Contract was signed at Delta’s Tainan Plant 2. From left: Hans Fredrik Lindøen-Kjellnes, CEO Eld Energy, Koichi Matsumiya, CTO of MODEC, and Charles Tsai, General Manager of Delta’s   Hydrogen Energy Business Division Eld Energy Announces Statement of Strategic Intent with MODEC and Delta to develop Marine SOFC System for Power Generation. The three companies formalized their collaboration on January 29, 2026, with testing planned throughout 2027 and a focus on FPSO applications. Tainan, Taiwan, January 30 2026 – Eld Energy AS ("Eld Energy") has signed a Statement of Strategic Intent with MODEC, Inc. ("MODEC") and Delta Electronics, Inc. ("Delta") on January 29, 2026, toward collaboration in the development of solid oxide fuel cell ("SOFC") power generation system, aiming to establish a new global standard for high efficiency power solutions in offshore and maritime applications, including FPSOs (Floating Production, Storage and Offloading systems). The collaboration commences with an initial purchase order for Delta's SOFC stacks marking the first milestone. Delta's SOFC stack, based on a steel supported design, offers excellent mechanical durability and is highly reliable for offshore deployment. This purchased order advances the development of a 120 kW SOFC Module Prototype for application on an FPSO. Onshore testing of the prototype module, including the integrated power electric system is scheduled for 2027. At the signing ceremony, representatives from each company shared their remarks underscoring the significance of the collaboration and its future direction. Hans Fredrik Lindøen-Kjellnes, CEO of Eld Energy, stated, "Eld Energy specializes in offshore and maritime energy solutions. This collaboration integrates Delta's Solid Oxide Stacks into our SOFC systems, offering superior efficiency and stability. This project validates SOFC mass production and feasibility, accelerating offshore and maritime decarbonization." Koichi Matsumiya, Chief Technical/Technology Officer (CTO) of MODEC Group, commented, "By advancing an innovative SOFC solution with Delta and Eld, we see a credible pathway to minimize GHG emissions and achieve two goals that often appear at odds: ensuring a stable supply of oil and gas indispensable to humanity while reducing environmental impact and contributing to planetary sustainability. This collaboration could be a true game changer, and I place great hope in it." Dr. Charles Tsai, General Manager of Delta's Hydrogen Energy Business Division, stated, "Delta is dedicated to providing innovative, energy-efficient solutions. In recent years, we have actively invested in hydrogen energy development to empower industries in their transition toward a low-carbon future. This tripartite collaboration introduces a comprehensive hydrogen solution—from stacks and fuel cells to power management systems—onto FPSOs. By replacing conventional equipment with low-carbon alternatives, this project extends Delta's hydrogen blueprint into offshore and maritime applications." About Eld Energy Eld Energy is a Norwegian firm that specializes in design and delivery of fuel cell systems for offshore applications. The company has assembled a team of Europe's foremost experts in the design and industrialization of maritime fuel cells with the aim to decarbonize offshore installations and deep-sea shipping. For further information: https://www.eldenergy.com About MODEC MODEC is a leading provider of floating production solutions such as Floating Production Storage and Offloading (FPSO) vessels to the offshore oil & gas industry. MODEC performs Engineering, Procurement, Construction and Installation (EPCI) activities for FPSOs, and further by owning and operating its own FPSOs, it provides oil companies around the world with comprehensive and competitive solutions for oil & gasproduction services. For further information: https://www.modec.com   About Delta Delta, founded in 1971 and listed on the Taiwan Stock Exchange, is a global leader in power and thermal management with a thriving portfolio of IoT-based smart energy-saving solutions in the fields of data center infrastructure, microgrids, smart manufacturing, intelligent buildings, and E-mobility to nurture mankind’s sustainable development. As a world-class corporate citizen guided by its corporate mission, “To provide innovative, clean and energy-efficient solutions for a better tomorrow,” Delta leverages its core competence in high-efficiency power electronics and its ESG-embedded business model to address key environmental issues related to climate change. Delta serves customers through its sales offices, R&D centers and manufacturing facilities spread over close to 200 locations across 5 continents. For further information: https://www.deltaww.com

