EAM Solar

Legal Proceedings Report • Oct 23, 2022

EAM Solar ASA: The Borgarting Court of Appeal has rejected the possibility of starting private criminal proceedings against Enovos Luxembourg in Oslo District Court

EAM Solar ASA: The Borgarting Court of Appeal has rejected the possibility of starting private criminal proceedings against Enovos Luxembourg in Oslo District Court

23 October 2022

EAM Solar ASA is not allowed to start private criminal proceedings against Enovos Luxembourg S.A. in Oslo District Court.

Borgarting Court of Appeal has rejected EAM Solar ASA's appeal against Oslo District Court's decision to reject the start of a private criminal proceedings against Enovos Luxembourg S.A.

The ruling from the Borgarting Court of Appeal is attached to the notification.

According to the Borgarting Court of Appeal, the fraud against EAM Solar ASA should not be brought before a Norwegian court in a private criminal proceedings since this is not in the public interest.

The Court of Appeal concludes that the fraud case falls under the jurisdiction of the Norwegian Criminal Code, and writes in its ruling that:

"The evidence and evidentiary arguments that EAM has shown points overall to the fact that Enovos' representatives on the board of Aveleos had so much information about the suspicion and the investigation related to false documents about the country of origin, which in turn had an impact on the right to subsidies, that it meant that EAM was misled by Enovos in connection with the purchase."

The Borgarting Court of Appeal, however, concludes in its assessment of the case's evidence "at a more general level" that there is "reasonable doubt as to whether EAM will be able to provide sufficient evidence of criminal guilt".

The company still has an ongoing criminal case in Milan as well as other related legal cases in connection with the fraud against EAM Solar ASA.

The company will explain in more detail the general and legal status in connection with the company's report for the third quarter on 15 November 2022, or earlier.

For further information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar ASA: EAM Solar ASA is a utility company that acquires and operates solar power plants. The Company currently owns solar PV power plants in Italy. The plants are operating under long-term sales contracts. In addition, the Company's business is lawsuits in relation acquisition of solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.