Magnora ASA

Earnings Release • May 31, 2021

Magnora ASA: Increases ownership in portfolio company Evolar AB

Magnora ASA: Increases ownership in portfolio company Evolar AB

31 May 2021 – Renewable energy development company Magnora ASA is increasing its ownership in Evolar AB (Evolar) to 40.7 percent.

“Magnora is pleased to increase its shareholding in Evolar, and we believe the investment can deliver attractive returns to our shareholders and make a positive impact on society,” says Torstein Sanness, Executive Chairman of Magnora.

Evolar has a unique Perovskite deposition technology which will allow solar cell, module, and glass manufacturers to install a turn-key solution to increase cell efficiency significantly with a limited cost increase. The Evolar technology and product development is led by Chief Scientific Officer, Professor Lars Stolt, and CTO Dr. Olle Lundberg, who have several decades’ experience from research and industrialisation of thin film technologies.

The Evolar team holds several world records within CIGS based thin film solar cells already and is utilizing its knowledge to ensure that Perovskite boosted conventional solar cells will be made with the same speed, quality and uniformity as CIGS based modules.

Magnora announced its first investment in Evolar on 16th of November 2021, with a 28.44% stake in the company. Today Magnora is pleased to announce that Evolar has reached all milestones from the original business plan and Magnora has decided to call the first of three options to increase its shareholding in the company to 40.7%. When (and if) all options have been exercised, Magnora will own 63.5% of Evolar AB.

Magnora will use its existing cash holding for the acquisition. The strike price was set late last summer. The share price is approximately equal for all options and similar to the original acquisition price last year. Magnora has cash at hand to exercise all remaining options based on the current business plan.

The Perovskite opportunity represents a strategic inflection point for the solar industry, regular businesses, and consumers with efficiency rates leaping at a time where society are looking for sustainable ways to make green energy concludes CEO of Magnora Erik Sneve.

“Our perovskite tandem cells offer much higher efficiency for about the same per-watt manufacturing cost,” says Evolar CEO Mats Ljunggren. “Now is the time to invest in tandem solar cells. There’s no doubt this is where the market is heading.”

Ljunggren’s view is shared by renowned solar researcher Anders Hagfelt, Vice Chancellor of Uppsala University and a Scientific Advisor to Evolar. “Perovskite technology is ripe for commercialization,” says Hagfelt, who also holds a world record in perovskite solar cell efficiency. “I expect to see several solar cell manufacturers using this technology within a few years.”

ENDS

For further information, please contact:

Torstein Sanness, Executive Chairman, sanness at sf-nett.no

Erik Sneve, CEO, Magnora ASA, es at magnoraasa.com

About Magnora

Magnora ASA (OSE: MGN) is a profitable renewable energy development company looking for green investment opportunities. Magnora’s portfolio of renewable companies consists of Evolar AB, Helios Nordic Energy AB, Kustvind AB, Magnora Offshore Wind AS, Vindr Group AS, and a South African SPV. The company is listed on the main list on Oslo Stock Exchange under the ticker MGN.

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