Magnora ASA

Regulatory Filings • Jan 29, 2021

Magnora enters partnership to establish floating wind company

Magnora enters partnership to establish floating wind company

Oslo, 29 January 2021: Renewable energy company Magnora ASA (Magnora) has entered into an agreement with an undisclosed global offshore energy technology and service company to establish a joint floating wind company called Magnora Floating Wind.

Magnora’s strategic partner has vast experience over many decades in all basins, water depths and weather conditions. It has broad experience from unique technology, local procurement and content, mass fabrication, project management, construction and installation processes. In addition, it is amongst the most experienced companies within hydrogen, E&P and floating wind market.

“Our joint capabilities will enable Magnora Floating Wind to become a leading player within the floating wind market. In addition, we believe the collaboration will be instrumental in bringing down the capital expenditure, increasing the revenue potential, and lowering the operating cost for floating wind going forward,” says Executive Chairman Torstein Sanness.

Magnora Floating Wind has already commenced its operations and started work on the application for the ScotWind round in Scotland, UK. In addition, the company will participate in the first offshore wind application round in Norway, which will open in 2021. Magnora Floating Wind will also consider entering new markets in the coming months.

“Magnora strongly believes in the electrification of the global economy. Norway has played a leading role within offshore technologies since the late 1960s, and Magnora and our partner bring together decades of combined knowledge regarding the development of profitable floating energy projects to new markets. We are already cooperating on several R&D initiatives to bring down lifecycle costs for floating wind,” adds Torstein Sanness.

Magnora will within a short time frame disclose more information about its undisclosed partner, including the identity of the company. Magnora will then also provide more information about the joint company and ongoing initiatives.

Magnora has since its strategic transformation developed a significant strategic position within the renewable energy area says Erik Sneve, Magnora’s CEO. This includes the previously announced acquisitions of:

• The ownership in the offshore wind development project company Kustvind AB in Sweden.

• The enabling technology company for solar energy, Sweden-based Evolar AB, which is developing ground breaking perovskite technology which can enable significant increase the efficiency of solar cell modules.

• VINDR AS, the wind power development company focusing on small and medium scaled wind development projects.

ENDS

For further information, please contact:

Erik Sneve, CEO of Magnora ASA, e-mail: es at magnoraasa.com

Torstein Sanness, Executive Chairman Magnora ASA, e-mail: sanness at sf-nett.no

About Magnora ASA

Magnora ASA (OSE: MGN) is a renewable energy company looking for profitable green investment opportunities. The company is listed on the main list on Oslo Stock Exchange under the ticker MGN.