Nordic Unmanned ASA

Regulatory Filings • Sep 15, 2021

Nordic Unmanned strengthen emission monitoring through acquisition of Ecoxy

Nordic Unmanned strengthen emission monitoring through acquisition of Ecoxy

15.9.2021 16:14:34 CEST | Nordic Unmanned | Additional regulated information

required to be disclosed under the laws of a member state

Nordic Unmanned is pleased to announce that it has signed an agreement to

acquire 100 percent of the shares of Ecoxy, the leading Norwegian provider of

accredited emission measurements for the shipping and oil and gas industry.

Ecoxy is also accredited to verify GHG reporting under EU ETS.

"Emission monitoring is a key part of our business, and we see tremendous growth

opportunities moving forward. Nordic Unmanned is becoming a leading authority

within emission monitoring in Europe, and the acquisition of Ecoxy fits

perfectly with our growth strategy. We expect increasing demands for our

combined offering as new regulations are being enforced globally and through the

EU green transition plan Fit for 55." says Knut Roar Wiig, CEO of Nordic

Unmanned.

Founded in 2003, Ecoxy has particularly focused on NOx measurements, following

the introduction of NOx taxes. Ecoxy has so far completed almost 1,200

measurement assignments, and has long-standing relations with environmental

authorities in Norway, Sweden, Denmark, including Norwegian NOx Fund as well as

shipping companies, engine builders and suppliers of emission reduction

services. It is the only Norwegian provider of accredited emission measurements

of marine engines. Ecoxy is based in Molde, Norway, and currently employs 5

professionals. Average revenue over the last 3 years are 11,6 mill with a stable

EBITDA margin of 20 percent. The 2021 revenue is expected to exceed NOK 13

million with an EBITDA margin of 20 percent and will be consolidated into Nordic

Unmanned with immediate effect.

Key products and technology

? Accredited exhaust gas measurement of NOx, CO, UHC, PM, O2 and CO2

? Non-accredited measurements of NH3 (ammonia)

? Verification of greenhouse gas emissions

? Measurement of emissions to air from onshore facilities

? Experience from work with large industrial clients

"The acquisition adds attractive data intelligence and services within our

Maritime business vertical. As we now expand our existing offerings of emission

monitoring by drone, to now include verification and accreditation, we see that

we can add further customer value. We aim to be the first provider in the world

with accredited drone-based NOx and SOx measurements" says Mr. Wiig.

The seller is Bjørn Haukebø, who will continue in his role as CEO of Ecoxy.

"Nordic Unmanned's international reach and growth strategy provides a perfect

opportunity to expand Ecoxy's business from our Norwegian and Nordic base,

leveraging our technology, competence and excellent industry relations. I'm

excited to join the Nordic Unmanned team on this journey." says Bjørn Haukebø,

CEO of Ecoxy AS.

The transaction will be settled at closing, which is expected shortly, with 60

percent cash and 40 percent in Nordic Unmanned shares, issued in line with board

authorization, for a total value of NOK 12.5 million. An additional NOK 7.5

million in cash is payable if certain performance targets are met over the

coming years.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Knut Roar Wiig, CEO, +47 92 66 66 59, krw@nordicunmanned.com

* Trond Østerhus, CFO, Nordic Unmanned AS, +47 95 99 08 79,

to@nordicunmanned.com

ABOUT NORDIC UNMANNED

Nordic Unmanned delivers comprehensive data solutions through industry leading

expertise, to assist both public and private customers in the transition to

unmanned technology. The focus is to support demanding clients by collecting

time-critical data with the use of unmanned technology.

Founded in 2014, the company has offices in Sandnes, Oslo and Frankfurt, and has

quickly become one of Europe's leading providers of unmanned systems and

services, with operations across the continent. The company is ISO 9001-2015

certified by DNV-GL for the operation, maintenance, sale, design, development

and production of unmanned systems and sensor technology. Nordic Unmanned is

listed on Euronext Growth Oslo (NUMND).

For more information, visit: https://nordicunmanned.com/