company news

Nordavind AS (NVD) – Fortnite 2019 World Champion Emil “Nyhrox” Bergquist Pedersen joins Nordavind

Company news

2021-03-05 17:01:46

Oslo, Norway, March 5, 2021


Nordavind is pleased to announce that Emil “Nyhrox” Pedersen has signed a multi-year contract with Nordavind and will represent the organization in in all major upcoming tournaments and exhibitions.

Nyhrox, known for his 2019 World Cup victory is the reigning world champion in Fortnite Duo’s and currently boasts 900 000 followers across social media channels. Besides his dedication to Fortnite, Emil is also an official UNICEF ambassador.

With the addition of Nyhrox, Nordavind boasts one of Europe’s strongest and most profiled Fortnite rosters, including the newly signed Endre “Endretta” Byre and Konrad “Skram” Skram, who were recently qualified for the upcoming Fortnite Championship Series.


For further queries, please contact:
Stein Wilmann, Managing Director
Telephone: +47 46745484

http://nordaw.in/nyhrox  

Conversion of loan and exercise of warrants

Company news

2021-03-04 13:13:58

Sparebank 1 SMN Invest has notified the company that it will exercise its right to convert its NOK 2.000.000 loan plus accumulated interest into to shares in CrayoNano AS. The conversion price pr share is NOK 16,00 as per the loan agreement. The total conversion amount including interests is NOK 2.150.137 which will be converted into 134.383 shares at 0,02 per share.

Sparebank 1 SMN Invest has also notified the company about its exercise of a total of 125,000 warrants, each of which gives the right to one share in CrayoNano at a subscription price of NOK 16,00 per share, hence a total of NOK 2.000.000 in new paid in capital to CrayoNano.

Following the conversion of the loan and exercise of the warrants, the share capital of CrayoNano AS will increase by NOK 5.187,66 from NOK 539.399,00 to NOK 544.586,66. Hence following completion of the registration of the share capital increase, the share capital of CrayoNano AS will be NOK 544.584,66 divided into 27.229.333 shares, each with a nominal value of NOK 0.02.

Following the registration there is a total convertible loan of NOK 8,986,000 excluding accumulated interest and 561,600 warrants outstanding with a conversion price/exercise price of NOK 16.00 per share.


About CrayoNano
CrayoNano specializes in UVC LED packaged chips for disinfection of water, surface and air based on a breakthrough, patented technology combining Graphene and nanostructures.

The company is headquartered in Trondheim, Norway applying a fab-lite model with a global supply-chain and world-wide footprint to provide our OEM customers new semiconductor devices that enable new industrial and consumer product solutions in health & safety, water purification, life science, white goods, and automotive industries. CrayoNano is registered on OTC in Norway under the ticker: CNANO.

http://crayonano.com/  

CASTOR : Castor Maritime Inc. Announces Delivery of the M/V Magic Venus and New Charter Agreement

Company news

2021-03-03 15:57:16

Castor Maritime Inc. Announces Delivery of the M/V Magic Venus and New Charter Agreement

Limassol, Cyprus, March 3, 2021 - Castor Maritime Inc. (NASDAQ: CTRM), ("Castor" or the "Company"), a diversified global shipping company announces today that on March 2, 2021, it took delivery of the M/V Magic Venus, the 2010 Japanese-built Kamsarmax dry bulk vessel it had agreed to acquire as previously announced on February 1, 2021. The M/V Magic Venus acquisition was financed in its entirety with cash on hand.

The M/V Magic Venus is expected to commence employment under a time charter agreement on or about March 5, 2021, with a daily gross charter rate of $18,500 and an expected term of between minimum five to about seven months. Castor estimates to generate approximately $2.8 million of gross incremental revenues for the minimum scheduled period of the charter and approximately $4.2 million should employment extend to its maximum period, in each case assuming no off-hire days.

About Castor Maritime Inc.

Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.

On a fully delivered basis, Castor will have a fleet of 12 vessels, with an aggregate capacity of 1.1 million dwt, consisting of 1 Capesize, 3 Kamsarmax and 6 Panamax dry bulk vessels and 2 Aframax tankers. Where we refer to information on a "fully delivered basis", we are referring to such information after giving effect to the successful consummation of our recent vessel acquisitions that we have previously announced.

For more information please visit the Company’s website at www.castormaritime.com Information on our website does not constitute a part of this press release.


Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe", "anticipate", "intend", "estimate", "forecast", "project", "plan", "potential", "will", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward‐looking statements include general dry bulk and tanker shipping market conditions, including fluctuations in charter hire rates and vessel values, the strength of world economies the stability of Europe and the Euro, fluctuations in interest rates and foreign exchange rates, changes in demand in the dry bulk and tanker shipping industry, including the market for our vessels, changes in our operating expenses, including bunker prices, dry docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, the length and severity of the COVID-19 outbreak, the impact of public health threats and outbreaks of other highly communicable diseases, the impact of the expected discontinuance of LIBOR after 2021 on interest rates of our debt that reference LIBOR, the availability of financing and refinancing and grow our business, vessel breakdowns and instances of off‐hire, risks associated with vessel construction, potential exposure or loss from investment in derivative instruments, potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management, and our ability to complete acquisition transactions as planned. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication.


CONTACT DETAILS
For further information please contact:

Petros Panagiotidis
Castor Maritime Inc.
Email: ir@castormaritime.com

Media Contact:
Kevin Karlis
Capital Link
Email: castormaritime@capitallink.com

http://castormaritime.com/ Castor Maritime Inc. Announces Delivery of the MV Magic Venus and New Charter Agreement.pdf

AKOBO MINERALS - SRK Consulting Begins Work on Mineral Resource Estimate for Segele Gold Target

Company news

2021-03-03 10:37:07

Following the recent exciting gold assay results, Akobo Minerals AB is pleased to announce that SRK Consulting (Australasia) Pty Ltd has begun their work on the maiden mineral resource estimate for the Segele gold target. SRK is a world leading specialist within exploration and mining consultancy and has experience from working on over 20,000 projects worldwide out of their 45 global offices.

The maiden mineral resource estimate is a first step towards reaching Akobo Minerals goal of defining 1,5 million to 2 million ounces gold.

