Energeia AS

M&A Activity • Dec 20, 2022

Closing of the acquisition of ASN

Closing of the acquisition of ASN

Oslo/Leeuwarden, 20 December 2022:

Reference is made to the information document published by Energeia AS (the "Company" and together with its subsidiaries, the "Group") on 12 December 2022 in connection with the admission to trading of the Company's shares on Euronext Growth Oslo (the "Information Document") chapter 7 regarding the contemplated acquisition of the Dutch installation and service companies Aardgasservice Noord B.V. and ASN Duurzaam B.V. (together referred to as "ASN") and previous announcements regarding the use of proceeds from the private placement completed on 9 December 2022 (the "Private Placement").

The Company is pleased to announce that its wholly-owned subsidiary Energeia Services B.V. on 19 December 2022 entered into a share purchase agreement (the "SPA") with Koop Dokkum B.V., whereby EAM Leeuwarden B.V. acquired 100% of the shares in ASN (the "Acquisition"). The Acquisition is accordingly completed, and the Company has indirectly acquired 100% of the shares in ASN. The purchase price of approx. EUR 4.8 million was financed through proceeds from the Private Placement. The seller is also entitled to an additional earn-out under terms that are customary for such deals, with an ultimate payment date in June 2023.

The Company considers the Acquisition to be value accretive and that it will accelerate development of both the Dutch and Norwegian project portfolios, hereunder strengthen the Group's O&M business. The Acquisition has brought 25 skilled employees into the Group and steady state revenues of about EUR 4 million and an after-tax result margin of about 10-15%. More detailed information about ASN and the Acquisition is further accounted for in the Information Document.

Contact persons:

CEO, Viktor Jakobsen, email: viktor@energeia.no and telephone: +47 916 11 009

Deputy CEO, Jarl Egil Markussen, email: jarl@energeia.no and telephone: +47 480 23 214

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