BHDT enters strategic partnership and equity investment in Cavendish Hydrogen to strengthen hydrogen growth strategy!
BHDT has entered into a strategic partnership with Cavendish Hydrogen, a global leader in hydrogen fueling solutions for the mobility sector, through a directed equity investment and long-term cooperation agreement.
As part of the transaction, Cavendish Hydrogen will issue 17.7 % new shares in a directed share issue. Following completion, BHDT will hold approximately 15 % on a post-money basis and will nominate one member to the Board of Directors at the Annual General Meeting on May 26, 2026.
Strengthening Cavendish Hydrogen’s financial platform and establishing a long-term industrial partnership
The transaction represents a strong validation of Cavendish Hydrogen’s strategy and strengthens its financial position by securing BHDT as a long-term industrial anchor investor. BHDT brings deep engineering expertise, global customer relationships, and a clear commitment to hydrogen and the energy transition.
Clear strategic fit and complementary strengths
The partnership is based on a strong strategic fit and shared long-term ambitions. Cavendish Hydrogen’s expertise in hydrogen systems and system integration is highly complementary to BHDT‘s capabilities in industrial engineering, manufacturing, and project execution.
This combination is expected to support continued product development, enable scaling of operations, and enhance execution capabilities in the hydrogen sector.
Accelerating market expansion and innovation
Through structured commercial and research and development cooperation, the partnership is designed to accelerate market expansion within hydrogen and adjacent energy markets. Both companies aim to leverage their combined strengths to drive innovation and unlock new growth opportunities.
Framework for long-term cooperation with maintained independence
In parallel with the investment, the parties have entered into commercial and R&D agreements that establish a framework for structured dialogue, evaluation of opportunities, and long-term collaboration.
The agreements preserve the operational independence and intellectual property of both parties. There are no minimum purchase obligations or exclusivity commitments.
Transaction details
Cavendish Hydrogen currently has 33,618,145 issued and outstanding shares. The Board of Directors has resolved to issue up to 5,940,749 new shares to BHDT, representing 17.7 % of the share capital on a pre-money basis. The subscription price will be set at NOK 8.73 per share, corresponding to the share price at signing.
The share issue will be registered with the Norwegian Register of Business Enterprises. A has agreed not to request or seek election of more than one board member and is subject to a one-year lock-up period following completion, subject to customary exemptions.