Magnora ASA

Earnings Release • Dec 20, 2021

Magnora increases ownership in Evolar AB to 50 percent

Magnora increases ownership in Evolar AB to 50 percent

20.12.2021 06:45:00 CET | Magnora ASA | Additional regulated information

required to be disclosed under the laws of a member state

20 December 2021 - Magnora ASA (Magnora) increases its ownership in Evolar AB

(Evolar) from 40.7 percent to 50 percent. The transaction follows strong

progress in Evolar, developing and commercialising its unique efficiency

enhancing technology for conventional solar cells.

Based on Evolar's Perovskite deposition technology, solar cell manufacturers

will be able to install a turn-key solution to their production line enhancing

solar cell efficiency by applying a thin-film layer of perovskite. Technology

and product development is led by Professor Lars Stolt and Dr. Olle Lundberg,

who have decades of experience from research and industrialisation of thin-film

solar technologies. The team holds several world records within CIGS based

thin-film solar cells and utilise this competence to ensure speed, quality and

uniformity in Perovskite boosted conventional solar cells.

"We are very pleased and impressed by the Evolar team and its progress, and we

increase our shareholding in the company according to plan to fund further

development" says Torstein Sanness, Executive Chairman of Magnora.

Magnora announced its first investment in Evolar on 16 November 2020, with a

28.44 percent stake. Evolar has reached all milestones from the original

business plan, and Magnora has decided to call the second of a total three

options increasing its shareholding in the company to 50 percent. All three

options represent a total ownership of 63.5 percent in Evolar.

Magnora will use its existing cash holding to fund the transaction. The strike

price was set late in the fall 2020 and 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 remaining options based on the current business

plan.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Erik Sneve, CEO, email: es at magnoraasa.com

* Torstein Sanness, Executive chairman, email: sanness at sf-nett.no

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) has a legacy royalty business that is re-invested in

renewable energy development projects and companies. 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.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/1082/1454/Download%20announcement

%20as%20PDF.pdf

Pic press release 20 Dec 2021.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/1082/1453/Pic%20press%20release%2

020%20Dec%202021.pdf