CEO of Akobo Minerals Jørgen Evjen has this to say;

“Another milestone for the company, being able to define a maiden resource just after some thousand meters of drilling. This is unusual and says a lot about the Segele deposit. Even though this will be only our first indication of grade and tonnage at Segele, the main purpose of this estimate is to get our operations and quality systems acknowledged by an industry player as SRK. This will be the first of many updates going forward as we continue exploring the Segele deposit”


Principal Consultant at SRK, Michael Lowry (Resource Evaluation Specialist) said:

“SRK are excited to be working on the maiden Mineral Resource Estimate for the Segele Gold deposit. We look forward to partnering with Akobo Minerals and to join them in their journey to uncover the full potential of the region.”

The completion of this work with SRK will be an important milestone demonstrating the company’s ability to perform JORC compliant resource definition in addition to the discovery of new deposits. Akobo Minerals has now added additional world-class resource definition capacity which will be used at Segele, Joru and other targets to reach the corporate objectives.



For more information contact:

Jørgen Evjen, CEO
Mob.: (+47) 92 80 40 14
Mail: jorgen@akobominerals.com




Competent Person
The Competent Person who has overall responsibility for the exploration results is Dr Matt Jackson BSc PhD MAusIMM. Dr Jackson is a Chartered Professional of the Australasian Institute of Mining and Metallurgy which is a Recognized Professional Organization (“RPO”) included in a list promulgated by the Australian Securities Exchange (“ASX”) from time to time. He is a full time employee of Akobo Minerals AB and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Matt Jackson consents to the inclusion in the report of the matters based on his (or her) information in the form and context in which it appears.
For complete disclosure of technical details, JORC Table 1 can be found at the company website, www.akobominerals.com

About Akobo Minerals:
Akobo Minerals, a Norway-based gold exploration company, currently with ongoing exploration in the Akobo region in southwest Ethiopia through its wholly owned Ethiopian subsidiary Etno Mining Plc. The operations were established in 2009 by people with long experience from the public mining sector in Ethiopia and from the Norwegian oil service industry. Akobo Minerals holds an exploration license over key targets in the area. To date placer production and exploration work have outlined alluvial gold resources, and our team of geologists have worked extensively over the last 11 years to identify several potential primary gold targets. The drilling program initiated at the end of 2019 and continued through 2020 has so far shown exceptionally high-grade gold results.

Important information:
This release is not for publication or distribution, directly or indirectly, in or into Australia, Canada, Japan, the United States or any other jurisdictions where it would be illegal. It is issued for information purposes only and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Akobo Minerals does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into Australia, Canada, Japan or the United States.

http://www.akobominerals.com  
https://akobominerals.com/company-presentation-for-the-notc-registration/

FREYR Receives Government Low-Emission Grant from ENOVA to Support Development of Initial Clean Battery Cell Production Facility

Company news

2021-03-03 07:53:12

FREYR AS has received a NOK 142 million-grant (USD 16.4 million) from the Norwegian Ministry of Climate and Environment through ENOVA SF as part financing for the development and construction of a pilot plant in Mo i Rana, Norway, which will be FREYR’s initial clean battery cell production facility.

ENOVA is an enterprise owned by the Ministry of Climate and Environment. The enterprise is contributing to reduced non-quota greenhouse gas emissions by 2030 and technology development and innovation that contributes to emission reductions up to 2050.

“It is exciting to see Norwegian businesses lead the way in the global battery race and develop tomorrow’s industry with tomorrow’s technology. It is important to ENOVA that Norwegian battery production is as climate friendly as possible, and we want to contribute to reducing the risks related to more environmentally friendly technology,” says Nils Kristian Nakstad, CEO of ENOVA.

With support from the grant, FREYR’s Board has sanctioned the final contracting processes for the plant. Construction of the plant is expected to start in the second quarter of 2021 and is an important step in realizing FREYR's initial target of scaling to 43 GWh of cost efficient and clean battery cell production capacity by 2025. FREYR plans to qualify this next generation battery cell technology as part of its ambition to accelerate the decarbonisation of all transportation and energy systems, and utilize Norway’s inherent advantages, including access to renewable energy, low electricity prices, Norway’s highly skilled workforce and the closeness to rapidly growing markets in Europe and the US.

“The ENOVA grant supports our decision to develop FREYR’s and Norway’s first lithium-ion battery cell manufacturing facility. The grant provides enabling financial support for our pilot plant and serves as a strong recognition of FREYR’s ambition to produce battery cells with high energy density at low cost with the world’s lowest carbon footprint” says Tom Einar Jensen, the CEO of FREYR.

On 29 January 2021, FREYR announced that it will become a publicly listed company through a business combination with Alussa Energy Acquisition Corp., raising approximately USD 850 million in equity proceeds to accelerate the development of clean battery cell manufacturing capacity in Norway. Subject to closing conditions being met, the combined company will be named “FREYR Battery” ("Pubco") and its common stock is expected to start trading on the New York Stock Exchange under the ticker symbol FREY upon closing, expected in the second quarter of 2021. On 16 February 2021, the extraordinary general meeting of FREYR approved the business combination.


***


About FREYR AS
FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 to position the company as one of Europe’s largest battery cell suppliers. The facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.

About Enova
Enova SF is owned by the Ministry of Climate and Environment and contributes to reduced greenhouse gas emissions, development of energy and climate technology and a strengthened security of supply. For more information, visit: https://www.enova.no

About Alussa Energy Acquisition Corp.
Alussa Energy is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While Alussa Energy may pursue an acquisition opportunity in any industry or sector, Alussa Energy intends to focus on businesses across the entire global energy supply chain.For more information, please visit: https://www.alussaenergy.com.


