NorSun preparing for ambitious growth - raises NOK 90 million in new equity

11 August 2023

NorSun has raised NOK 90 million in new equity to finance further development of ambitious growth projects in the US and Europe. Statkraft Ventures (NOK 40 million) and Årdal Energi (NOK 10 million) come in as new shareholders. The remaining capital is subscribed for by three of the current main shareholders, Nysnø Klimainvesteringer, Scatec Innovation and ABN AMRO Sustainable Impact Fund, the management of the company and some smaller shareholders.

- We are very pleased to secure this funding and thus follow up on the recently awarded EUR 53.6 million from the EU Innovation Fund. Through this transaction, existing shareholders, new investors and the company's creditors have made it possible for NorSun to utilize its position as the leading western wafer producer for further development and expansion, both in the USA and Europe, says John Andersen, Jr., Chairman of NorSun.

The new capital will be used to build an organization that will realize growth projects in the US and Europe. This includes finalizing the plans for a 5 GW production facility in the USA where the framework conditions are now very favorable. This work will be coordinated with assessments of the possibilities for further expansion in Årdal, thus laying the foundation for growth projects in Norway and Europe. In this way, the current production facility in Årdal will also become a "Centre of Excellence" that supports the growth initiatives.

- We are very pleased to become the new partner in the journey of establishing a leading western wafer manufacturer. We believe NorSun as the only European wafer producer today,  is well positioned to succeed in building a new 5 GW production facility in the US,says Anders Prietz, Managing Director of Statkraft Ventures.

- NorSun's position as the leading Western producer of wafers for the solar cell industry has contributed to significant interest in our growth plans from customers and other business partners, says Erik Løkke-Øwre, CEO of Norsun. - Together with existing and new shareholders, the management will implement an ambitious growth plan. In the first phase, we will secure bindingsales contracts and financing as the foundation for an investment decision forthe US plant which is expected at year end, says Løkke-Øwre.

Solar energy has become the most affordable source of renewable energy in most parts of the world. This is largely thanks to sustained subsidies, innovation and capacity building in China. Due to the geopolitical changes, both the USA and the EU are now launching ambitious plans to rebuild their respective industrial value chains for solar energy. In particular, this is done through the Inflation Reduction Act in the USA. The EU and its member states are now also investing significant amounts in the renewables sector, and it is within this investment that the EU is now supporting NorSun. In Norway, the government has launched the roadmap for "Green industry lift", which now also includes support for the solar sector in Norway. This is a necessary and important contribution to realizing any further development in Årdal.

As the only remaining significant Western wafer manufacturer, NorSun is uniquely positioned to plan, build and operate manufacturing facilities. NorSun has the world's lowest CO2 footprint for its wafer production based on clean hydro power and leading production efficiency.

SpareBank 1 Markets acted as financial advisor and Haavind as legal advisor to NorSun in connection with the transaction.

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