, and sale of alternative powertrain commercial vehicles (e.g., battery-electric, hybrid, hydrogen fuel cell, and hydrogen combustion).”

Annual report 2025A · The company itself

“Through CO2 Management AS, the division is involved with managing CO2 reduction projects as well as Carbon Capture, Utilisation and Storage (CCUS) activities. The subsurface competence of PNO may be used for CO2 Storage Wells on the NCS.”

Annual report 2024A · The company itself

“Då produktionen av grön vätgas ökar och prisutvecklingen väntas gå ner i kombination med ökade kostnader för CO -utsläpp, visar simuleringar av ägandekostnader för många kunder inom kraftproduktion att användandet av vätgaselektriska lösningar över en tioårsperiod kan sänka den totala kostnaden.”

Annual report 2024A · The company itself

“Koncernen har under året fortsatt bedrivit betydande forskning och utveckling av bränslecellsplattformar och bränslecellssystem. Kostnaderna för forskning och utveckling uppgick till –110,9 MSEK (–114,5) under 2024.”

Annual report 2024A · The company itself

“Olika teknologiska lösningar hos kunderna PowerCell arbetar med ett flertal kunder inom sjöfartsindustrin och under 2023 tecknade PowerCell en order med den norska integratören SEAM vilket är världens största vätgasprojekt hittills i marinindustrin. Avtalet omfattar leveranser av vätgaslösningar till två fartyg som ska trafikera en av Norges längsta färjelinjer. Det är den norska transportkoncernen Torghatten Nord som ska leverera färjorna som när dom är färdigställda vardera kommer ha en kapacitet på 599 passagerare, 120 personbilar och tolv långtradare. PowerCell ska leverera Marine System 200 som gör det möjligt för färjorna att producera sammanlagt cirka 13 MW effekt.”

Annual report 2024A · The company itself

“Vid en demonstration i Göteborgs Hamn har PowerCells samt Hitachi Energys produkt HyFlex producerat kraft till en eldriven grävmaskin från Volvo Construction Equipment. Linde Gas har levererat grön vätgas för ändamålet. Demonstrationen syftade till att visa att tekniken är redo och kan ersätta nuvarande fossildrivna lösningar med hållbara vätgaselektriska lösningar i kommersiella tillämpningar.”

Annual report 2024A · The company itself

“Utveckling av vätgasdriven dumperfordon Volvo Construction Equipment har åtagit sig att nå netto nollutsläpp i sin värdekedja till 2040. Ett led i att nå detta mål är utvecklingen av den vätgaselektriska dumpern HX04. Den drivs med grön vätgas och med vattenånga som enda utsläpp.”

Annual report 2024A · The company itself

“Under året fick Bolaget även ett principgodkännande (Approval in Principle – AiP) från Den Norske Veritas (DNV) för den nya Methanol-to-Power-lösningen, en fullt integrerad metanolreformer- och bränslecellsystem som kan erbjuda ett betydande steg i den maritima industrins övergång till renare energi. Systemet kan drivas enbart på metanol och riktar sig till kunder med begränsad tillgång till vätgas och vätgastankningslösningar, vilket ofta är fallet i hamnar och off-grid system.”

Annual report 2024A · The company itself

“Våra kunder genomför redan denna omvandling genom stora investeringar inom områden som innovativ digital teknik, till exempel AI, samt fossilfria lösningar som bygger på elektrifiering och vätgas.”

Annual report 2024A · The company itself

“Vi skapar värde i hela energisystemet och bidrar till morgondagens hållbara samhälle genom att staka ut vägen för hur ren energi produceras, överförs och förbrukas. Omställningen från energisystem som bygger på fossila bränslen till energisystem som bygger på koldioxidsnåla och förnybara energikällor är avgörande för att begränsa klimatförändringarna.”

Annual report 2024A · The company itself

“Vi har kompetens inom alla delar av energiproduktionen, inklusive alternativa källor som vätgas, vind, sol och kärnkraft.”

Annual report 2024A · The company itself

“Företaget satsar också stort på internationell expansion samt på att utveckla erbjudandet inom solenergi, grön vätgas och system för batterienergilagring.”

