Saga Pure — M&A Activity 2020

Dec 11, 2020

Saga Pure ASA: Takes a >20% ownership share in Bergen Carbon Solutions

Saga Pure ASA: Takes a >20% ownership share in Bergen Carbon Solutions

(Oslo, 11 December 2020) Saga Pure ASA (Saga, OSE: SAGA) has committed to

subscribe for NOK 30 million in a gross NOK 40 million private placement of new

shares (the "Private Placement") in Bergen Carbon Solutions AS (BCS), a company

which has developed a technology for converting CO(2 )to carbon nanofibers

(CNF). Following the Private Placement Saga will have an ownership of 21,4% in

BCS.

"With the increasing global focus on reducing CO(2)-emissions, the world needs

innovative solutions, both to capture, but preferably also utilizing the CO(2)

as a resource. The technology BCS has developed transforms CO(2) into valuable

carbon nanofibers, and as such truly a sustainable solution for the long run.

We're excited to join as shareholders in BCS, and look forward to having an

active ownership role in the company as the technology now is being scaled up

for commercial operations," says Bjørn Simonsen, CEO of Saga Pure.

BCS is a company based in Bergen, Norway which has developed an innovative

technology that converts CO(2) into high value CNF. The process uses

significantly less electricity than conventional production methods, and is

currently the only technology that can produce CNF with zero emissions. CNF

combines high strength and low weight with exceptional heat and electricity

conductivity, and is used in numerous sectors such as aerospace, automotive,

sports, electronics, construction, energy and others. Today's global annual

market for CNF is estimated to be approximately USD 400 million per year, and

expected to increase by 10% per year going forward.

BCS will use the net proceeds from the Private Placement to build a commercial

scale production unit, strengthen the company's working capital and for general

corporate purposes.

The completion of the Private Placement is subject to i) all necessary corporate

resolutions being validly made by BCS, including approval of an extraordinary

general meeting in BCS within end of December 2020, and ii) signing of an option

agreement which gives Saga the right to further invest NOK 30 million.

ENDS

For further information, please contact:

Bjørn Simonsen, CEO, +47 97 17 98 21

Espen Lundaas, CFO, +47 92 43 14 17

About Saga Pure ASA

Saga Pure is an investment company focusing on opportunities within renewable

energy, hydrogen, circular economy and CO(2)-reductions.