Cloudberry Clean Energy ASA

Regulatory Filings • Jul 8, 2025

Cloudberry Clean Energy ASA | Cloudberry and Hafslund reach Final Investment Decision for Dingelsundet Battery Project

Cloudberry Clean Energy ASA | Cloudberry and Hafslund reach Final Investment Decision for Dingelsundet Battery Project

Cloudberry Clean Energy ASA ("Cloudberry" or the "Company"), together with

Hafslund Vekst AS, is pleased to announce that the partners have reached a final

investment decision (FID) in the joint development of Dingelsundet Battery

Energy Storage System ("BESS") project, located outside Karlstad, Sweden. The

project's size will be 24 MW/ 48 MWh and the partners will own 50% of the

project each.

The project is made possible by pivoting from offshore wind to energy storage,

enabled by a significant reduction in battery cost over the past three years and

strong market outlook for grid flexibility in the Nordics, as evidenced by the

record-high imbalance price in recent months.  Both Hafslund and Cloudberry view

this as an attractive opportunity to invest in emerging technology with

substantial market potential.

"This investment is a testament to Cloudberry's commitment to driving the energy

transition in the Nordics. Together with Hafslund, we are proud to take a

pioneering role in deploying new storage technologies that enable a more

flexible and resilient power system," says Anders Lenborg, CEO of Cloudberry

Clean Energy ASA.

The project will be financed with a 50/50 split between equity and debt, making

it one of the first BESS projects in the Nordics to achieve project financing.

The total estimated CAPEX cost is approximately 11 million Euros on a 100%

basis.  Construction is scheduled to begin in August 2025, with commissioning

expected in the third quarter of 2026. Looking ahead, the project partners see

potential to expand the site with additional battery capacity and explore the

integration of power production, enabling further value creation and supporting

the ongoing energy transition in the region.

For further information, visit our company and IR website: www.cloudberry.no or

contact:

Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no

Ole-Kristofer Bragnes, CFO, +47 917 03 415, okb@cloudberry.no

Christian Helland, CCO, +47 418 80 000, ch@cloudberry.no

Anders Østby, Director Solar and Onshore Wind, Hafslund, +47 957 60 370,

anders.ostby@hafslund.no

About Cloudberry

Cloudberry is a renewable energy company operating in the Nordics and in

accordance with local traditions. The Company owns, develops, and operates

hydropower plants and wind farms in the Nordics. Cloudberry is powering the

energy transition to a sustainable future by providing new renewable energy

today and for future generations. The Company believes in a fundamental long

-term demand for renewable energy in Europe. With this as a fundament,

Cloudberry is building a sustainable, scalable, efficient, and profitable

platform for creation of shareholder value. Cloudberry`s shares are traded on

Oslo Stock Exchange's main list (Oslo Børs), supported by strong owners and led

by an experienced team and board. The Company has offices in Oslo, Norway (main

office), Karlstad, Gothenburg and Eskilstuna, Sweden and Lemvig Denmark. To

learn more about Cloudberry, go to www.cloudberry.no

About Hafslund

At Hafslund, we go to work every day to ensure access to clean, renewable energy

- something we've been doing for over 130 years. Every year, we produce 21 TWh

of hydropower from our facilities, which supplies electricity to more than 2.6

million people. In addition, we deliver 1.9 TWh of district heating to 400,000

people and businesses in Oslo, and we serve one million grid customers through

our ownership in Elvia. We also develop and own wind farms. Our owner is the

City of Oslo.  We are now establishing operations in Sweden including energy

storage and energy production from renewable sources. To learn more about

Hafslund, go to www.hafslund.no