Annual report 2024A · The company itself

“In addition, we continue to see ever-increasing demands for offerings focused on addressing long-term climate change, transitioning to lower emission technologies, including low to no carbon products and services, the use of alternative energy sources, and other sustainable aviation technologies, weather and climate monitoring products and services.”

Annual report unknown yearA · The company itself

“Sempra Infrastructure develops, constructs, operates and invests in energy infrastructure to help provide safe, sustainable and reliable access to cleaner energy in markets in the U.S., Mexico and globally.”

Annual report 2025A · The company itself

“Teollisuusrakentamisen näkymät ovat parantuneet ja puhtaan siirtymän investointien, kuten datakeskuksien ja vetyhankkeiden, odotetaan etenevän.”

Annual report 2025A · The company itself

“Stolt-Nielsen invests in areas that align with our strategy and core competencies. We actively seek investment opportunities in bulk liquid logistics, distribution, liquefied natural gas (LNG), land-based aquaculture and sustainable technologies.”

Annual report 2024A · The company itself

“We are positioning ourselves to provide storage solutions for hydrogen, ammonia and green methanol, including jetty access for bunkering, export, import and transportation. These low- and zero-carbon new energies have a critical role to play as the shipping, storage and logistics industries move from traditional petroleum-based marine fuels to greener alternatives.”

Annual report 2024A · The company itself

“Stolthaven Terminals is a leading provider of storage and handling solutions for speciality bulk liquids, such as chemicals, clean petroleum products, liquefied petroleum gases, biofuels, vegetable oils, alternative fuels and feedstocks.”

Annual report 2024A · The company itself

“Ved utgangen av året forvaltet Storebrand 225 milliarder kroner i det vi kaller løsninger. Løsninger er enten investeringer i selskaper som vi mener bidrar til en bærekraftig utvikling og til å nå FNs bærekraftsmål, eller investeringer i grønne obligasjoner, miljøsertifisert eiendom og grønn infrastruktur.”

Annual report 2024A · The company itself

“Enabling the growth of renewables and emerging energy We deliver projects in offshore wind and CCS, and we integrate energy systems through electrification.”

Annual report 2024A · The company itself

“Sweco har fått i uppdrag att koordinera och utvärdera ett sådant industriellt kluster med Boliden, Nevel, Skellefteå Kraft och Sveaskog med syfte att etablera en värdekedja för vätgas och biobränslen i Västerbotten och minska utsläppen i regionen.”

Annual report 2024A · The company itself

“I Nederländerna vann Sweco ett avtal om 1100 MSEK för att stödja energioperatören Gasunie i utvecklingen av ny energiinfrastruktur för transport av vätgas, koldioxid, förnybar gas och värme.”

Annual report 2024A · The company itself

“2024 ingick Sweco och Gasunie ett 10-årigt ramavtal om ny infrastruktur för energiomställningen i Nederländerna. Förutom konsult- och tekniktjänster tog Sweco även fram en skräddarsydd GasunieGPT för effektiv hantering av alladesignspecifikationer iprojektet.”

Annual report 2024A · The company itself

“The Presidential Administration has also rolled back green energy initiatives, which could harm our energy systems business that manufactures hydrogen-based energy generation systems and which also is likely to reduce the number of federally funded hydrogen generation projects, which lowers demand for our process instrumentation products.”

Annual report 2025A · The company itself

“Her åpnet vi verdens første asfaltfabrikk på hydrogen. Fabrikken kan redusere de totale utslippene fra asfaltvirksomhet med 40 %, forutsatt tilgang på hydrogen til overkommelig pris.”

Annual report 2024A · The company itself

“We are also conducting collaborative research and development efforts with the National Laboratories to support the use of hydrogen to lower emissions across the rail industry.”

Annual report 2025A · The company itself

“We are focusing on technological advances, especially in the areas of electronics and alternative fuels, including hydrogen technologies, braking products and other on-board equipment, as a means to deliver new product growth.”

Annual report 2025A · The company itself

“Our engineering and development program includes investments in data analytics, train control and other new technologies, such as liquid natural gas and hydrogen-powered locomotives, with an emphasis on developing products that enhance safety, productivity and efficiency for our customers.”

Annual report 2025A · The company itself

“We are helping our customers reduce their overall cost of operations through the development of low-emitting locomotives like our Tier 4 locomotives, Trip Optimizer, Green Air and Green Friction products, and the use of alternative fuels such as biodiesel, renewable diesel, and hydrogen.”

