Zaptec AS — M&A Activity 2021

May 4, 2021

Zaptec signs Term Sheet to purchase NovaVolt AG

Zaptec signs Term Sheet to purchase NovaVolt AG

Stavanger, Norway, 4 May 2021

Zaptec Charger AS (100% owned by Zaptec AS) has today signed a letter of intent to purchase 100% of the shares in the Swiss company, NovaVolt AG ("NovaVolt").

NovaVolt is the exclusive distributor of Zaptec's charging systems in Switzerland and has 7 employees, with its offices located in Zurich. Customers of NovaVolt include major insurance companies, banks and pension funds, property owners, energy companies, car dealers and housing cooperatives.

NovaVolt's turnover in 2020 was 4.4 million Swiss francs. As of April 2021, the company had approximately 95% sales growth compared with the previous year based on preliminary and unaudited management accounts. The transaction value consists of a cash element of MNOK 25 plus 700,000 compensation shares in Zaptec as well as a potential cash-based earn out mechanism to be based on NovaVolt's 2021 EBITDA performance, bringing the potential total transaction value to a maximum of approximately MNOK 100, based on the current trading of the Zaptec shares.

“This is an important part of the internationalization strategy of Zaptec. Following completion of the transaction, the acquisition will contribute to increasing the speed of Zaptec's profitable growth in Europe, ”says Anders Thingbø, CEO of Zaptec.

“We are excited to become a part of Zaptec. I am convinced that this has the potential to create clear synergy effects that will benefit Zaptec, NovaVolt and our customers. With Zaptec behind us, we will be able to grow rapidly in Central and Southern Europe.”, says Florian Kienzle, Managing Director at NovaVolt.

Zaptec aims to close the transaction during Q2. Signing and closing is subject to due diligence, agreement on final transaction agreements as well as other customary closing conditions, such as necessary regulatory approvals. Further information will follow in due course. ABGSC is acting as financial advisor to Zaptec.

For more information:

Anders Thingbø, CEO, Zaptec AS

Tel: +47 934 88 385, e-mail: at@zaptec.com

Kurt Østrem, CFO, Zaptec AS

Tel: +47 404 04 700, e-mail: kurt@zaptec.com

The information included in this announcement is defined as inside information pursuant to MAR article 7, and is publicly disclosed in accordance with MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act. The announcement is made by the contact person.

About NovaVolt:

NovaVolt is a joint-stock company founded in 2017, specializing in future-oriented charging solutions in Switzerland. The company is the exclusive distributor of Zaptec's charging systems in Switzerland, and has 8 employees with headquarters in Zurich. Customers of NovaVolt include major insurance and pension companies, property owners, energy companies, car dealers and housing companies.

About Zaptec:

Zaptec AS is a technology company within Electronic Vehicle (EV) charging systems in Europe. The company develops EV charging systems for multi and single-family homes and office buildings. The product portfolio enables large number of charging points at a low cost and includes Zaptec Pro, Zaptec Go, Charge365 payment services, Charging columns, Zaptec Portal, and Zaptec APM. The company accelerates the electrification of the transport sector to assist European countries in reducing CO2 emissions from light-duty cars.