Contact information

FREYR
Steffen Føreid, CFO, +47 9755 7406, steffen.foreid@freyrbattery.com
Harald Bjørland, Investor Relations, +47 908 58 221, hb@crux.no
Hilde Rønningsen, Director of Communications,+47 453 97 184, hilde.ronningsen@freyrbattery.com

Enova
Arve Solheim, Markets, Enova SF, +47-982 83 966, arve.solheim@enova.no

Alussa Energy
Chi Chow, Alussa Energy, Strategy & Investor Relations, +1 929-303-6514, cchow@alussaenergy.com


Forward-looking statements

The information in this press release includes forward-looking statements and information based on management’s expectations as of the date of this press release. All statements other than statements of historical facts, including statements regarding FREYR’s business strategy, anticipated business combination with Alussa Energy (the “Transaction”) and the terms of such combination, anticipated benefits of FREYR’s technologies and projected production capacity are forward-looking statements. The words “may,” will,” “expect,” “plan,” “target,” or similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. FREYR may not actually achieve the plans or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Factors that may cause actual results to differ materially from current expectations, include FREYR’s ability to execute on its business strategy and develop and increase production capacity in a cost-effective manner; changes adversely affecting the battery industry; the further development and success of competing technologies; the failure of 24M technology or FREYR’s batteries to perform as expected; and our ability to complete the business combination with Alussa Energy on the terms that we currently expect or at all.


No Offer or Solicitation

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the Transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.


No Assurances

There can be no assurance that the Transaction will be completed, nor can there be any assurance, if the Transaction is completed, that the potential benefits of combining the companies will be realized.


Important Information about the Transaction and Where to Find It

In connection with the Transaction, Alussa Energy and Pubco will file relevant materials with the SEC, including a Form S-4 registration statement to be filed by Pubco (the “S-4”), which will include a prospectus with respect to Pubco’s securities to be issued in connection with the proposed business combination and a proxy statement (the “Proxy Statement”) with respect to Alussa Energy’s shareholder meeting at which Alussa Energy’s shareholders will be asked to vote on the proposed Business Combination and related matters. ALUSSA ENERGY SHAREHOLDERS AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE S-4 AND THE AMENDMENTS THERETO AND OTHER INFORMATION FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT ALUSSA ENERGY, PUBCO, FREYR AND THE TRANSACTION. When available, the Proxy Statement contained in the S-4 and other relevant materials for the Transaction will be mailed to shareholders of Alussa Energy as of a record date to be established for voting on the proposed business combination and related matters. The preliminary S-4 and Proxy Statement, the final S-4 and definitive Proxy Statement and other relevant materials in connection with the Transaction (when they become available), and any other documents filed by Alussa Energy with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov) or by writing to Alussa Energy Acquisition Corp. at c/o PO Box 500, 71 Fort Street, Grand Cayman KY1-1106, Cayman Islands.

   

Fjerning av aksje: Torghatten ASA (TORG)

Corporate actions

2021-03-02 17:43:10

Torghatten ASA (ISIN:NO0003427403, ticker TORG) er fjernet fra handelsstøttesystemet

   

GTH: Green Transition Holding AS is registered on the NOTC-list

Company news

2021-03-01 11:29:47

Green Transition Holding AS is registered on the NOTC-list as of 21 December 2020 with ticker code GTH. The company has issued 12,237,027 shares each with a par value NOK 0.01, all of which is registered in the VPS with ISIN code NO 001 0905029. Based on the last traded price (equity issue closed on 30 September 2020) the market capitalization is NOK 174,989,486.10 (NOK 14.30 per share). The company has entered into an agreement whereby it will be able to use the NOTC reporting system as from 21 December 2020.

Green Transition Holding (GTH) is an Industrial, Environmental Technology company developing and commercializing innovative technologies that improve the sustainability of industries by reducing emissions, improving efficiency, and minimizing the environmental footprint of these operations.

With the AITOS gasification waste incineration technology, GTH will contribute significantly to improve efficiency and reduce emissions from existing waste-to-energy (WTE) plants. Together with our inhouse EPC, OTECHOS Services, GTH will present a new generation low emission, high efficiency small to mid-scale WTE plant solution to the waste incineration industry. Building, owning and operating modern, efficient WTE units is part of GTE’s long-term strategy.
With the PIPEOTECH DVS sealing technology, GTH has introduced the world’s first fully certified, 100% gastight flange seal setting new environmental standards by curbing fugitive emissions and improving HSE standards in numerous industries such as plastic recycling, district heating, shipping, chemistry and petrochemicals. Having built a solid base of initial commercial customers and a highly experienced team, PIPEOTECH is entering a phase of rapidly expanding global sales.
GTH represents a unique combination of proven and new technologies, industrial capabilities, experienced resources, and established revenue streams from operating units. PIPEOTECH AS and OTECHOS Services AS are 100% daughter companies of GTH. GTH holds a 10% stake in Aitos Gasification Technology AS and an option to acquire the remaining shares of the company on certain terms.

Please see attached Company Presentation.

  GTH Company Presentation (2).PDF

Petrolia Noco commences Dugong appraisal drilling

Company news

2021-03-01 08:46:13

Please find attached our announcement regarding the spud of the Dugong appraisal well.

We also attach a link the operator’s site for press releases.

https://petrolianoco.no/ 2021-03-01 Dugong Appraisal Spud.pdf
https://www.neptuneenergy.com/media/press-releases/year/all

INDEPENDENT OIL & RESOURCES PLC - IOTA PRELIMINARY NON-AUDITED 2020

Company news

2021-02-26 14:23:42

INDEPENDENT OIL & RESOURCES PLC - IOTA PRELIMINARY NON-AUDITED 2020

http://independentresources.eu/ IOTA- Unaudited FS 31122020.pdf

Gjennomføring av Hati Bidco AS' bud på samtlige utestående aksjer i Torghatten ASA

Company news

2021-02-26 10:41:17

Det vises til OTC-melding datert 25. februar 2021, hvor det fremkommer at Hati Bidco AS' bud på samtlige utestående aksjer i Torghatten ASA er klar for å gjennomføres.

Ved overføring den 25. februar 2021 ble totalt 43,336,857 aksjer, som representerer 96,97 % av samtlige utestående aksjer i Torghatten ASA, overført til Hati Bidco AS.

Som følge av at tilbudet fra Hati Bidco AS ble gjennomført vil også utbyttet vedtatt av styret i Torghatten ASA den 22. desember 2020 bli effektuert, i form av tingsutbytte av aksjer i Flyco AS eller alternativt kontantutbytte til aksjonærer i kildeskattposisjon. Utbyttet tilfaller de som var aksjeeiere pr 22. desember 2020, ref utsendt melding av 23 desember 2020.

