North Energy ASA - Capital/Financing Update 2021

North Energy ASA increases investment in Wind Catching Systems

15.4.2021 11:19:36 CEST | North Energy ASA | Non-regulatory press releases

On 12 April 2021, North Energy ASA ("North Energy") and Ferd AS ("Ferd") have

jointly exercised their option to subscribe for new shares in Wind Catching

Systems AS ("Wind Catching Systems") for an amount of NOK 10 million each.

Following the share subscription by Ferd and North, each party holds

approximately 31% of the shares in Wind Catching Systems. In addition, the

founding shareholders in aggregate hold options that can be exercised which, if

exercised, would result in a fully diluted ownership for North and Ferd of 26%

each.

The engineering and design work performed so far has strengthened our belief in

the technological potential of providing floating offshore wind power at bottom

fixed offshore wind economics. Wind Catching Systems is currently preparing a

significant wind tunnel test to be performed in Milano during the summer of

2021. Positive results from the test will further validate the technology and

contribute to unlocking the significant commercial potential of Wind Catching

Systems.

CONTACTS

* Knut Sæberg, CEO, +47 918 00 720, [email protected]

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