AF Energi og Miljø AS has completed the acquisition of 70 percent of the shares
in ETA Norge AS. ETA Norge is a highly competent contractor in bioenergy. The
company was established in 2023 and has 13 employees. In 2023, the company had a
turnover of NOK 97 million with an operating margin of 18.5 percent. The company
delivers heating systems to agriculture and industry, and assists with project
planning, installation, and service. 

"Norway has very ambitious goals for reducing energy use by 2030, and AF Gruppen
is developing energy efficient and sustainable solutions that reduce energy use
and strain on the power grid. We are now expanding our commitment to renewable
energy through the acquisition of ETA Norge. Bioenergy is a preferred renewable
energy source and a central part of future energy solutions when fossil fuels
are phased out", says Eirik Wraal, EVP Energy and Environment.

The enterprise value on a 100 percent-basis for ETA Norge is up to NOK 110
million. The consideration consists of cash. A significant part of the
settlement is contingent on the results in the period 2024-2026 and will be paid
out in 2027 if the result target is achieved. ETA Norge will remain as a
separate company and will be part of the Energy and Environment business area in
AF Gruppen.


For further details, please contact: 

EVP Energy and Environment, AF Gruppen: Eirik Wraal, tel. +47 905 73 975

CEO of AF Gruppen ASA: Amund Tøftum, tel. +47 920 26 712