Metacon has, through its shareholding in Norwegian Pherousa AS ("Pherousa") received two initial Approvals in Principle (AiP) for its Ammonia Cracking technology, exclusively licensed to Pherousa for use onboard ships, granted by American Bureau of Shipping (ABS) and DNV on an independent evaluation basis. The AiP's come with no show-stopper conditions, affirming the viability and safety of the Pherousa Ammonia Cracking technology onboard ships with PEM Fuel Cells and FGSS (Fuel Gas Supply Systems), generating fully electrical propulsion. DNV and ABS are the world's two largest maritime classification societies in terms of share of the total global fleet by gross tonnage.

This milestone achievement marks a significant step forward in the development of sustainable emission-free propulsion solutions for the maritime industry. Key partners in the work towards the two AiP's include the ship designer Deltamarin, the flag state Marshall Islands, the FGSS supplier Babcock International as well as Metacon. For additional information see www.pherousa.no

Pherousa holds an exclusive license to Metacon's ammonia cracking technology for maritime use on board vessels. Pherousa is together with Metacon and other partners developing this innovative Ammonia Cracking technology based on Metacon's HIWAR® technology. The overall goal is to make the transition to fossil-free and zero-emission propulsion within the maritime short- to deep-sea transport sectors a reality. Unlike conventional fuels, ammonia is a non-explosive liquid that carries a significant amount of clean hydrogen energy that, if technology is developed to utilize the contained hydrogen, can be used to drive new types of engines onboard. Therefore, ammonia as a fuel has potential to provide the solution for enabling the shift to carbon-free maritime transportation.

"Ammonia is gaining momentum as a hydrogen carrier for technology application onboard vessels, from coastal to deep-sea shipping and in parallel with this development, Clean Ammonia could potentially make up about 13 percent of the global ammonia supply by 2030. The AiP's now allow Pherousa to continue the design and construction of the zero-emission series of 64.000 dwt Bulk Carriers earmarked for the Copper industry. Only ships that have no carbon fuels onboard can ensure the end-users that the copper utilized for solar panels or electric cars is free of emissions in its supply chain.", according to Hans Bredrup, Chairman of Pherousa AS.

The Pherousa subsidiary, Pherousa Shipping, has worked closely with two major copper miners during the design process of the Ultramax 64.000 dwt vessel, to find the optimal layout for an emission free transportation of copper concentrates between its origin and the smelters. The vessels are intended to be on water in connection with the new IMO regulation that comes into force in 2030, thus allowing the cargo industry to use fully emission free vessels for their transportation of goods across the oceans.

The patented Ammonia Cracking HIWAR® based reactor by Metacon is a technology designed to efficiently convert ammonia into high-quality hydrogen fuel. By its exclusive license agreement to Pherousa for use directly on-board ships, it represents a significant leap forward in sustainable maritime energy, paving the way for a cleaner, greener future in the industry.

The Metacon-Pherousa Ammonia Cracking can be applied to a variety of developed technologies, such as supplying Hydrogen to PEM Fuel Cells, replacing conventional fuels with Hydrogen as pilot fuel on Ammonia fueled Internal Combustion Engines (ICE), supplying Hydrogen Internal Combustion Engines (ICE), all yielding 100% emission free propulsion, as well as supplying Hydrogen to Auxiliary Engines to reduce or eliminate emissions. Any of the four alternatives holds final potential to be fitted onboard any type of vessel with an engine power up to 15-20 MW.

"I am very pleased to see the fast continued progress in Pherousa for the use and development of our Ammonia Cracking technology in the maritime sector. Ammonia remains the only CO2-free solution for deep-sea shipping decarbonization, with both fuel cell and combustion engine options for the marine drive trains. The partnership structure around Pherousa is powerful and AiP from both ABS and DNV is a significant milestone and gamechanger towards commercialization" says Christer Wikner, President & CEO of Metacon and board director of Pherousa.

For further information, please contact Christer Wikner, by phone + 46 707-647389 or e-mail info@metacon.com

This information is information that Metacon AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 13:00 CET on 11 March 2025.

To read the press release from Pherousa, visit www.pherousa.no

About Metacon AB (publ)

Metacon AB (publ) develops and manufactures energy systems for the production of fossil-free "green" hydrogen. The products in the Reforming business unit are based, among other things, on a patented technology that generates hydrogen through catalytic steam reforming of biogas or other hydrocarbons. The development of Metacon's reforming products is carried out within the wholly owned subsidiary Metacon S.A in Patras, Greece. The business is focused on catalytic process chemistry and advanced reformers for high-efficiency hydrogen production.

Metacon also offers complete electrolysis plants to produce hydrogen and integrated hydrogen refueling stations, a large and globally growing area within green hydrogen. Electrolysis is a process of driving a chemical reaction to split water by adding electricity. If the electricity used is fossil-free, the hydrogen will also be fossil-free and climate-neutral ("green"). Green hydrogen can be used in the transport sector, basic industry and the real estate sector, among others, with a better environment and climate as a result.

For more information please see:
www.metacon.com | X: @Metaconab | LinkedIn: www.linkedin.com/company/metaconab

About Pherousa

Pherousa, a Norwegian technology company within the maritime industry, navigating the challenges of hydrogen storage, making deep-sea shipping cleaner and greener. Our groundbreaking ammonia-based technology, developed by our shareholders Metacon SA in Greece, offers a beacon of hope for carbon-free shipping. Ammonia, devoid of carbon in its molecular blueprint, emerges as the industry's superior hydrogen carrier.

For more information please see:
www.pherousa.no | LinkedIn:  www.linkedin.com/company/pherousa-as/