Refuels N.V. – grant of share options to primary insiders

ReFuels N.V. (ticker: REFL) ("ReFuels"), one of Europe's leading suppliers of
renewable biomethane (Bio-CNG) for the decarbonisation of heavy goods vehicles
listed on Euronext Growth Oslo, hereby announces that the Board of Directors
of ReFuels has granted a total of 1,471,039 share options to members of senior
management and employees of ReFuels and its subsidiaries and subsidiary
undertakings (the "Group") (the "Option Grant").

The options have been granted in accordance with the board and shareholder
approvals granted on 9 May 2023 and form part of ReFuels' and its Group's
management and long-term incentive plan.

The exercise price is NOK 29.81 per share, being equal to 120% of the price
per share in the private placement completed in April 2023, ahead of the
admission to trading of ReFuels on Euronext Growth Oslo on 12 May 2023. Each
share option gives the holder the right to purchase one ordinary share in the
capital of ReFuels.

The options vest in tranches, with 25% vesting in August 2024, 25% vesting in
August 2025, 25% vesting in August 2026 and 25% vesting in August 2027. To the
extent vested, options held by (i) executive and non-executive directors are
normally exercisable three years after the grant date

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