Som følge av at Hati Bidco AS blir eier av mer enn 90 % av aksjene i Torghatten ASA vil selskapet slettes fra NOTC-listen, i samsvar med NOTCs løpende forpliktelser punkt 4.1.

Hati Bidco AS har videre til hensikt å gjennomføre en tvungen innløsning av de gjenværende utestående aksjene i selskapet i samsvar med gjeldende lovgivning.


Kontaktperson for Torghatten ASA: Roger Granheim, roger.granheim@torghatten.no,
tlf. +47 93053877.

  2020-02-26 Project 2020 - OTC Melding (closing - nr 2).pdf

Pioneer Marine Inc. (OSLO-OTC: PNRM)

Company news

2021-02-25 18:56:02

https://www.pioneermarine.com/ Pioneer February 25, 2021 4th Quarter and Year end Results.pdf

Gjennomføring av Hati Bidco AS' bud på samtlige utestående aksjer i Torghatten ASA

Company news

2021-02-25 17:55:43

Gjennomføring av Hati Bidco AS' bud på samtlige utestående aksjer i Torghatten ASA.


Det vises til OTC-melding datert 28. januar 2021, hvor det fremgår at Hati Bidco AS har oppnådd aksepter fra aksjonærer som representere mer enn 90 % av alle utestående aksjer i Torghatten ASA, samt tidligere meldinger.

Samtlige betingelser for gjennomføring av tilbudet er oppfylt, og tilbudet gjennomføres i dag den 25. februar 2021 og er kun betinget av at mer enn 2/3 av aksjene i Torghatten ASA blir overført til Hati Bidco AS i nattkjøringen til VPS natt til fredag 26. februar 2021. Det vil bli sendt ny melding 26. februar 2021 med informasjon om andel aksjer som ble overført til Hati Bidco AS.


Kontaktperson for Torghatten ASA: Brynjar Forbergskog, brynjar.forbergskog@torghatten.no tlf. +47 957 37 061.

  2020-02-24 Project 2020 - OTC Melding (closing - nr 1).pdf

NorAm Drilling Announces 4Q 2020 Interim Results

Company news

2021-02-25 15:50:06

NorAm had revenue of MUSD 9.6 during Q4 2020 compared to MUSD 20.7 in Q4 2020. During Q4 2020 we generated an operating profit of MUSD (2.7) compared to an operating profit of MUSD 0.0 in Q4 2019. The decline in revenue and operating profit was primarily the result of the lower utilization. During Q4 2020 we generated an EBITDA of MUSD 1.9 compared to MUSD 4.6 in Q4 2019.

NorAm had revenue of MUSD 54.7 for the year ending December 31, 2020 compared to MUSD 82.4 during 2019. For the year ending December 31, 2020 we generated an operating loss of MUSD 8.2 compared to an operating profit of MUSD 6.9 in 2019. For the year ending December 31, 2020 we generated an EBITDA of MUSD 9.8 compared to MUSD 24.1 in 2019.

Capital expenditures were MUSD 0.1 in Q4 2020 and MUSD 2.5 for the year ending December 31, 2020. As of December 31, 2020, our cash position was MUSD 16.3 and we had MUSD 80.0 of outstanding bonds payable to 3rd parties.

http://noramdrilling.com 2020 Q4 Interim Report_FINAL.pdf

Golar LNG Limited preliminary fourth quarter and financial year 2020 results

Company news

2021-02-25 13:30:02

Delivering on our commitment to shareholders with two transformative transactions

Iain Ross, CEO, Golar LNG, said:

Golar is pleased to report Q4 total operating revenues of $118.7 million, adjusted EBITDA1 of $78.0 million and net income of $9.5 million, driven by another quarter of uninterrupted commercial uptime in FLNG and a Q4 Adjusted TCE1 for the shipping fleet at $51,800 per day.

Previously announced sales of Hygo Energy Transition Ltd. (Hygo) and Golar LNG Partners LP (Golar Partners or the Partnership) to New Fortress Energy Inc. (NFE), in transactions with a combined enterprise value of approximately $5 billion, deliver on Golar's commitment to simplify its corporate structure and crystallize value to Golar shareholders. The combination of NFE, Hygo and Golar Partners will also create the leading LNG downstream distribution company. Golar's combined net proceeds of 18.6 million Class A shares in NFE and $131 million in cash, will, together with the $100.3 million of equity raised in December, significantly strengthen Golar's balance sheet.

The successful delivery of the FSRU LNG Croatia (formerly Golar Viking) to LNG Hrvatska d.o.o. (LNG Hrvatska) released a further $51.7 million of liquidity between December 2020 and Q1 2021. This project was completed on time, on budget and in spite of significant COVID related constraints and is a credit to Golar's project and operations teams.

Financial Summary

(in thousands of $)Q4 2020Q4 2019% ChangeYTD 2020YTD 2019% Change
       
Total operating revenues118,684139,048(15)%438,637448,750(2)%
Adjusted EBITDA178,03193,388(16)%278,676254,8809%
Operating income45,50568,896(34)%125,65360,659107%
Net income/(loss) attributable to Golar LNG Ltd9,45624,768(62)%(272,227)(211,956)28%
Dividend per share%0.150100%
Adjusted net debt12,418,7702,474,947(2)%2,418,7702,474,947(2)%

Q4 highlights and recent events

Financial:

  • $75 million drawn down against FLNG Gimi debt facility. Total of $300 million drawn down as at December 31, 2020.
  • Golar Seal financing extended to January 2022.
  • Raised $100.3 million net proceeds from a public follow-on offering of 12,067,789 common shares.
  • Executed a new $100 million credit facility backed by Hygo shareholding (will be transferred to NFE shareholding post closing of Hygo and NFE transaction).
  • Repaid $150 million facility secured by Hygo shareholding and $30 million margin loan secured by Golar Partners shareholding.
  • Sold the FSRU LNG Croatia (formerly Golar Viking) to LNG Hrvatska releasing $51.7 million of liquidity between December 2020 and Q1 2021.
  • Entered into separate and independent merger agreements for the proposed sale of both Hygo and Golar's interest in Golar Partners to NFE. Golar to receive a total of $131 million of cash and 18.6 million Class A shares in NFE in combined merger consideration upon closing of both transactions, expected within 1H 2021.
  • 18.6 million Class A NFE shares valued at $910 million as of February 24, 2021, the equivalent of $8.28 per Golar LNG share.
  • On February 24, 2021, the Partnership's common unit holders voted to approve the proposed merger agreement with NFE.
  • Share buyback program of up to $50 million of Golar's common stock approved by the Board.

