Market Overview

Hygo Energy Transition Ltd. Launches Initial Public Offering

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Hygo Energy Transition Ltd. (NASDAQ:HYGO) ("Hygo") announced today that it has launched an initial public offering of 23,100,000 common shares ("common shares") at an anticipated initial offering price between $18.00 and $21.00 per share pursuant to a registration statement on Form F-1 previously filed with the Securities and Exchange Commission (the "SEC"). In addition, Hygo intends to grant the underwriters a 30-day option to purchase up to an additional 3,465,000 common shares. Hygo has applied to list the common shares on the Nasdaq Global Select Marketplace under the ticker symbol "HYGO."

Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers for the offering. The offering of these securities will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933. A copy of the preliminary prospectus may be obtained from:

Morgan Stanley & Co. LLC

Attention: Prospectus Department

180 Varick Street, Second Floor

New York, New York 10014

prospectus@morganstanley.com

Goldman Sachs & Co.

Attention: Prospectus Department

200 West Street

New York, NY 10282

Telephone: (866) 471-2526

prospectus-ny@ny.email.gs.com

About Hygo Energy Transition Ltd.

Hygo provides integrated downstream LNG solutions to underserved markets by delivering low cost, environmentally sound energy alternatives to consumers around the world. Hygo's business includes (i) its network of existing and development stage marine LNG import terminals, (ii) its ownership of interests in existing and development stage large-scale power plants backed by high quality offtakers, and (iii) the downstream distribution of LNG from its terminals via marine and onshore logistics to major demand centers.

Important Information

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement may be obtained free of charge at the SEC's website at www.sec.gov under "Hygo Energy Transition Ltd." This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the size, timing or results of the initial public offering, represent Hygo's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Hygo's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Hygo does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Hygo to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with Hygo's initial public offering. The risk factors and other factors noted in Hygo's prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.

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