Nordic Technology Group AS (NTG) has today entered into an agreement with Johnson Control Inc.(JCI), regarding the sale of NTG´s shares in its subsidiary Hybrid Energy AS.
JCI will acquire 100% of the shares in Hybrid Energy AS from NTG and the minority shareholders. The sale and purchase agreement of Hybrid Energy AS is agreed upon at market based terms and conditions with immediate closing and settlement.
As Hybrid Energy will no longer be a subsidiary of NTG, NTG´s parent company bank guarantee exposure will be terminated. Hybrid Energy AS's wholly owned subsidiary Hystorsys AS is not included in the transaction with JCI and will remain as a stand-alone subsidiary in NTG after the transaction.
“I am pleased to announce that Johnson Controls as a world leader in smart, healthy and sustainable buildings has acquired Hybrid Energy AS. With the world´s largest portfolio of building technology, software and service solutions and more than 100 000 employees across 150 countries, it is a quality recognition that the technology platform and products of Hybrid Energy will be included in the JCI portfolio. With many countries divesting from fossil fuels and customers seeking to reduce emissions and energy spending, now is the time for clean energy technologies to become available for use on a global scale,” said Rune Rinnan Chief Executive Officer of Nordic Technology Group AS. “Between Hybrid Energy´s unique, patented heat pump technologies, the reach and capability of Johnson Control, and the collective technical expertise of both companies, we’ll help advance a sustainable future by setting the standard for high-temperature industrial heat pumps.”
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Rune Rinnan, CEO, on 10 January 2023, at 10:55 CET.