Nekkar — Capital/Financing Update 2021

Apr 7, 2021

Nekkar secures funding for disruptive wind turbine installation solution

Nekkar secures funding for disruptive wind turbine installation solution

7.4.2021 08:30:00 CEST | Nekkar ASA | Non-regulatory press releases

7 March 2021 - Nekkar ASA (Nekkar) has been awarded a NOK 21 million grant from

Innovation Norway to progress with the development of a disruptive installation

technology that could significantly reduce the cost and environmental footprint

associated with wind turbine installations.

The solution - called SkyWalker - uses active heave compensation derived from

offshore lifting systems combined with digital solutions that allow for

remote-controlled and automated solutions.

"Our calculations show that SkyWalker can significantly reduce time, cost, and

the environmental footprint associated with the installation of wind turbines,"

says Preben Liltved, CEO of Oslo-listed Nekkar.

Nekkar is working together with an undisclosed major wind turbine original

equipment manufacturer (OEM) and Fred Olsen Renewables, in combination with

support from academia, to develop the SkyWalker.

The design and technology of SkyWalker enable a controlled lift that can operate

heavier loads and reach larger heights than current crane solutions. In

addition, SkyWalker reduces the environmental impact of installing wind turbines

by considerably reducing the footprint in nature and CO2 emissions from

transportation. SkyWalker is being developed as a zero emissions system.

"SkyWalker is a great example of how we leverage on our strong legacy within oil

and gas to create disruptive solutions for sustainable industries. The

cooperation with the wind turbine OEM and Fred Olsen Renewables ensures that the

development work is fully aligned with the value chain requirements of the wind

power industry," says Mette Harv, head of the Renewables business area in

Nekkar.

Over time the levelized cost of energy produced by wind turbines has been

reduced to a level where wind turbines today are compatible with any other

source of energy. The main driver of this cost reduction is the constant

increase in wind turbine size and consequent power output. There seems still to

be a lot of potential in building ever bigger wind turbines. Now, however, the

traditional crane technologies will not allow for much bigger onshore wind

turbines.

"SkyWalker is smaller and requires much less space than other installation

solutions such as mobile cranes, meaning that the environmental footprint on

terrain is equally reduced. This is, for us, especially important for onshore

wind development on hilly sites in Scandinavia. It is also important for us to

create local activity in relation with our wind development projects, which is

why we initiated the collaboration and have engaged with the Skywalker project,"

says Gaute Tjensvoll, business developer at Fred. Olsen Renewables.

Another objective of the SkyWalker is to enable installation of wind turbines at

locations where it currently is not practically or financially viable to develop

wind farms. The technology also allows installation in stronger winds than today

and will decrease the total installation time for the wind farm owners.

Later versions of the SkyWalker technology can be applied to the installation of

both bottom-fixed and floating offshore wind turbines, without having to make

adaptations to the turbines.

"We firmly believe that SkyWalker has the potential to become a game-changer for

the global wind industry. We are thankful that Innovation Norway and our

collaboration partners share this view," adds Mette Harv.

The foundation of Nekkar's business is world-class engineering, electrification,

automation, and digitalisation competence and heritage from the drilling

industry in Kristiansand which is the DNA in the company's digital solutions

business area. Nekkar aims to apply this competence as levers to develop

disruptive technologies that can make high-growth industry sectors - such as

renewable energy - even more sustainable, productive, and profitable.

ENDS

For further information, please contact:

Preben Liltved, CEO of Nekkar ASA, tel: +47 480 62 691

Mette Harv, EVP Renewables, Nekkar ASA, tel: +47 906 76 544

DISCLAIMER

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.

CONTACTS

* Mette Harv, EVP Renewables, +47 906 76 544

* Preben Liltved, CEO, +47 480 62 691, IR@Nekkar.com

ABOUT NEKKAR ASA

ABOUT NEKKAR ASA

Nekkar (OSE: NKR) is an industrial technology group offering impact technologies

combined with high-end software solutions. The group combines 50 years' heritage

from the world's number one shiplift company, Syncrolift, with new investments

into sustainable, digitalised technology businesses that aim to unlock growth

within ocean-based industries such as offshore energy and renewables and

aquaculture.

ABOUT FRED OLSEN RENEWABLES

Fred. Olsen Renewables (FOR) is a leading developer, owner, and operator of

renewable energy assets, primarily onshore wind farms. The company manages all

phases of renewable energy projects, from concept development to detailed

design, construction, commissioning, and operations. Currently, the company has

operating windfarms in UK, Norway and Sweden and a development pipeline for

onshore and offshore projects in UK, Norway, Sweden, Italy, and Ireland. FOR is

owned by Bonheur ASA. FOR and other Bonheur companies have approximately 2000

employees in the renewable energy sector.

ATTACHMENTS

skywalker_illustration.pdf -

https://kommunikasjon.ntb.no/ir-files/17847326/441/562/skywalker_illustration.pd

f