Conceptual Illustration    of a MODEC FPSO with a full scale (100 MW) SOFC installation. Photo credit:  MODEC, Inc. Norwegian fuel cell technology company Eld Energy and Japanese offshore oil & gas production leader MODEC have signed a landmark agreement to develop a 120kW solid oxide fuel cell system with integrated carbon capture for floating offshore oil and gas platforms. The technology promises to revolutionize power generation across the maritime and offshore sectors, offering a scalable pathway to drastically reduce emissions from floating production facilities Tokyo, Japan – 26.01.2026 Eld Energy AS (“Eld Energy”) today announced the signing of an agreement with MODEC, Inc. (“MODEC”) to jointly develop an integrated 120 kW solid oxide fuel cell (“SOFC”) and CO₂ capture system designed for FPSOs (Floating Production, Storage and Offloading systems). The joint development agreement covers prototype design and manufacturing of a low carbon offshore power solution, with onshore operational testing planned by 2027 and offshore demonstration commencing from 2028 onward.   Eld Energy and MODEC have advanced the joint design and manufacturing of a pilot scale 40kW SOFC offshore power system   since 2025, utilizing associated natural gas produced in FPSO production, building on the intrinsic advantages of SOFCs—higher efficiency and lower emissions than conventional offshore power sources such as gas turbine generators (GTGs).   The newly signed agreement scales the SOFC output from 40 kW to 120 kW, marking an important step toward phased deployment on FPSOs. In addition, the SOFC will integrate a CO₂ capture and fuel recovery unit optimized for SOFC exhaust to reduce the carbon intensity of FPSO power generation. These initiatives are expected to steadily enhance both the environmental performance and operational value of FPSOs.   For Eld Energy, this represents a critical breakthrough in the commercialization of the technology. The 120 kW module is the first iteration of Eld's future product platform and a vital demonstration of the scalability of the technology. By integrating carbon capture directly into the fuel cell system, we are demonstrating how SOFC technology can not only reduce emissions but actively capture CO₂ from offshore power generation. This opens a transformative opportunity for the global offshore industry - a pathway to zero emission that combines higher energy efficiency with active carbon management. The contract was signed at the Norwegian Embassy in Tokyo. From the left: Kristin Iglum, Ambassador of Norway to Japan, Hans Fredrik Lindøen-Kjellnes, CEO Eld Energy, Hirohiko Miyata, President and CEO of MODEC, and Koichi Matsumiya, CTO of MODEC     About Eld Energy Eld Energy is a Norwegian firm that specializes in design and delivery of fuel cell systems for offshore applications. The company has assembled a team of Europe's foremost experts in the design and industrialization of maritime fuel cells with the aim to decarbonize offshore installations and deep-sea shipping. For further information: https://www.eldenergy.com   About MODEC MODEC is a leading provider of floating production solutions such as Floating Production Storage and Offloading (FPSO) vessels to the offshore oil & gas industry. MODEC performs Engineering, Procurement, Construction and Installation (EPCI) activities for FPSOs, and further by owning and operating its own FPSOs, it provides oil companies around the world with comprehensive and competitive solutions for oil & gas production services. For further information: https://www.modec.com

The 40kw SOFC System will be installed on an FPSO in 2026. Photo credit:  MODEC, Inc. Eld Energy and MODEC Advance to Phase 2: Installation of a Solid Oxide Fuel Cell (SOFC) onboard a Floating Production Storage and Offloading (FPSO) Tokyo, Japan / Bergen, Norway – 16.07.2025 - Eld Energy AS, a Norwegian fuel cell system company, is proud to announce the commencement of Phase 2 of its collaboration with MODEC. Building on the successful completion of the initial feasibility and design phase, this next milestone will see the manufacturing and installation of a 40-kW solid oxide fuel cell (SOFC) system aboard one of MODEC’s floating production storage and offloading (FPSO) vessels operating offshore. The unit, to be manufactured by Eld Energy at its facility in Bergen, Norway, is scheduled for installation in 2026. This deployment marks a significant step toward demonstrating the viability of solid oxide fuel cells in offshore energy environments - offering a cleaner, more efficient alternative to traditional power sources. This phase follows the successful feasibility study, where the two companies collaborated on system design and integration studies. As part of the study, a successful laboratory test was conducted using simulated produced gas, including heavier hydrocarbons — a critical milestone that enabled the progression to Phase 2 "We’re excited to deepen our partnership with MODEC and move one step closer to showcasing solid oxide technology at sea," said Hans Fredrik Lindøen-Kjellnes CEO of Eld Energy. "Phase 2 is not just a technical milestone — it’s a statement of confidence in the role SOFCs can play in the decarbonization of offshore operations." “We are thrilled to take this step-ahead with Eld Energy in the innovation of SOFC as an alternative power generation system”, said Koichi Matsumiya, CTO of MODEC. “Although we foresee technical hurdles to overcome in this R&D journey, we are committed to pioneering into it with strong will to provide solutions that deliver stable energy in low GHG emissions. Eld Energy’s solution offers high-efficiency power generation with low emissions, aligning with the maritime and