Shipping:

  • Q4 2020 average daily Time Charter Equivalent (TCE)1 earnings of $48,800 for the fleet.
  • Shipping results adversely impacted by: (i) waiting time ahead of longer-term charters, and (ii) a mechanical failure that reduced one spot vessel's ability to capitalize on the stronger winter shipping market.
  • Inclusive of loss of hire insurance proceeds receivable in respect of the above-mentioned vessel, an adjusted Q4 TCE1 of $51,800 was achieved for the fleet. The TFDE adjusted TCE1 for the quarter was $54,100.
  • Utilization at 77%, down on the 80% achieved in Q3 2020 and the 90% realized in Q4 2019.
  • Inclusive of days covered by loss of hire insurance, Q4 2020 adjusted utilization was 82%.
  • Revenue backlog1 of $193 million as at December 31, 2020.
  • Approximately 77% of 2021 available days covered by charter contracts.
  • Downside risk, particularly through seasonally weak spring and summer months materially reduced through charters that secure increased utilization and fixed rate coverage.

FLNG:

  • FLNG Hilli Episeyo off-loaded its 52nd cargo, with 100% commercial uptime maintained.
  • Executed additional documentation required to remove cap on gas reserves available for future liquefaction by FLNG Hilli Episeyo.
  • Invoiced Hilli Episeyo charterer an additional $8.0 million for 2019 and 2020 overproduction.
  • Constructive discussions ongoing with customer on proving up additional reserves and increasing utilization of Hilli Episeyo.
  • FLNG Gimi conversion project on track and on budget.
  • Continued to refine Mark III 3.5 - 5.0mtpa designs with Korean yard to develop position on the healthy pipeline of new FLNG opportunities.
  • Designs for smaller units with a shorter lead time to production also being explored.

Hygo Energy Transition Ltd:

  • Golar and Stonepeak Infrastructure Partners entered into a merger agreement for the proposed sale of 100% of Hygo to NFE.
  • Pursuant to the transaction, Golar will receive 18.6 million NFE Class A shares and $50 million in cash for its 50% shareholding in Hygo.
  • The transaction represents a Hygo common equity value of approximately $2 billion, in line with contemplated Hygo IPO valuation expectations.
  • Completion of the transaction is subject to the receipt of certain approvals and third-party consents and the satisfaction of other customary closing conditions.
  • After completion, Golar will have a ~9% shareholding in NFE, a larger and more diversified LNG downstream business with significant growth prospects, spurred by a strong business pipeline and access to attractive financing.

Outlook

LNG Shipping:

We expect the Q1 2021 fleet TCE1 to be around $60,000 per day, with utilization of around 90% based on fixtures to date and prevailing spot market conditions. Despite the record spot rates recorded by the market in January, Golar's shipping strategy will continue to prioritize longer term utilization over short-term opportunities. Approximately 77% of 2021 available days are now covered. We do retain some exposure to seasonal and other potential upside by virtue of some index linked charters and spot availability within our shipping portfolio.

FLNG:

We will continue to focus on Hilli Episeyo operations and will pursue our dialogue with Perenco and SNH on potential solutions to prove up more reserves and increase throughput of the vessel. A conditional agreement with Perenco has been entered into that may allow for a drilling campaign to commence within Q1 2021. If drilling were to commence before the end of Q1 2021, additional throughput could commence in 2022. With Brent oil prices having recently exceeded $60, additional Brent linked operating cashflow can also be expected under the terms of the current contract.

On Gimi, our project focus is in Singapore on conversion productivity whilst complying with safe working under COVID-19 restrictions. The project remains on schedule, on budget and the 5th dry dock is on track to commence in Q1 2021.

We will continue to work with development opportunities for new FLNG projects utilizing both Mk I conversion and Mk III new build technologies. Smaller capacity solutions based on modular production technology that offer the prospect of a significantly shorter lead time to first production will also be explored further.

Following the re-emergence of strong returns in the upstream segment Golar will revisit opportunities to use its unique FLNG technology and operational experience to increase its potential upstream exposure. This can be achieved by virtue of the current Hilli oil price kicker or by more direct exposure. The target remains to capture more of the spread between well and wire and the strategy is in line with that articulated when OneLNG was established with Schlumberger in 2016. The collapse in oil and gas prices at that time caused Golar to focus on the build out of its downstream business which has now been successfully established following the proposed merger with NFE.

Corporate:

The entry into merger agreements resulting in the eventual sales of Hygo and Golar Partners to NFE represent significant steps toward simplifying the group structure, crystallizing value and strengthening the balance sheet. With $128 million of unrestricted cash on hand as at December 31, 2020, a further $37 million released from the sale of the LNG Croatia in Q1 2021 and $131 million of cash proceeds expected upon closing of the proposed sales of Hygo and Golar Partners, Golar's balance sheet will be significantly strengthened. Together with the 18.6 million NFE shares with a market value of $910 million as of February 24, 2021, Golar is now well-positioned to refinance the 2022 maturing convertible bond, complete all project CAPEX obligations, and target attractive growth prospects. The Golar Board does not intend to create a long-term holding company of other publicly traded entities. The Board will therefore focus on solutions that give shareholders direct exposure to the underlying assets and thereby minimize any holding company discounts.

In order to capture the significant discount to book value/underlying value, Golar will also explore opportunities to separate the FLNG business. With a unique fast-track, low cost technical LNG production platform, $3.4 billion (Golar share) in contract earnings backlog1, and attractive growth prospects, the Board is of the opinion that there is also significant hidden value in this business segment.

