Saga Pure — M&A Activity 2021

Mar 23, 2021

Saga Pure ASA: To invest NOK 75 million in Heimdall Power

Saga Pure ASA: To invest NOK 75 million in Heimdall Power

(Oslo, 23 March 2021) Saga Pure ASA (Saga, OSE: SAGA) has entered into an

agreement to invest NOK 75 million in Heimdall Power AS (Heimdall Power), to

help accelerate the company's growth strategy. Heimdall Power provides digital

solutions for efficient power grid monitoring and operations. Saga Pure will

hold 16,5 percent of the company following the transaction, and will be

appointed to the Board of Directors.

"Heimdall Power is an extremely exciting technology company with proprietary

smart grid solutions that help grid companies digitalize their power grids and

improve operations.  The electric grid is the worlds' largest man-made machine,

spanning the entire globe. It's also an essential infrastructure to enable a

sustainable, green energy transition. However, the grid needs to become smarter

and more digital like everything else. It needs an upgrade to prepare for a new

energy future. Heimdall has a proven technology which combines state-of-the-art

sensors with artificial intelligence to ensure optimized grid performance. We

look forward to supporting the company in the upcoming growth and expansion

phase," says Bjørn Simonsen, CEO of Saga Pure.

Saga Pure has entered into agreement to invest NOK 75 million in Heimdall Power.

Saga Pure will also hold a position on the Board of Directors.

Heimdall Power makes the power grid smarter by installing neurons; intelligent

sensors on high-voltage lines, and providing insight for improved operations,

better utilisation and reduced need for investments. The key highlights for the

company include:

· The Heimdall Neuron is an advanced, low-cost monitoring device that

leverages various sensor technologies and a patented system design

· The company sells access to data and insights through a subscription-based

model

· The product has been in the market since 2020 and the company is currently

positioning for a substantial near-term scale up

· Currently, the Heimdall team consists of 25 FTEs with high expertise within

sensor technology, wireless communication and infrastructure

"The investment from Saga Pure and their participation in the Board of

Directors, as well as the continued support form existing shareholders, will

enable us to realize the high ambitions of our company. The market potential is

global, and the Green Shift is dependent on an optimized, digitized and robust

grid," says Brage W. Johansen, Chief Executive Officer of Heimdall Power.

Heimdall Power will use capital from the private placement to implement the

Heimdall Power growth strategy towards 2025 as the company expects significant

growth and expansion.

The completion of the transaction is subject to all necessary corporate

resolutions being validly made by Heimdall Power, including approval of an

extraordinary general meeting to be held on or about end of March 2021.

ENDS

For further information, please contact:

Bjørn Simonsen, CEO, Saga Pure, +47 971 79 821

Espen Lundaas, CFO, Saga Pure, +47 924 31 417

Brage W. Johansen, CEO, Heimdall Power, +47 91 18 11 29

About Saga Pure ASA | www.saga-pure.com

Saga Pure is an investment company focusing on opportunities within renewable

energy, hydrogen, circular economy and CO\2\-reductions.

About Heimdall Power AS | www.heimdallpower.com

Heimdall Power digitizes the grid by installing power neurons on high-voltage

lines and providing insight for improved operations.