NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
"UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Oslo, Norway, 8 July 2020: Reference is made to the stock exchange announcement
published by Cloudberry Clean Energy AS (the "Company") on 7 July 2020 regarding
a contemplated private placement of new shares in the Company (the “Private
Placement”) potentially raising gross proceeds between NOK 100 million and NOK
150 million (the “Size Range”).

The Company has been informed that the Managers in the Private Placement have
received orders such that the Private Placement is covered within the Size
Range.

Carnegie AS and Pareto Securities AS are acting as managers (the “Managers”) in
the Private Placement.

For further information please contact the Managers: 

Carnegie AS / +47 22 00 93 40
Pareto Securities AS / +47 22 87 87 50

About Cloudberry Clean Energy AS

Cloudberry Clean Energy AS is a Nordic renewable energy company. We own, develop
and operate hydro power plants and wind farms in Norway and Sweden. Our purpose
is to provide clean renewable energy for future generations, developing a
sustainable society for the long term and creating value for our stakeholders.
We believe in a fundamental long-term demand for renewable energy in the Nordics
and Europe. Our purpose shapes every aspect of how the Company operates. 

The Company has a strong commitment to local communities. Our integrated value
chain approach ensures local presence and optimisation of stakeholder alignment
and value creation. Our long-term growth strategy rests upon our ability to
create value for stakeholders, and our ability to use the best possible
technology available, bring down costs, improve sustainability and make an
important contribution to the necessary European energy transition. We will
realise growth through organic greenfield development and by taking part in
structural development of the Nordic renewable energy industry. 

We are a public Merkur Market company supported by strong owners and led by an
experienced management team and board. Our offices are in Oslo, Norway (main
office) and Karlstad, Sweden. To learn more about the Company please visit
www.cloudberry.no.

Important Notices

This announcement does not constitute or form a part of any offer of securities
for sale or a solicitation of an offer to purchase securities of the Company in
the United States or any other jurisdiction. The distribution of this
announcement and other information may be restricted by law in certain
jurisdictions. Copies of this announcement are not being made and may not be
distributed or sent into any jurisdiction in which such distribution would be
unlawful or would require registration or other measures. Persons into whose
possession this announcement or such other information should come are required
to inform themselves about and to observe any such restrictions. The securities
of the Company may not be offered or sold in the United States absent
registration or an exemption from registration under the U.S. Securities Act of
1933, as amended (the "U.S. Securities Act"). The securities of the Company have
not been, and will not be, registered under the U.S. Securities Act. Any sale in
the United States of the securities mentioned in this communication will be made
solely to "qualified institutional buyers" as defined in Rule 144A under the
U.S. Securities Act. No public offering of the securities will be made in the
United States. In any EEA Member State, this communication is only addressed to
and is only directed at qualified investors in that Member State within the
meaning of the EU Prospectus Regulation, i.e., only to investors who can receive
the offer without an approved prospectus in such EEA Member State. The
expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129 of the
European Parliament and of the Council of 14 June 2017 (together with any
applicable implementing measures in any Member State). In the United Kingdom,
this communication is only addressed to and is only directed at Qualified
Investors who (i) are investment professionals falling within Article 19(5) of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as
amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to
(d) of the Order (high net worth companies, unincorporated associations, etc.)
(all such persons together being referred to as "Relevant Persons"). These
materials are directed only at Relevant Persons and must not be acted on or
relied on by persons who are not Relevant Persons. Any investment or investment
activity to which this announcement relates is available only to Relevant
Persons and will be engaged in only with Relevant Persons. Persons distributing
this communication must satisfy themselves that it is lawful to do so. Any
Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the Private
Placement. For the avoidance of doubt, the Target Market Assessment does not
constitute: (a) an assessment of suitability or appropriateness for the purposes
of MiFID II; or (b) a recommendation to any investor or group of investors to
invest in, or purchase, or take any other action whatsoever with respect to the
Company's shares. Each distributor is responsible for undertaking its own Target
Market Assessment in respect of the Company's shares and determining appropriate
distribution channels. Matters discussed in this announcement may constitute
forward-looking statements. Forward-looking statements are statements that are
not historical facts and may be identified by words such as "anticipate",
"believe", "continue", "estimate", "expect", "intends", "may", "should", "will"
and similar expressions. The forward-looking statements in this release are
based upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. Actual events may differ
significantly from any anticipated development due to a number of factors,
including without limitation, changes in investment levels and need for the
Company's services, changes in the general economic, political and market
conditions in the markets in which the Company operate, the Company's ability to
attract, retain and motivate qualified personnel, changes in the Company's
ability to engage in commercially acceptable acquisitions and strategic
investments, and changes in laws and regulation and the potential impact of
legal proceedings and actions. Such risks, uncertainties, contingencies and
other important factors could cause actual events to differ materially from the
expectations expressed or implied in this release by such forward-looking
statements. The Company does not provide any guarantees that the assumptions
underlying the forward-looking statements in this announcement are free from
errors nor does it accept any responsibility for the future accuracy of the
opinions expressed in this announcement or any obligation to update or revise
the statements in this announcement to reflect subsequent events. You should not
place undue reliance on the forward-looking statements in this document. Current
market conditions are affected by the COVID-19 virus outbreak. The development
in both the Company’s operations as well as relevant financial markets in
general may be affected by government measures to mitigate the effect of the
virus, reduction in activity, unavailable financial markets and other. The
information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. Each of the Company, the Managers and their respective affiliates
expressly disclaims any obligation or undertaking to update, review or revise
any statement contained in this announcement whether as a result of new
information, future developments or otherwise. This announcement is made by and,
and is the responsibility of, the Company. The Managers are acting exclusively
for the Company and no one else and will not be responsible to anyone other than
the Company for providing the protections afforded to their respective clients,
or for advice in relation to the contents of this announcement or any of the
matters referred to herein. Neither the Managers nor any of their respective
affiliates makes any representation as to the accuracy or completeness of this
announcement and none of them accepts any responsibility for the contents of
this announcement or any matters referred to herein. This announcement is for
information purposes only and is not to be relied upon in substitution for the
exercise of independent judgment. It is not intended as investment advice and
under no circumstances is it to be used or considered as an offer to sell, or a
solicitation of an offer to buy any securities or a recommendation to buy or
sell any securities of the Company. Neither the Managers nor any of their
respective affiliates accepts any liability arising from the use of this
announcement.