Volue ASA

M&A Activity • May 15, 2023

VOLUE ACQUIRES ENERIM OY’S WHOLESALE DIVISION WHILE PURSUING THE LEADING EUROPEAN POSITION IN THE SHIFT TO RENEWABLE ENERGY

VOLUE ACQUIRES ENERIM OY’S WHOLESALE DIVISION WHILE PURSUING THE LEADING EUROPEAN POSITION IN THE SHIFT TO RENEWABLE ENERGY

Oslo, May 15th 2023: Volue ASA (OSE: “VOLUE”) has entered into an agreement to purchase 100 per cent of Enerim Oy’s wholesale division at a value of EUR 30 million settled in cash. The transaction involves a carve-out from Enerim Oy and is expected to close on or about June 30th 2023. The transaction involves 63 full-time employees.

Enerim Oy’s wholesale division had EUR 9.8 million in revenues in 2022, EUR 2.3 million in EBITDA and 80% ARR. In 2022, the business unit delivered EBIT of around 20% which will add to Volue’s free cashflow going forward. The business model is scalable and holds strong growth opportunities – especially in renewable power generation. Enerim wholesale holds an attractive position in wind as well as strong prospects in batteries and solar – all with a perfect fit for the Volue platform. Merging this business with the Volue group will release operational synergies, further accelerating profitable growth.

Enerim wholesale is a market leader in portfolio management of intermittent renewables and third-party energy wholesale with 24/7 operation. The main offering is physical and commercial trading for the customer, without financial market risk.

“Over the last year, we’ve seen the launch of The green deal industrial plan in the EU and a war in Europe, with a subsequent energy crisis and accelerated inflation. It is now clear that Europe’s response to energy security is to increase the push for renewables with 400GW of new solar and wind capacity within 2030. This growth will mainly come from new entrants without large own trading organisations to market the power. They need someone to provide them with capabilities to maximise the yield of their assets. Volue will take on that responsibility,” says Trond Straume, CEO of Volue.

“Led by our strategy for growth, we’ve decided to take the leading position for independent renewable players. Building on our proven technology, we’ll address this market segment with a software backed service. We will offer our comprehensive and scalable SaaS platform as a transparent 24/7 service offering, allowing new asset owners to participate in the market with the same sophisticated tools as the incumbents, further enabling them to monetise the volatile energy markets. This is why we are acquiring Enerim’s wholesale division. Combining this entity with our own capabilities we are becoming a market leader for digital services in renewables with operations in Norway, Sweden, Denmark, Finland and Germany from day one, with the ambition to continue growing organically into additional European territories,” continues Straume.

“As part of Volue, we will gain access to a platform for growth well suited to scale our offering. Joining forces with Volue is an acknowledgment of the success we have had expanding our business, serving a wide range of clients, especially in the renewable energy sector. Together we will be a clear market leader and have the best software and solutions to support our clients in flexible energy markets in the coming years.” says Tomi Pesonen, Director Wholesale Markets business at Enerim Oy.

For further information, please contact:

Arnstein Kjesbu, Chief Financial Officer, Volue +47 970 47 699, Arnstein.kjesbu@volue.com

Jacob Zeno Clausen Krøvel, Head of Investor Relations, Volue +47 484 03 225, Jacob.krovel@volue.com

About Volue | www.volue.com

Volue is a market leader in technologies and services that power the green transition. Based on 50 years of experience, Volue provides innovative solutions, systems and insights to industries critical to society. Over 770 employees work with around 2,500 customers across energy, power grid, water and infrastructure projects that ensure a sustainable, flexible and reliable future. The company is headquartered in Oslo, Norway and active in 40+ countries.