MEMORANDUM OF UNDERSTANDING

BETWEEN INNOVATION NORWAY AND THE WASHINGTON STATE DEPARTMENT

OF COMMERCE, OFFICE OF ECONOMIC DEVELOPMENT AND COMPETITIVENESS

SEATTLE, WA, MAY 16, 2019 ASSEMBLED

The signatory of the first part, Innovation Norway, the registered address of which is at
Akersgata 13, 0158 Oslo, Norway, duly represented in this act by Ms. Inger Solberg, Senior
Vice President - Sustainability, who has been authorized to sign this agreement

And the signatory of the second part, the Washington State Department of Commerce, the
registered address of which is at 11011 Plum St. SE Olympia, Washington 98504, duly
represented in this act by its Director of the Office of Economic Development and
Competitiveness, Chris Green who has been authorized to sign this agreement.

Both signatories hereunder mutually acknowledging their sufficient legal powers and
capacity to enter into this Memorandum of Understanding (hereinafter the "Memorandum")
hereby

PREAMBLE

I. Whereas, Innovation Norway is the Norwegian Government's most important

instrument for innovation and development of Norwegian enterprises and industry.
Innovation Norway is owned by the Ministry of Trade, Industry and Fisheries (51%) and
the county authorities (49%) with the purpose of creating value by stimulating profitable
business development throughout Norway. Innovation Norway programs and services
are intended to create more successful entrepreneurs, more enterprises with capacity
for growth and more innovative business clusters.

II. Whereas, the Office of Economic Development and Competitiveness is a division of the
Washington State Department of Commerce, a public agency set up under the laws of
Washington RCW 43.330.020, the purpose of which is to play a guiding and
coordinating role in the promotion of Washington products, projects, services and
investments abroad, as well as to attract, promote and maintain foreign investment in
Washington State.

III. Whereas, Norway and Washington State have demonstrated global leadership and
shared economic and environmental goals in the development and utilization of clean
technologies and innovation in the Blue Economy which includes maritime vessels,
ocean technology, monitoring and surveillance, cyber security and information and
communication technology, fisheries and seafood sectors, and infrastructure.

IV. Whereas, Norway and Washington State share additional goals in the development and
promotion of the Green Economy, including grid modernization, battery storage,
renewable energy generation, clean transportation, energy efficiency, clean building
technology and deep decarbonisation.
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V. Whereas, the signatories, pursuant to their respective powers, attributions and
resources, and under the legal and regulatory provisions by which they are bound,
believe it viable to sign this Memorandum to strengthen relations between both bodies,
to promote economic cooperation and to develop trade relations between Norwegian
and Washington companies and to boost collaboration in the internationalisation of
SMEs (small and medium sized enterprises) based in Norway and Washington State.

Both signatories place emphasis on fostering an environment of innovation as a key factor

for economic growth, and they recognize and value the potential benefits of collaborative
activities.

In the light of the foregoing

STIPULATE

I. AREAS OF COOPERATION

Maritime Technology Innovation and the Blue Economy

a. Decarbonization of Vessels: Cooperating and supporting business development

activities between designers, suppliers, builders and operators of hybrid, full
electric and alternative fueled vessels as well as associated infrastructure,
including, but not limited to electric ferries.

b. Ocean Technology Innovation: Supporting technology development and

expansion opportunities for ocean science technology into maritime markets,
including, but not limited to offshore marine renewable energy, subsea sensors,
gliders, autonomy and robotics.

c. Modernization of Fishing and Seafood: Engaging sustainable fishing companies,

equipment suppliers, processing technology developers, and sustainable
aquaculture for business development, knowledge sharing and technology
transfer.

d. Maritime Digitalization: Share market opportunities for growth in big data

analytics, IoT, Smart Tech, ARAI, Blockchain, etc. for technology solutions to
maritime challenges. Smart Ports and sustainable shipping.

Clean Technology

a. Creating business development opportunities in the areas of clean transportation,

power generation, grid modernization, renewable energy, energy storage, high-
performance buildings and other clean technologies.

II. EXCHANGE OF INFORMATION

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To promote a permanent flow of the non-confidential information generated by both
institutions, both concerning the requirements and regulations to access their respective
markets as well as regards the exchange of commercial and investment information; to
facilitate the dissemination of such information whenever of mutual interest, maintaining due
confidentiality regarding the same where appropriate, whilst being bound by current laws,
standards and agreements related to confidentiality obligations and the protection of
personal data.

III. PROMOTION OF TRADE AND INVESTMENT

To support the interchange of activities geared towards promoting trade and investment that
have shared goals, such as business round tables or trade missions, the exchange of
information on markets, sectors, public requests for proposals and other business
opportunities related to trade and the attracting of investments between Norway and
Washington.

IV. BUSINESS OPPORTUNITIES

To reciprocally promote all types of information actions and the search for and attracting of
Norwegian and Washington investors, respectively, whilst also bolstering promotion
activities that may involve, among other actions: seminars and events presenting investment
opportunities in Norway and Washington.

V. TECHNICAL INFORMATION AND COOPERATION

To promote and provide education and training in international trade to strengthen public
employees and/or companies in foreign markets. To bolster the interchange of experiences
through mutual help in designing and implementing tools, programmes and support methods
to develop and internationalize exporter SMEs or those with export or investment potential.
To promote mutual technical assistance and cooperation by developing profiles, conducting
studies, carrying out projects, drawing up association schemes, traineeships, and seminars
and in any other way considered appropriate by the signatory entities.

VI. COSTS

All activities under this Memorandum will be subject to the availability of ordinary annual
funds to both signatories and do not create a legal requirement to commit or appropriate
additional funds to the activities outlined heretofore.

VII. DURATION

Initially, this Memorandum shall be good for two (2) years as of the date of its signing. This
initial term can be subsequently extended by the prior express agreement of both
signatories.

Notwithstanding the foregoing, this Memorandum can be terminated at any given moment
in time by either of its signatories upon prior notification of no less than three (3) months to
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this effect to the other signatory.

VIII. MODIFICATIONS

This Memorandum can be modified by mutual agreement of the signatories, which must be
given in writing.

IX. NON-LEGALLY BINDING AND INTERPRETATION

This Memorandum is not legally binding nor does it generate obligations under international
law.

Any disagreement regarding the interpretation or application of this Memorandum shall be

resolved by the signatories by mutual agreement, in good faith and in accordance with
objective and purpose pursued by the same.

In witness whereof, the signatories hereto sign this Memorandum on two original
counterparts on the date and in the location expressed at the beginning.

Innovation Norway Washington State

Department of Commerce

Gro Eirin Dyrnes Chris Green

Regional Director Americas, Director,
Innovation Norway Office of Economic Development and
Competitiveness,
Washington State
Department of Commerce

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