Supported by increased financial flexibility following the proposed NFE transactions and a continuing disparity between the share price and the underlying value of the business, the Board has approved a share buyback program of up to $50 million of the Companys common stock. After expiry of the 90 day lock-up period for the NFE Class A shares to be received upon consummation of the merger agreement for the proposed sale of Hygo, the Board will revert with a plan for how the value of this investment can best be transferred to Golar shareholders, either directly and or indirectly.  The Board of Golar sees significant strategic upside in the NFE business, particularly as the company has taken a leading role in the global downstream distribution of LNG, supported by strong long-term cash flow contracts.

Driven by a stronger performance of the shipping fleet and consistent operations from FLNG Hilli Episeyo, Golar's expects a solid improvement in Q1 results relative to Q4. Influenced by a potential $773 million illustrative gain on disposals1 of Hygo and Golar Partners to NFE, results for 1H 2021 are also expected to be materially ahead of prior periods.

Financial Review

Business Performance:

 2020
 Oct-DecJul-Sep
(in thousands)ShippingFLNGCorporate and otherTotalShippingFLNGCorporate and otherTotal
Total operating revenues50,727  62,489  5,468  118,684  35,582  54,524  5,046  95,152  
Vessel operating expenses(14,629) (11,677) 89  (26,217) (14,899) (13,459) 125  (28,233) 
Voyage, charterhire & commission expenses(5,792)     (5,792) (476)     (476) 
Administrative expenses(795) (871) (6,921) (8,587) (436) (203) (7,350) (7,989) 
Project development expenses(8) (1,363) (1,416) (2,787) (39) (31) (1,097) (1,167) 
Realized gain on oil derivative instrument(2)                
Other operating income2,730      2,730          
Adjusted EBITDA(1)32,233  48,578  (2,780) 78,031  19,732  40,831  (3,276) 57,287  


 2019
 Oct-Dec
(in thousands)ShippingFLNGCorporate and otherTotal
Total operating revenues78,575  54,524  5,949  139,048  
Vessel operating expenses(16,518) (14,537) 228  (30,827) 
Voyage, charterhire & commission expenses(2,311)     (2,311) 
Administrative expenses(685) (803) (10,346) (11,834) 
Project development expenses(258) (3,029) 254  (3,033) 
Realized gain on oil derivative instrument(2)  1,110    1,110  
Other operating income1,235      1,235  
Adjusted EBITDA(1)60,038  37,265  (3,915) 93,388  

(2) The line item "Realized and unrealized gain /(loss) on oil derivative instrument" in the Condensed Consolidated Statements of Income/(Loss) relating to income from the FLNG Hilli Episeyo Liquefaction Tolling Agreement is split into, "Realized gain on oil derivative instrument" and "Unrealized loss on oil derivative instrument". The unrealized component represents a mark-to-market loss of $5.7 million (September 30, 2020: $0.2 million gain and December 31, 2019: $4.3 million) on the oil embedded derivative, which represents the estimate of expected receipts under the remainder of the Brent oil linked clause of the Hilli Episeyo Liquefaction Tolling Agreement. The realized component amounts to $nil (September 30, 2020: $nil and December 31, 2019: $1.1 million) and represents the income in relation to the Hilli Episeyo Liquefaction Tolling Agreement receivable in cash.

To align our reportable segments and more clearly show the performance of shipping as a standalone business, Golar has separated other operations which include management and administrative services and labelled this segment Corporate and other.

Golar reports today Q4 operating income of $45.5 million compared to operating income of $30.6 million in Q3.

Total operating revenues increased 25% from $95.2 million in Q3 to $118.7 million in Q4, partially mitigated by an increase in voyage, charter hire and commission expenses, from $0.5 million in Q3 to $5.8 million in Q4. Of the $23.5 million increase in total operating revenues, $15.1 million was attributable to an improved shipping performance. The remainder of the increase is mainly due to billing for 2019-2020 overproduction by FLNG Hilli Episeyo.

Revenue from shipping, net of voyage, charterhire and commission expenses was $44.9 million and increased by $9.8 million from $35.1 million in Q3. The quarter began with quoted TFDE1 carrier headline spot rates at around $59,000 per day and ended with rates at around $160,000 per day. The earlier commitment of a significant portion of the fleet to term contracts in accordance with a utilization focused strategy, a cap on the rate receivable for some of the index linked charters and a mechanical issue with one of the remaining spot vessels limited Golar's exposure to the higher spot rates observed later in the quarter. Full fleet TCE1 earnings increased from $39,100 in Q3 2020 to $48,800 in Q4 2020 but decreased relative to the $77,000 achieved in Q4 2019. Inclusive of loss of hire income receivable, Golar's Q4 Adjusted TCE1 was $51,800, in line with prior guidance.

Operating revenues from FLNG Hilli Episeyo, including base tolling fees and amortization of pre-acceptance amounts recognized, increased from $54.5 million in Q3 to $62.5 million in Q4. Billing for 2019 and 2020 overproduction of $5.1 million and $2.9 million respectively, accounts for the increase in Q4.

Reduced crew costs for FLNG Hilli Episeyo contributed to a $2.0 million reduction in vessel operating expenses from $28.2 million in Q3 to $26.2 million in Q4. Project development expenses increased from $1.2 million in Q3 to $2.8 million in Q4. FLNG feed costs and expenses in connection with the proposed NFE transactions account for most of the $1.6 million increase.

A loss of hire claim in respect of the aforementioned mechanical failure on board one of the carriers accounts for the $2.7 million other operating income in Q4.

Having completed the conversion and sale of the FSRU LNG Croatia (formerly Golar Viking) to LNG Hrvatska on December 23, a gain on sale of $5.7 million was recognized in other non-operating income.

Depreciation and amortization, at $26.8 million was in line with the prior quarter.

