Drammen, Norway, 27 October 2023 - Hyon AS (HYON) ("Company") announces a market update.

Reference is made to the Company's announcement on 14 September 2023 regarding received offers from third parties that have suggested terms for reverse takeover transactions with issuance of new shares by the Company.

Hyon has signed a non-binding term sheet with an interested party, with an aim to present an agreed proposal for a transaction to be dealt with by the general meeting by year end 2023.

As previously disclosed, Hyon's core business is expected to be changed to markets unrelated to its current business, and its current business and technology are expected to be discontinued and/or potentially realised to maximise shareholders' value, should a transaction as proposed prove feasible.

Although a term sheet has been signed, it is non-binding on the parties save for customary provisions and the Company emphasizes that no assurances can be given as to the outcome, timing, or the signing of any definite transaction agreement.

The Company has undertaken customary confidentiality provisions and will provide further updates as appropriate and pursuant to its obligations as a listed company.

For further inquiries, please contact: Jørn Kristian Lindtvedt CEO (jorn.lindtvedt@hyon.energy),or Otto Søberg Chairman of the Board (Otto.Soeberg@outlook.com).