10.6.2022 07:33:49 CEST | North Energy ASA | Additional regulated information
required to be disclosed under the laws of a member state
Oslo, 10 June 2022 - North Energy ASA (North Energy) today announces that Wind
Catching Systems AS (WCS), the developer of floating offshore wind technology
has completed a Series A investment round of up to USD 10 million led by the
venture capital arm of an undisclosed global industrial company. The proceeds
from the Series A financing will be used to fund the development and
commercialization of the WCS technology. WCS has also signed a strategic
partnership agreement with the aforementioned global industrial company for
collaboration, covering technology development, project execution and policy
advancement.
The transaction values WCS at USD 30 million pre-money, corresponding to
approximately USD 7 million for North Energy's existing holding in the company.
The company participated with USD 250 000 in the Series A investment round.
Following the completion of the transaction North Energy will hold approximately
22% of the outstanding shares in WCS and approximately 18% on a fully diluted
basis.
WCS is expected to publish a press release with further details next week.
For further information, please contact:
Rune Damm, CFO, (+47) 416 66 685, rune.damm@northenergy.no
About North Energy | www.northenergy.com - http://www.northenergy.com
North Energy's vision is to be a successful and respected investment company
with focus on long term value creation.
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act