Not for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States, Australia, Canada, Japan, South Africa, or any other jurisdiction where such release, publication or distribution would be unlawful.

6 April 2022

New Energy One Acquisition Corporation Plc

("NEOA" or the "Company")

Completion of Share Capital Reduction

Following the disclosure in the prospectus published by the Company on 9 March 2022 (the "Prospectus") and pursuant to a shareholder resolution of the Company passed on 7 March 2022, the Company is now pleased to announce that on 5 April 2022 the High Court of England and Wales sanctioned the cancellation of the amount standing to the credit of the Company's share premium account immediately following Admission (the "Share Capital Reduction").

The purpose of the Share Capital Reduction is to create distributable reserves to enable the redemption of Ordinary Shares as described in the Prospectus and in accordance with the Company's Articles of Association, thereby enabling the Company to meet the condition of Listing Rule 5.6.18AG(7). As described in the Prospectus, the Company's compliance with Listing Rule 5.6.18AG(7) was subject to Court approval of the Share Capital Reduction. As a result of Court approval of the Share Capital Reduction, and subject to the Company continuing to meet the conditions set out in LR 5.6.18AG and the Company providing a written Board a confirmation to the FCA at the time of any announcement or leak of a proposed Business Combination as set out in LR 5.6.18CR, the Company expects that the Ordinary Shares and the Public Warrants would not be suspended from listing and trading at the time of announcement or leak of a proposed Business Combination. Any remaining distributable reserves not used for the redemption of Ordinary Shares will be available for general corporate purposes.

The Court order confirming the Share Capital Reduction, and a statement of capital approved by the Court in connection therewith, will be sent to the Registrar of Companies shortly and accordingly the Share Capital Reduction will become effective upon the registration of the Court order and associated statement of capital by the Registrar of Companies.

The Share Capital Reduction will not result in a change in the number of Ordinary Shares or Sponsor Shares in issue or their nominal value of £0.001 each. The total number of voting rights in the Company will remain at 21,875,000 immediately following the Share Capital Reduction and this figure may continue to be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Ordinary Shares under the Disclosure Guidance and Transparency Rules.

Defined terms in this announcement shall have the meaning ascribed to them in the Prospectus unless otherwise specified.

The Prospectus is available on the Company's website at https://neoa.london, subject to certain access restrictions.

Enquiries:

Finsbury Glover Hering - Communications Advisor

Adrian Rimmer, Partner                          +44 (0) 207 251 3801

Alice Neave, Associate Director                         +44 (0) 7827 820 629

About New Energy One Acquisition Corporation Plc

NEOA has been formed for the purpose of effecting a business combination with targets that are positioned to participate in or benefit from the global transition towards a low carbon economy, what is called the "Energy Transition", which are headquartered in, or which have or are expected to have a substantial nexus to, Europe.

NEOA is sponsored by LiveStream LLC ("LiveStream") and Eni International B.V. ("Eni"), a wholly owned subsidiary of Eni S.p.A (each of Livestream and Eni being a "Sponsor Entity" and together, the "Sponsor Entities"). LiveStream is an investment company formed by one of NEOA's executive directors, Sanjay Mehta.

NEOA has a highly experienced executive team (the "Executive Team") who collectively have more than 20 years of proprietary fund management and principal investment experience, and more than 60 years of extensive capital markets, corporate finance and operational experience in the energy industry. NEOA's executive team is supported by a strong group of independent board and strategic advisors with broad market expertise and deep industry contacts, including with companies that are at the heart of the Energy Transition.