Net Income Summary:

 2020
(in thousands of $)Oct-DecJul-Sep
Operating income45,505  30,632  
Other non-operating income5,682    
Interest income140  29  
Interest expense(15,217) (16,093) 
Gains/(losses) on derivative instruments2,120  (4,686) 
Other financial items, net(3,538) 1,997  
Income taxes(383) (216) 
Equity in net earnings/(losses) of affiliates5,663  (3,559) 
Net income attributable to non-controlling interests(30,516) (29,906) 
Net income/(loss) attributable to Golar LNG Limited9,456  (21,802) 

In Q4 the group generated $9.5 million of net income, compared to a Q3 net loss of $21.8 million. Key items contributing to this are:

  • A $2.1 million Q4 gain on derivative instruments compared to a $4.7 million loss in Q3, mainly due to an increase in LIBOR rates and the impact this has on the Company's fixed interest rate swaps.
  • Other financial items of $3.5 million reflecting non-cash foreign exchange losses on FSRU LNG Croatia related swaps and various other retranslations.
  • The $5.7 million of equity in net income of affiliates primarily comprises the following:
      • $0.2 million net income in respect of Golar's 50% share in Hygo; and
      • $5.7 million net income in respect of Golar's 32% share in Golar Partners.

Net losses attributable to non-controlling interests relate to the Hilli Episeyo, the Gimi and the finance lease lessor VIEs.

Financing and Liquidity:

Our cash position as at December 31, 2020 was $316.1 million. This was made up of $127.7 million of unrestricted cash and $188.4 million of restricted cash. Restricted cash includes $62.1 million relating to lessor-owned VIEs, $36.7 million in escrow for the LNG Croatia, subsequently released in January 2021, and $77.2 million relating to the Hilli Episeyo Letter of Credit, of which $15.2 million has been classified as short-term and is expected to be released to free cash in Q2 2021.

In early December Golar took steps to strengthen its balance sheet through a registered equity offering of 12,067,789 shares of its common stock. The issue price was $8.75 per share. Using a new $100 million credit facility secured by its interest in Hygo and the $100.3 million net proceeds of the equity offering, Golar then repaid the $150 million term loan facility secured by its interest in Hygo and the $30 million margin loan secured by its interest in Golar Partners. The new $100 million credit facility will continue to be secured by Golar's interest in Hygo until the proposed sale to NFE closes, with Golar's interest in NFE

   

DOF INSTALLER ASA - Interim Financial Report Q4 2020

Company news

2021-02-25 08:37:26

Please find enclosed the Interim Financial Report for DOF Installer ASA for Q4 2020.

For further information, please contact:
Mons S. Aase, Chairman - Tel: +47 91 66 10 12

  DOF Installer Financial Report Q4 2020.pdf

ALTERNUS ENERGY GROUP PLC (ALT) Results of the Extraordinary General Meeting

Company news

2021-02-24 17:29:37

An Extraordinary General Meeting was held in Alternus Energy Group Plc on the 24th February 2021 at Plaza 212, Blanchardstown Corporate Park 2, Dublin, Ireland.

All the resolutions proposed were passed unanimously.

For further information, please contact:

Vincent Browne
CEO
E-mail: contact@alternusenergy.com

https://alternusenergy.com/ EGM Results Notice.pdf

Akobo Minerals (AKOBO) - New bonanza grade intersections from diamond drilling

Company news

2021-02-23 10:48:33

Akobo Minerals is pleased to announce that they have received new assay results back from the ALS Ireland laboratory regarding the Segele gold target. Many high grade assays have been returned, including new significant intersections of 131g/t over 2.5m and 17g/t over 13m (see Table 1). These results complement previous bonanza and high grade assay results including 340g/t over 21m and 115g/t over 5m announced previously.

Chief Executive Officer, Jørgen Evjen said:
“We are very pleased with this latest round of assays from Segele and we are confident that the gold mineralization continues much further to depth. Although we are at the start of our drilling campaign at the Akobo Project, our continued success at Segele gives us optimism that we will reach our goal of defining 1.5 to 2 million ounces of gold over the next three years. We have a large area of exciting and prospective licenses and we are excited about the times ahead”

Figure 1: Schematic cross section (scale only approximate) showing the Segele gold target
SEE ATTACHED PRESS RELEASE IN PDF


Table 1: Significant intersections from the Segele gold target
SEE ATTACHED PRESS RELEASE IN PDF


The Segele gold target was first discovered by Akobo Minerals geologists and previous assays from diamond-drilling have demonstrated a narrow (approx. 20m wide) gold zone. The gold is predominantly present as large grains easily visible to the naked eye (coarse-gold type mineralization). See company presentation for more details (21st January 2021).

To date over 4,350m of diamond drilling has been completed at site, of which only 3160m has so far been assayed. Several intersections in the core which remains to be assayed contains exciting levels of visible gold. The depth extension remains open (see press release 15/02/2021).

The Segele gold target is just one target in the 100% owned 182km2 exploration license under investigation by Akobo Minerals. The next priority target for drilling, Joru, is prospective for low grade-high tonnage mineralization and RC drilling has returned results including: 3.1g/t over 2m and 3.1g/t over 1m. In addition to Segele and Joru, Akobo geologists believe a large number of gold exploration targets exist in this unexplored region of Ethiopia.



For more information contact:

Jørgen Evjen, CEO
Mob.: (+47) 92 80 40 14
Mail: jorgen@akobominerals.com


Competent Person
The Competent Person who has overall responsibility for the exploration results is Dr Matt Jackson BSc PhD MAusIMM. Dr Jackson is a Chartered Professional of the Australasian Institute of Mining and Metallurgy which is a Recognized Professional Organization (“RPO”) included in a list promulgated by the Australian Securities Exchange (“ASX”) from time to time. He is a full time employee of Akobo Minerals AB and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Matt Jackson consents to the inclusion in the report of the matters based on his (or her) information in the form and context in which it appears.

For complete disclosure of technical details, JORC Table 1 can be found at the company website, www.akobominerals.com


About Akobo Minerals:
Akobo Minerals, a Norway-based gold exploration company, currently with ongoing exploration in the Akobo region in southwest Ethiopia through its wholly owned Ethiopian subsidiary Etno Mining Plc. The operations were established in 2009 by people with long experience from the public mining sector in Ethiopia and from the Norwegian oil service industry. Akobo Minerals holds an exploration license over key targets in the area. To date placer production and exploration work have outlined alluvial gold resources, and our team of geologists have worked extensively over the last 11 years to identify several potential primary gold targets. The drilling program initiated at the end of 2019 and continued through 2020 has so far shown exceptionally high-grade gold results.


