Cloudberry Clean Energy ASA

M&A Activity • Dec 20, 2023

Cloudberry Clean Energy ASA | Acquiring the remaining shares in Captiva

Cloudberry Clean Energy ASA | Acquiring the remaining shares in Captiva

Oslo, Norway, 20 December 2023: Cloudberry Clean Energy ASA ("Cloudberry") is

pleased to announce that it has acquired the remaining 40% of the shares in

Captiva Digital Services AS ("Captiva") from CCP AS. This is according to

Cloudberry's strategic plan and will continue to strengthen the synergies

between the two companies enabling further growth and development. Captiva's

external customers will remain top priority serving them with the same

integrity, competence and focus as always.

Captiva has since Cloudberry's acquisition of 60% of the shares in January 2022,

represented the Operations segment in the Group. Over the period, Captiva has

added significant value to Cloudberry's hydro development, procurement &

construction as well as being recognized as a high-quality asset manager for

power plants in the Nordics. Through the acquisition of the remaining shares,

Cloudberry will achieve full ownership of Captiva and is able to further

integrate the business areas within Captiva that is core for Cloudberry in order

to scale these in the best possible manner.

Captiva's digital platform is now industrially tested with strong feedback from

customers. Cloudberry will continue to evaluate how to best scale the digital

operations going forward which may include external partnerships.

"Since acquiring 60% of Captiva, we have clearly seen how Captiva's capabilities

within development and operations of renewable assets fit perfectly together

with Cloudberry's portfolio, strategy and expertise. We look forward to

continuing the journey together and further capitalize on the synergies", says

CEO Anders Lenborg.

Cloudberry will acquire 40% of the shares in Captiva for a cash consideration of

NOK 23 million (NOK 57 million on 100% basis). The enterprise value on a debt

and cash free basis for 100% of Captiva is ~NOK 107 million and verified through

a fairness opinion by a reputable third party. The change from enterprise value

to equity value consisting predominantly of internal debt to Cloudberry.

Cloudberry will recognize an impairment to reflect the agreed enterprise value

of Captiva on Cloudberry's balance sheet.

For information and relevant documents please visit our website

www.cloudberry.no

For further information, visit our company and IR website www.cloudberry.no or

contact:

Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no

Christian Helland, CVO, +47 418 80 000, ch@cloudberry.no

Ole-Kristofer Bragnes, Senior Financial Officer, +47 917 03 415,

okb@cloudberry.no

This information is subject to the disclosure requirements pursuant to Section 5

-12 of the Norwegian Securities Trading Act.

About Cloudberry

Cloudberry is a renewable energy company operating in the Nordics and in

accordance with local traditions. The Company owns, develops, and operates

hydropower plants and wind farms in the Nordics. Cloudberry is powering the

energy transition to a sustainable future by providing new renewable energy

today and for future generations. The Company believes in a fundamental long

-term demand for renewable energy in Europe. With this as a fundament,

Cloudberry is building a sustainable, scalable, efficient, and profitable

platform for creation of shareholder value. Cloudberry`s shares are traded on

Oslo Stock Exchange's main list (Oslo Børs), supported by strong owners and led

by an experienced team and board. The Company has offices in Oslo, Norway (main

office), Karlstad, Gothenburg and Eskilstuna in Sweden and Lemvig in Denmark. To

learn more about Cloudberry, go to www.cloudberry.no