Industrial players join forces to form new digital player in the power market

Kraftanmelding is a leading provider of balancing services for run-of-river
power production in Norway. Increasing amounts of intermittent power production
in the Nordic region are driving the need for flexibility and active management
in the energy system. Kraftanmelding's and Captiva's digital solutions provide
power producers with access to new markets and increased revenues from existing production. Cloudberry, Elmera, and Småkraft are now joining forces to
strengthen Kraftanmelding's position in this market.

Anders Lenborg, CEO of Cloudberry, is excited to be part of the continued
digital initiative together with the other co-owners.

- With this initiative we lead the way in the digital transformation of our
industry. With Elmera, as one of the largest power consumers in the Nordics
(about 21 TWh per year), we can now directly match Nordic power producers with
Nordic power consumers. I strongly believe in significant value creation
through this digital initiative, says Lenborg.

Background
Kraftanmelding was founded by entrepreneurs Ole Morten Amundsen, Bjørn Trondsen,and Glenn Gill. Captiva became a majority shareholder in 2019, while Captiva was later acquired by Cloudberry. As part of the transaction, Cloudberry will transfer its digital businesses within Captiva to Kraftanmelding. Kraftanmelding
will further be strengthened with over NOK 20 million in new equity from
primarily Elmera and Småkraft. The pre-money valuation of Kraftanmelding,
following the inclusion of Cloudberry's digital business, is approximately 1.4x
Cloudberry's current book value. Following completion of the transaction,
Kraftanmelding will be owned by Elmera (34%), Cloudberry (32%), Småkraft (8%)
and the founders and employees (27%).