energy sectors' drive toward more sustainable operations. By integrating advanced SOFC systems into existing offshore infrastructure, the companies aim to reduce environmental impact while maintaining operational reliability. The project represents the first real-world implementation of SOFC technology on an FPSO. About Eld Energy Eld Energy is a Norwegian firm that specializes in design and delivery of fuel cell systems for offshore applications. The company has assembled a team of Europe's foremost experts in the design and industrialization of maritime fuel cells with the aim to decarbonize offshore installations and deep-sea shipping. https://www.eldenergy.com About MODEC MODEC is a leading provider of floating production solutions such as Floating Production Storage and Offloading (FPSO) vessels to the offshore oil & gas industry. MODEC performs Engineering, Procurement, Construction and Installation (EPCI) activities for FPSOs, and further by owning and operating its own FPSOs, it provides oil companies around the world with comprehensive and competitive solutions for oil & gas production services. For more information, please visit https://www.modec.com/

The long-term goal is to deploy an 80+ MW SOFC system on an FPSO by 2030. Photo credit: MODEC Inc Eld Energy has been awarded a contract by MODEC for a feasibility study on Solid Oxide Fuel Cells (SOFC) integration onboard a Floating Production Storage and Offloading (FPSO) unit. The long-term goal is to deploy an 80+ MW SOFC system offshore by 2030 Tokyo, Japan – 25.02.2025 Eld Energy AS, a Norwegian fuel cell system engineering company, is pleased to announce that it has been awarded a contract by MODEC, Inc., a global provider of floating production solutions, for a feasibility study. This study will focus on the integration of Solid Oxide Fuel Cells (SOFC) onboard a Floating Production Storage and Offloading (FPSO) unit. The ambition of the cooperation is to develop multi-MW power plants being able to replace gas turbines offshore by 2030 and thereby increase efficiency and reduce emissions. The contract signing took place in Tokyo, marking a significant milestone in the collaboration between Eld Energy and MODEC. The study aims to explore the feasibility and benefits of utilizing SOFC technology to enhance the efficiency and environmental performance of FPSO units. "We are thrilled to partner with MODEC on this groundbreaking project," said Hans Fredrik Lindøen-Kjellnes, CEO at Eld Energy. "This collaboration underscores our joint commitment to reducing CO2 emissions and contributing to a more sustainable future for the offshore industry." MODEC's decision to engage Eld Energy for this study highlights the company's confidence in Eld Energy's expertise and innovative approach to energy solutions. The study will assess the technical and economic viability of integrating SOFC systems, with high efficiency and low emissions, into FPSO operations. “We are delighted to partner with Eld Energy to advance this innovative technology”, said Yasushi Ueda, R&D Program Manager at MODEC. “We view offshore fuel cells as a promising technology that delivers practical solutions to navigate the energy transition. Through this collaboration, we explore a sustainable future with innovation, together.”   Hans Fredrik Lindøen-Kjellnes, CEO at Eld Energy and Yasushi Ueda, R&D Program Manager at MODEC during the signing at MODEC HQ in Tokyo. About Eld Energy Eld Energy is a Norwegian engineering firm that specializes in designing fuel cell systems for offshore applications. The company has assembled a team of Europe's foremost experts in the design and industrialization of maritime fuel cells with the aim to decarbonize offshore installations and deep-sea shipping. About MODEC MODEC is a leading provider of floating production solutions such as Floating Production Storage and Offloading (FPSO) vessels to the offshore oil & gas industry. MODEC performs Engineering, Procurement, Construction and Installation (EPCI) activities for FPSOs, and further by owning and operating its own FPSOs, it provides oil companies around the world with comprehensive and competitive solutions for oil & gas production services. For more information, please visit https://www.modec.com/

Launching Eld Energy – Set up to decarbonize offshore operations! Bergen 03.02.2025 Today marks the launch of Eld Energy. The company is established by a group of impatient engineers, determined to make the most efficient power conversion technology out there. Our solutions are based on high-temperature fuel cell technology, enabling zero emission operation at superior efficiency.  The company is based in Bergen, Norway on the back of more than 30 years of research and development of Fuel Cells. Our mission is to decarbonize the hard-to-abate offshore industries.  Electrifying large power consumers, such as oil & gas installations and large oceangoing ships, is costly or nearly impossible with existing technologies due to the high energy demands and the limitations of current infrastructure​ By leveraging our extensive experience in the maritime and oil & gas industries, our systems are purpose built to withstand harsh marine conditions on offshore installations and deep-sea vessels.