Cloudberry Clean Energy ASA ("Cloudberry" or the "Company"), together with
Hafslund Vekst AS, is pleased to announce that the partners have reached a final
investment decision (FID) in the joint development of Dingelsundet Battery
Energy Storage System ("BESS") project, located outside Karlstad, Sweden. The
project's size will be 24 MW/ 48 MWh and the partners will own 50% of the
project each.

The project is made possible by pivoting from offshore wind to energy storage,
enabled by a significant reduction in battery cost over the past three years and
strong market outlook for grid flexibility in the Nordics, as evidenced by the
record-high imbalance price in recent months.  Both Hafslund and Cloudberry view
this as an attractive opportunity to invest in emerging technology with
substantial market potential.

"This investment is a testament to Cloudberry's commitment to driving the energy
transition in the Nordics. Together with Hafslund, we are proud to take a
pioneering role in deploying new storage technologies that enable a more
flexible and resilient power system," says Anders Lenborg, CEO of Cloudberry
Clean Energy ASA.

The project will be financed with a 50/50 split between equity and debt, making
it one of the first BESS projects in the Nordics to achieve project financing.
The total estimated CAPEX cost is approximately 11 million Euros on a 100%
basis.  Construction is scheduled to begin in August 2025, with commissioning
expected in the third quarter of 2026. Looking ahead, the project partners see
potential to expand the site with additional battery capacity and explore the
integration of power production, enabling further value creation and supporting
the ongoing energy transition in the region.

For further information, visit our company and IR website: www.cloudberry.no or
contact:
Anders Lenborg, CEO, +47 934 13 130, [email protected]
Ole-Kristofer Bragnes, CFO, +47 917 03 415, [email protected]
Christian Helland, CCO, +47 418 80 000, [email protected]
Anders Østby, Director Solar and Onshore Wind, Hafslund, +47 957 60 370,
[email protected]
About Cloudberry
Cloudberry is a renewable energy company operating in the Nordics and in
accordance with local traditions. The Company owns, develops, and operates
hydropower plants and wind farms in the Nordics. Cloudberry is powering the
energy transition to a sustainable future by providing new renewable energy
today and for future generations. The Company believes in a fundamental long
-term demand for renewable energy in Europe. With this as a fundament,
Cloudberry is building a sustainable, scalable, efficient, and profitable
platform for creation of shareholder value. Cloudberry`s shares are traded on
Oslo Stock Exchange's main list (Oslo Børs), supported by strong owners and led
by an experienced team and board. The Company has offices in Oslo, Norway (main
office), Karlstad, Gothenburg and Eskilstuna, Sweden and Lemvig Denmark. To
learn more about Cloudberry, go to www.cloudberry.no

About Hafslund
At Hafslund, we go to work every day to ensure access to clean, renewable energy
- something we've been doing for over 130 years. Every year, we produce 21 TWh
of hydropower from our facilities, which supplies electricity to more than 2.6
million people. In addition, we deliver 1.9 TWh of district heating to 400,000
people and businesses in Oslo, and we serve one million grid customers through
our ownership in Elvia. We also develop and own wind farms. Our owner is the
City of Oslo.  We are now establishing operations in Sweden including energy
storage and energy production from renewable sources. To learn more about
Hafslund, go to www.hafslund.no