Oslo, 8 September 2025
Main events in the first half year 2025
Energeia AS received its first concession in Norway on 18 June 2025. This is a major milestone for the group and represents the start of developing the Norwegian pipeline. The concession gives the right to build, own and operate the Seval Skog solar power plant and the Seval Skog transformer station in Gjøvik municipality, Innlandet county. NVE has granted permission for a solar power plant with an installed capacity of 46 MWp, transformer stations with associated station buildings, fences, internal underground cable system, battery plant with associated buildings and other necessary high-voltage systems. The area will be operated in combination with agriculture.
YTD 2025 Energeia AS has delivered applications to NVE equal to 108 MWdc, including Seval Skog, and delivered notifications to NVE for 355 MWdc. The firm part of the pipeline equals 463 MWdc.
Energeia AS has with Seval Skog taken a leading role in the development ground mounted solar in Norway. Total concessions granted by NVE prior to Seval Skog was 104MWdc, meaning that Seval Skog increases the total market with 44% and is by far the largest project in Norway, more than 3 times larger than the second largest.
Energeia AS has raised the necessary capital to secure operations for the next 12 months. The group conducted two private placements in February and April raising 25 MNOK and 10 MNOK respectively and is currently in the process of raising 31 MNOK in a fully underwritten rights issue.
Solar electricity production first half 2025 was 6 457 MWh, 4.6 % above budget. Expected full-year 2025 production is in the range 11 000 to 11 500 MWh. The reason for higher production is that Leeuwarden has experienced more sun hours in the first half of 2025 than expected. Part of the production in Q1 was lost due to theft of cables at the site. Revenue for the lost production is covered by insurance.
First half year EBITDA for the group was negative NOK 11.7 million. First half EBIT came in at a loss of NOK 19.0 million.
Dutch operations delivered a positive EBITDA of NOK 0.9 million, while Norway had an EBITDA loss of NOK 10.7 million mainly related to Norwegian project development costs. Negative EBITDA of NOK 1.9 million relates to closing down of Italy and Singapore.
Net cash flow in the first half year was positive with NOK 3.9 million, increasing the group cash position to NOK 17 million at the end of the period. Main source of cash was issuance of new shares.
In January the board of directors appointed Jarl Egil Markussen as group
CEO.
For further information, please contact:
CEO, Jarl Egil Markussen, email: jarl@energeia.no and telephone: +47 480 23 214
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.