Annual report 2025A · The company itself

“PFAS -yhdisteitä sisältäviä fluoropolymeereja tarvitaan myös kehitettäessä teknologioita, joiden avulla voidaan saavuttaa EU:n ja kansainvälisen yhteisön asettamat hiilineutraaliustavoitteet.”

Annual report 2024A · The company itself

“Seuraavaksi saataville tulevat ns. siniset polttoaineet, kuten sininen ammoniakki.”

Annual report 2024A · The company itself

“Wärtsilällä on käynnissä kattava kestävien teollisuuden polttoaineteknologioiden kehitysohjelma, jonka tuloksena nelitahtimoottorissa voidaan jo nyt käyttää nesteytettyä maakaasua (LNG), nestekaasua (LPG), metanolia ja ammoniakkia.”

Annual report 2024A · The company itself

“Keskeisiä tutkimusja kehitysalueita ovat vaihtoehtoisten, kaupallisesti elinkelpoisten ja puhtaiden polttoaineiden käytön kehittäminen tulevaisuuden ratkaisuja varten sekä asiakkaiden toimintojen yhdistettävyyden, tehokkuuden, kestävyyden ja turvallisuuden parantaminen digitaalisten ratkaisujen käyttöä lisäämällä.”

Annual report 2024A · The company itself

“Yhtiön kyky luoda lisäarvoa perustuu kahteen strategiseen teemaan: Muutos ja Suorituskyky. Muutos viittaa hiilineutraaliuden synnyttämiin kasvumahdollisuuksiin sähköntuotannossa, säätövoimassa ja vihreämmässä merenkulussa sekä niihin liittyvissä palveluissa.”

Annual report 2024A · The company itself

“Merkittävin Wärtsilän tuotteisiin liittyvä kestävyystavoite on hiilettömille polttoaineille valmiin tuotevalikoiman tarjoaminen vuoteen 2030 mennessä. Hiilineutraalien polttoaineiden käyttö on mahdollista jo nyt, ja tuotteita kehitetään jatkuvasti, jotta niitä voidaan käyttää laajalti esimerkiksi ammoniakilla ja vedyllä ja muilla hiilettömillä polttoaineilla vuoteen 2030 mennessä.”

Annual report 2024A · The company itself

“Wärtsilän tutkimusja kehitystyön painopisteenä ovat kestävät polttoaineet, millä voidaan varmistaa moottoreiden käytettävyys pitkälle tulevaisuuteen, koska moottorit voidaan muuttaa käyttämään uusia kestäviä polttoaineita, kuten vihreää vetyä ja sen johdannaisia, kun niitä tulee saataville.”

Annual report 2024A · The company itself

“Wärtsilä kehittää laajaa teknologiaja ratkaisuvalikoimaa, joka tukee asiakkaiden siirtymää hiilineutraaliuteen. Hiilineutraalien polttoaineiden käyttö on mahdollista jo nyt, ja tuotteita kehitetään jatkuvasti, jotta niitä voidaan käyttää laajalti esimerkiksi ammoniakilla ja vedyllä ja muilla nollahiilisillä polttoaineilla vuoteen 2030 mennessä.”

Annual report 2024A · The company itself

“Tuotteet: Puhtaan vedyn käyttökonseptien kehittäminen maalla sijaitseviin voimalaitoksiin jatkui koko vuoden 2024. Hankkeesta tiedotettiin markkinoille vuoden keskivaiheilla, ja teollistamiskonsepti valitaan vuonna 2025.”

Annual report 2024A · The company itself

“Tuotteiden osalta Wärtsilän vuonna 2021 asetettu ”Set for 30” -tavoite merkitsee hiilettömille polttoaineille valmiin tuotevalikoiman tarjoamista vuoteen 2030 mennessä.”

Annual report 2024A · The company itself

“Selkeä valtaosa kokonaissummasta kohdistuu eri tavoin kestävämpien tuotteiden kehittämiseen. ”Set for 30” -tavoitteeseen liittyvän T&K-ohjelman, ts. hiilettömille polttoaineille valmiin tuotevalikoiman kehittämisen, pääomamenot oliva t 27 miljoonaa euroa ja toimintamenot 10 miljoonaa euroa. Vuonna 2025 näiden pääomamenojen arvioidaan olevan noin 29 miljoonaa euroa ja toimintamenojen 18 miljoonaa euroa.”

