Transaction Combining Mainstream and Aker Offshore Wind Has Closed

The transaction to combine Mainstream Renewable Power ("Mainstream") and Aker Offshore Wind to create a stronger renewable energy company with a 27 GW portfolio has closed.

As previously communicated on 12 July 2022, Aker Horizons entered into an agreement with Aker Mainstream Renewables, a holding company co-owned by Aker Horizons, Mitsui & Co., Ltd. and Irish minority shareholders, to integrate Aker Horizons’ wholly-owned subsidiary Aker Offshore Wind into the Mainstream group. The transaction has now closed.

In parallel with the combination of the two companies, a number of Mainstream’s minority shareholders participated in a further issuance of shares, raising approximately EUR 6 million in new capital.

Following closing of the transaction, Aker Horizons' ownership in Mainstream is approximately 58.4 percent, Mitsui & Co., Ltd. 24.9 percent, with remaining shares being held by Irish minority shareholders.

ENDS

For further information, please contact:

Ivar Simensen, Communications, Tel: +47 46 40 23 17, ivar.simensen@akerhorizons.com

Christian Yggeseth, Investor Relations, Tel: +47 915 10 000, christian.yggeseth@akerhorizons.com

About Aker Horizons

Aker Horizons develops green industrial projects and technologies that accelerate the net zero transition. The company holds assets across renewable energy and carbon capture, and develops green industrial hubs that combine low -cost renewable energy with hydrogen production and downstream applications. As part of the Aker group and its 180-year industrial heritage, Aker Horizons applies industrial, technological and capital markets expertise to solve fundamental challenges to sustainable existence. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Through its portfolio companies, Aker Horizons employs over 1,200 people across 18 countries and five continents. www.akerhorizons.com