BW Ideol AS

Share Issue/Capital Change • Mar 22, 2023

BW Ideol entered into exclusive negotiations to raise ? 40 million from ADEME Investissement to co-fund the growth of its project development activities

BW Ideol entered into exclusive negotiations to raise ? 40 million from ADEME Investissement to co-fund the growth of its project development activities

BW Ideol AS, a global leader in floating wind, and ADEME Investissement, a

state-owned French financier of innovative infrastructure projects, have agreed

to enter into exclusive negotiations for a EUR 40 million funding by ADEME

Investissement of BW Ideol's project development activities.

Transaction highlights:

* Creation of a subsidiary for all BW Ideol's co-development activities ("BW

Ideol Projects Company" or "DevCo")

* Initial investment of EUR 16.7 million by ADEME Investissement ("First

Closing")

* Further capital injections for a total of EUR 23.3 million based on project

funding calls for each of ADEME Investissement and BW Ideol

* Around EUR 72 million post-money valuation of DevCo (at First Closing)

* 76.6% ownership of DevCo by BW Ideol, 23.4% ownership by ADEME

Investissement (at First Closing)

* Annual service agreement paid to BW Ideol to cover DevCo's management costs

Under the agreed terms, BW Ideol will transfer its co-development project

portfolio to a newly created subsidiary DevCo, subject to approval of projects

partners and tendering authorities. ADEME Investissement will invest a total of

EUR 40 million in equity into DevCo through capital increases, with an initial EUR

16.7 million paid at First Closing by ADEME Investissement, and subsequent

capital injections based on project funding calls with a co-financing at equal

share between BW Ideol and ADEME Investissement.

Following First Closing, BW Ideol will own 76.6% of DevCo, representing a post-

money valuation of DevCo of around EUR 72 million. ADEME Investissement is set to

increase its holding over time as further projects are matured and financed.

Under the agreement, BW Ideol will be responsible for DevCo's management through

a service agreement. When all funding calls are completed, each of ADEME

Investissement and BW Ideol will have invested EUR 40 million each in DevCo.

ADEME Investissement has been granted a two-month period of exclusivity for the

transaction, with a target to complete First Closing by end of Q2-2023, subject

to final negotiations and approval by the respective decision bodies of BW Ideol

and ADEME Investissement.

BW Ideol will retain full ownership of its other business activities and assets,

including:

* its technology and related IP and know-how portfolio,

* its floater EPCI business line and the exclusivity with the Port of

Ardersier in Scotland for a floater production line,

* the Floatgen demonstrator,

* the ownership in the EolMed project,

* all the teams, including engineering, business development, project

execution, supply chain, legal, innovation, finance.

"In addition to the agreement with ADEME Investissement, we have signed today a

EUR 12 million shareholder loan with BW Offshore and Noria. With these two

transactions, we expect to be fully funded to execute our business plan for the

next 12 months, with no dilution on existing shareholders" said Paul de la

Guérivière.

About BW Ideol

BW Ideol is a leading fully integrated platform in floating offshore wind with

more than 12 years of experience from design, execution and development of

floating wind projects based on our patented floating offshore wind technology

and engineering capabilities. The company has a dual-leg growth strategy as a

floater EPCI and maintenance services provider and as a wind-farm project

developer and co-owner. BW Ideol has two full-scale offshore floating wind

turbines in operation in France and Japan, a significant project pipeline, and

is supported by BW Offshore's extensive experience from developing and operating

offshore energy production systems.

About ADEME Investissement

Created in December 2018 as part of the Investment for the Future programme,

then integrated to France 2030, ADEME Investissement SAS aims to finance in

equity or quasi equity innovative infrastructure projects in the area of

ecological and energy transition alongside with private investors. ADEME

Investissement is 100% held by the French State and has a budget of EUR400

million. For more details: https://www.ademe-investissement.fr/en/

About France 2030

The France 2030 investment plan:

* Sets out a twofold ambition: sustainably transforming key sectors of our

economy (energy, automotive, aeronautics and space) through technological

innovation, and positioning France not only as a player but as a leader in

the world of tomorrow. From basic research to the emergence of an idea and

the creation of a new product or service, France 2030 supports the entire

life cycle of innovation right up to industrialization.

* France 2030 is unprecedented in its scale: EUR54 billion is being invested so

that our businesses, our schools, our universities and our research

organizations fully succeed with their transitions in these strategic

sectors. The challenge is to enable them to respond in a competitive way to

the world's future ecological and attractiveness challenges, and to showcase

the future champions of our sectors of excellence. France 2030 is defined by

two overarching objectives, which will see 50% of expenses given over to the

decarbonization of the economy, and 50% to emerging key players, those at

the forefront of innovation, without neglecting the environment (in the

sense of the "Do No Significant Harm" principle).

* France 2030 is being implemented collectively: designed and deployed in

consultation with economic, academic, local and European key players to

establish strategic guidelines and decisive action. Project holders are

invited to submit their entries via the current application process, which

is a demanding and selective one, to benefit from state support.

* France 2030 is being led by the French General Secretariat for Investment,

in charge of France 2030, on behalf of the Prime Minister, and in

partnership with the relevant government ministries. France 2030 is being

implemented by the French National Research Agency (ANR), the French Agency

for Ecological Transition (ADEME), Bpifrance and the Caisse des Dépôts et

consignation (CDC).

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and subject to the disclosure requirements pursuant to

Section 5-12 the Norwegian Securities Trading

Act. This stock exchange release was published by Marie Bayard-Lenoir,

Communication Officer at BW Ideol, on March 22 at 12:15 CET.