Annual report 2024A · The company itself

“Energiateollisuudessa Wärtsilä tarjoaa voimajärjestelmien optimointiin muun muassa tulevaisuuden polttoaineilla toimivia säätövoimaratkaisuja, hybridiratkaisuja sekä energian hallintaja varastointijärjestelmiä lähinnä laitteistotoimituksina.”

Annual report 2024A · The company itself

“Vuonna 2024 lanseerasimme ensimmäisenä maailmassa suuren mittakaavan vetyvalmiin, 100-prosenttisesti vedyllä toimivan moottorivoimalaitoksen.”

Annual report 2024A · The company itself

“Wärtsilä pyrkii tukemaan asiakkaitaan näiden hiilineutraaliuspyrkimyksissä kestävillä polttoaineilla toimivilla sähköjärjestelmää tasapainottavilla säätövoimalaitoksilla, hybridiratkaisuilla sekä energian varastointija optimointiteknologialla. Molemmilla aloilla Wärtsilän tavoitteena on hiilettömille polttoaineille valmiin tuotevalikoiman tarjoaminen vuoteen 2030 mennessä.”

Annual report 2024A · The company itself

“Aktivoituja tutkimusja kehitysmenoja, jotka koskevat moottoreiden kykyä käyttää tulevaisuuden vihreitä ja hiilettömiä polttoaineita, pidettiin kuitenkin luokitusjärjestelmäkelpoisina, koska näillä polttoaineilla Wärtsilän asiakkaat voivat tulevaisuudessa tuottaa sähköä uusiutuvista, fossiilittomista kaasuja nestepolttoaineista.”

Annual report 2024A · The company itself

“Även inom nya verksamhetsområden, som hållbar energi, möttes vi av utmaningar när våra kunder till följd av egna driftstörningar eller tappade affärer antingen periodvis stoppade eller helt avbröt pågående projekt.”

Annual report 2024A · The company itself

“Driftstörningar och problem med att skala upp tillverkningen enligt plan har inneburit att flera kunder drabbats av produktivitetsproblem och ansträngd likviditet. Stora fram tida ordervolymer har annullerats men förtroendet för sektorn i sig kvarstår.”

Annual report 2024A · The company itself

“To drive the green shift in fertilizer production, shipping, and other energy intensive industries, Yara will produce ammonia with significantly lower emissions.”

Annual report 2024A · The company itself

“We will focus on value-accretive growth in low-emission ammonia and on commercializing premium low-carbon products.”

Annual report 2024A · The company itself

“We are prioritizing our core and applying a strict capital allocation policy to enable further growth in low-emission ammonia and premium low-carbon products.”

Annual report 2024A · The company itself

“We continue maturing the announced large-scale low-carbon ammonia projects in the US. These projects have a strong strategic fit and strong potential returns as they allow us to diversify our energy position, strengthen our European premium production footprint through imports of low-carbon ammonia and participate in new ammonia markets including shipping, power generation, and as an energy carrier.”

Annual report 2024A · The company itself

“Global Plants & Operational Excellence’s 2024 EBITDA, excluding special items was USD 427 million, 55 percent higher than in 2023, mainly reflecting improved upgrading margins and higher production volumes.”

Annual report 2024A · The company itself

“Clean Ammonia’s 2024 EBITDA, excluding special items was USD 117 million, 16 percent higher than in 2023, as higher deliveries and lower fixed costs mainly due to lower project costs offset lower ammonia prices.”

Annual report 2024A · The company itself

“Med stöd från Svenska Byggbranschens Utvecklingsfond (SBUF) leder Peab Asfalt ett treårigt projekt med fokus på att öka användningen av träets naturliga bindemedel, lignin, i asfalt.”

Annual report 2024A · The company itself

“Ensi- ja toissijaisten hiilineutraalien biopolttoaineiden kasvava kysyntä saattaa kasvattaa energiakustannuksia.”

Annual report 2025A · The company itself

“En annan trend är den gröna energiomställningen som bidrar till både nya kunder och affärsmöjligheter.”

Annual report 2024A · The company itself