Arendal/Oslo, 15 May 2023: Arendals Fossekompani's portfolio company Volue ASA
(OSE: VOLUE) has entered into an agreement to purchase 100 per cent of Enerim
Oy's wholesale division at a value of EUR 30 million settled in cash. The
transaction involves a carve-out from Enerim Oy and is expected to close on or
about 30 June 2023. The transaction involves 63 full-time employees.

"Adding to its strong organic growth, this acquisition is part of Volue's
long-term growth path. We are pleased to see Volue strengthen its position as a
European enabler of the green transition," says Benjamin Golding, CEO of
Arendals Fossekompani. 

Enerim Oy's wholesale division had EUR 9.8 million in revenues in 2022, EUR 2.3
million in EBITDA and 80% annual recurring revenue. In 2022, the business unit
delivered EBIT of around 20% which will add to Volue's free cashflow going
forward. The business model is scalable and holds strong growth opportunities -
especially in renewable power generation. Enerim wholesale holds an attractive
position in wind as well as strong prospects in batteries and solar - all with a
perfect fit for the Volue platform. Merging this business with the Volue group
will release operational synergies, further accelerating profitable growth.

Enerim wholesale is a market leader in portfolio management of intermittent
renewables and third-party energy wholesale with 24/7 operation. The main
offering is physical and commercial trading for the customer, without financial
market risk. 

"Over the last year, we've seen the launch of European Union Green Deal
Industrial Plan and a war in Europe, with a subsequent energy crisis and
accelerated inflation. It is now clear that Europe's response to energy security
is to increase the push for renewables with 400GW of new solar and wind capacity
within 2030. This growth will mainly come from new entrants without large own
trading organisations to market the power. They need someone to provide them
with capabilities to maximise the yield of their assets. Volue will take on that
responsibility," says Trond Straume, CEO of Volue.

"Led by our strategy for growth, we've decided to take the leading position for
independent renewable players. Building on our proven technology, we'll address
this market segment with a software backed service. We will offer our
comprehensive and scalable SaaS platform as a transparent 24/7 service offering,
allowing new asset owners to participate in the market with the same
sophisticated tools as the incumbents, further enabling them to monetise the
volatile energy markets. This is why we are acquiring Enerim's wholesale
division. Combining this entity with our own capabilities we are becoming a
market leader for digital services in renewables with operations in Norway,
Sweden, Denmark, Finland and Germany from day one, with the ambition to continue
growing organically into additional European territories," continues Straume.

"As part of Volue, we will gain access to a platform for growth well suited to
scale our offering. Joining forces with Volue is an acknowledgment of the
success we have had expanding our business, serving a wide range of clients,
especially in the renewable energy sector. Together we will be a clear market
leader and have the best software and solutions to support our clients in
flexible energy markets in the coming years." says Tomi Pesonen, Director
Wholesale Markets business at Enerim Oy.