Important information:
This release is not for publication or distribution, directly or indirectly, in or into Australia, Canada, Japan, the United States or any other jurisdictions where it would be illegal. It is issued for information purposes only and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Akobo Minerals does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into Australia, Canada, Japan or the United States.

http://www.akobominerals.com 210223 - Akobo Minerals - New bonanza grade intersections at Segele.pdf
https://akobominerals.com/company-presentation-for-the-notc-registration/

Endring av aksje: Castor Maritime Inc (CASTOR)

Corporate actions

2021-02-23 09:48:24

Det er foretatt endringer i Castor Maritime Inc (ISIN:MHY1146L1092, ticker CASTOR). Aksjebeholdningen er øket fra 608 506 876 til 687 257 742.

   

OMAKEN: Successful completion of private placement and acquisition of Heroic

Company news

2021-02-22 09:00:04

On 8 February 2021, Omaken Sports AS (“Omaken Sports” or the “Company”) successfully placed 7,594,500 new shares (adjusted for subsequent share split of 1:500) at a price of NOK 19.76, raising gross proceeds of NOK 150 million.

The private placement attracted strong interest from Norwegian investors and was multiple times oversubscribed. Cornerstone investors subscribed for and were allocated shares for a total amount of NOK 50 million, including Andenæsgruppen AS, which subscribed for NOK 20 million and will be represented on the Company's board. Additional cornerstone investors were AS Clipper, Altitude Capital AS, Cam AS, Carucel Finance AS, Rasche Investeringer AS and Skattum Invest AS.

Furthermore, on 15 February 2021, the Company's wholly owned subsidiary Heroic AS completed the acquisition of Heroic, an organization with a global top performing team within Counter-Strike: Global Offensive (“CS:GO”), the most popular first-person shooter (“FPS”) game globally. The acquisition was made as an asset purchase from Cyprus based Serenades Limited.

Remaining net proceeds from the private placement are intended used to strengthen the Company’s organization and pursue high-impact growth opportunities.

Omaken Sports is a Norwegian esports organization aiming to become a Nordic powerhouse within global esports. The organization currently has a global top tier team within PlayerUnknown’s BattleGrounds (“PUBG”) as well as a new team within Simulation Racing (“SimRacing”). With the completion of the acquisition of Heroic, the organization now also has a global world-class team within CS:GO. Going forward the organization will diversify into new and attractive games by establishing new teams and entering global esports leagues, growing the commercial value provided to current and future sponsors and partners.

Please see attached an investor presentation of Omaken Sports.

Advisors
ABG Sundal Collier ASA and Carnegie AS (the “Managers”) acted as joint bookrunners in connection with the private placement. Advokatfirmaet Selmer AS acted as legal advisor to the Company and to the Managers.

https://omaken.gg Omaken - NOTC investor presentation.pdf

FREYR to Participate in BTIG Energy Transition EV Day Conference

Company news

2021-02-22 07:25:21

FREYR AS announced today that the company's Chief Executive Officer, Tom Einar Jensen, will attend the BTIG Energy Transition EV Day conference on Tuesday, February 23, 2021.

For more information about the conference go to www.btig.com/news.

On 29 January 2021 FREYR announced that it will become a publicly listed company through a business combination with Alussa Energy Acquisition Corp., raising $850 million in equity proceeds to accelerate the development clean battery cell manufacturing capacity in Norway. Subject to closing conditions being met, the combined company will be named “FREYR Battery” and its common stock is expected to start trading on the New York Stock Exchange under the ticker symbol FREY upon closing, expected in the second quarter of 2021.


***


About FREYR AS
FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 to position the company as one of Europe’s largest battery cell suppliers. The facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.

Contact information
Steffen Føreid, Chief Financial Officer, steffen.foreid@freyrbattery.com
Harald Bjørland, IR adviser, hb@crux.no


Forward-looking statements

The information in this press release includes forward-looking statements and information based on management’s expectations as of the date of this press release. All statements other than statements of historical facts, including statements regarding FREYR’s business strategy, anticipated business combination with Alussa Energy (the “Transaction”) and the terms of such combination, anticipated benefits of FREYR’s technologies and projected production capacity are forward-looking statements. The words “may,” will,” “expect,” “plan,” “target,” or similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. FREYR may not actually achieve the plans or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Factors that may cause actual results to differ materially from current expectations, include FREYR’s ability to execute on its business strategy and develop and increase production capacity in a cost-effective manner; changes adversely affecting the battery industry; the further development and success of competing technologies; the failure of 24M technology or FREYR’s batteries to perform as expected; and our ability to complete the business combination with Alussa Energy on the terms that we currently expect or at all.

No Offer or Solicitation

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the Transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

No Assurances

There can be no assurance that the Transaction will be completed, nor can there be any assurance, if the Transaction is completed, that the potential benefits of combining the companies will be realized.

Important Information about the Transaction and Where to Find It

In connection with the Transaction, Alussa Energy and Pubco will file relevant materials with the SEC, including a Form S-4 registration statement to be filed by Pubco (the “S-4”), which will include a prospectus with respect to Pubco’s securities to be issued in connection with the proposed business combination and a proxy statement (the “Proxy Statement”) with respect to Alussa Energy’s shareholder meeting at which Alussa Energy’s shareholders will be asked to vote on the proposed Business Combination and related matters. ALUSSA ENERGY SHAREHOLDERS AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE S-4 AND THE AMENDMENTS THERETO AND OTHER INFORMATION FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT ALUSSA ENERGY, PUBCO, FREYR AND THE TRANSACTION. When available, the Proxy Statement contained in the S-4 and other relevant materials for the Transaction will be mailed to shareholders of Alussa Energy as of a record date to be established for voting on the proposed business combination and related matters. The preliminary S-4 and Proxy Statement, the final S-4 and definitive Proxy Statement and other relevant materials in connection with the Transaction (when they become available), and any other documents filed by Alussa Energy with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov) or by writing to Alussa Energy Acquisition Corp. at c/o PO Box 500, 71 Fort Street, Grand Cayman KY1-1106, Cayman Islands.

   

Office address

Postal address

Fjordalléen 16

Postboks 1501 Vika

0117 Oslo

Phone

Email

(+47) 23 11 17 41

post@notc.no