"Having had the privilege of knowing and collaborating with Christian Rynning-Tønnesen for many years during his tenure as CEO of Statkraft, I can attest to the remarkable achievements attained under his leadership, across strategic, value-creating transactions, operational excellence, and international expansion," said Øyvind Eriksen, Chair of ICP and President and CEO of Aker ASA.

During Rynning-Tønnesen's 14 years as the CEO of Statkraft, the company strengthened its position as Europe's largest producer of renewable energy and expanded its operations to 21 countries. Statkraft's revenue grew from NOK 29 billion in 2010 to NOK 124 billion in 2023. Over the past five years, Statkraft has generated an average annual return of 26 percent, including dividends, to its owner, the Norwegian state.

"Christian Rynning-Tønnesen brings the knowledge, practical experience, network, and track record that ICP needs. There will not be a shortage of investment opportunities, as the IEA's latest "Net Zero Roadmap" attests to: in order to limit global warming to 1.5°C, global clean energy investments must reach USD 4.5 trillion per year by 2030. By combining Aker's industrial resources, Slyngstad's standing in international capital markets, and Rynning-Tønnesen's expertise within renewable energy, ICP is uniquely positioned to combine an attractive investment offering for institutional investors with helping to address climate challenges," said Eriksen.

Rynning-Tønnesen has dedicated 32 years of his career to the development of green industry. He worked for Statkraft from 1992 to 2005, after which he served as CFO and CEO of Norske Skog from 2005 to 2010. In 2010, Rynning-Tønnesen rejoined Statkraft as CEO, a position he held until he chose to step down on April 1[st] this year.

"I am highly motivated to find industrial solutions that can contribute to reducing the impact of climate change, while providing attractive returns for our investors. To scale the solutions necessary to achieve global climate goals, we must find innovative ways of unifying institutional capital with industrial insights. Aker is strongly positioned in both arenas. ICP Infrastructure will join forces with the worlds' largest investors and internationally-leading industrial companies," said Rynning-Tønnesen.

"ICP looks forward to welcoming Christian Rynning-Tønnesen on board. He brings a wealth of experience from over three decades of working with renewable energy and green industry. As CEO of Statkraft, Rynning-Tønnesen was instrumental in creating substantial value for the company and for society at large by developing, constructing and operating renewable energy projects both in Norway and internationally. Under his leadership, Statkraft executed several significant transactions across the energy transition value chain, creating a robust growth platform for the company," said Yngve Slyngstad, co-founder and CEO of ICP.

ICP, co-founded and led by Yngve Slyngstad, is strategically focusing its portfolio through two investment arms: ICP Asset Management and ICP Infrastructure.

ICP Asset Management, led by Petter Johnsen, invests globally in listed companies that are positioned to benefit from the transition toward a low-carbon world. Johnsen came to ICP following a 20-year tenure at NBIM, where he held the position of Chief Investment Officer, Equity Strategies. ICP Infrastructure invests in large-scale energy transition infrastructure, from renewable energy production to industrial decarbonization. Rynning-Tønnesen will assume the position of CEO by August 19[th] this year.

ENDS

Media contact
Atle Kigen, Head of Media Relations and Public Affairs Aker ASA
Tel: +47 90 78 48 78
E-mail: atle.kigen@akerasa.com

Investor contact
Fredrik Berge, Head of Investor Relations Aker ASA
Tel: +47 45 03 20 90
E-mail: fredrik.berge@akerasa.com