Magnora ASA

Board/Management Information • May 27, 2020

Magnora ASA: Magnora engages new Director of Industrial Projects and Offshore

Magnora ASA: Magnora engages new Director of Industrial Projects and Offshore

Oslo, Norway, 27 May 2020: MAGNORA ASA, a leading Norwegian renewable energy investment company adds an additional position to its Management Team.

Magnora is pleased to announce that Mr. Bjørn Sund has accepted a position as Director of Industrial Projects and Offshore with the company. Mr. Sund brings decades of experience from Kvaerner, Norsk Hydro, Lundin and Aker Energy. Mr. Sund has worked across areas such as field development, Head of R&D for Norsk Hydro working with electrolysers, hydrogen and ammonia (and NEL and Yara which are both Norsk Hydro spin-offs from his time with Norsk Hydro). Mr. Sund has also worked with the Utsira project (wind power and electrolysers) and the Hywind studies (offshore wind concept today owned by Equinor). Over the last few years Mr. Sund has worked for Lundin Energy and Aker Energy with field development.

Magnora’s Chairman Torstein Sanness says: “We are pleased to have Mr. Sund on board helping the company realize its offshore wind project. In addition, Mr. Sund will be instrumental with our studies of the upcoming Norwegian offshore licensing process with his vast experience from winning in Norwegian offshore licensing processes previously. Mr. Sund has also successfully led field development processes in the region. We also think Mr. Sund will be a great asset for our employees and partners in relations into preparing wind power into hydrogen, ammonia and methanol in some wind development projects. We see an increasing need for such competence in our universe of project opportunities in the current market.”

Mr. Sund says: “Magnora is an interesting company with a great platform for the green transition. The Company has a solid team with a great track-record from project development within wind power internationally. The timing for combining new green energy and industrial processes through partnerships seems to be good. In addition, the company should have a fair chance of participating in a winning consortium on the Norwegian continental shelf due to its strategy and team.”

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

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For further information, please contact:

Erik Sneve, CEO, Magnora ASA

es@magnoraasa.com

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