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strategy within renewable energy, hydrogen, circular economy and CO2 reductions.
“The fourth quarter was an eventful period for Saga Pure following the
transformation to a new investment strategy within renewable energy, hydrogen,
circular economy and CO2 reductions. We did our first investments in Everfuel,
Bergen Carbon Solutions and Horisont Energi in the quarter, in addition to
raising over 400 million in capital to position Saga Pure for further growth and
expansion in 2021,” says Bjørn Simonsen, Chief Executive Officer of Saga Pure.
Saga Pure reported a net profit from continued operations in the fourth quarter
2020 of NOK 213.3 million, up from NOK 41.6 million in the corresponding quarter
in 2019, driven by the positive development of Everfuel. Following the capital
raises in the quarter, Saga Pure ended 2020 with a cash balance of NOK 476
million.
“Saga Pure sees significant opportunities within our green investment universe
and the team has extensive technical and financial expertise, an unparalleled
deal-flow and leverages on the backing and capabilities from the Ferncliff
group,” Simonsen continues.
After the closing of the quarter, Saga Pure completed a subsequent offering and
realized the Everfuel investment with a net gain of NOK 260 million,
contributing to a cash position of NOK 800 million primo February 2021. The
company has also applied for a transfer of the listing of the Saga Pure shares
from Euronext Expand to Oslo Børs.
“We are currently evaluating a number of investments in companies that can take
a leading position in their field, while maintaining a solid cash position to
ensure financial robustness and flexibility. Additionally, Saga Pure will expand
the organization further with additional industrial expertise to continue the
search for the solutions that contribute to a greener future,” Simonsen
concludes.
Saga Pure will host an investor presentation 17 February at 08:00 CET and the
presentation can be followed live at www.saga-pure.com, or at
https://channel.royalcast.com/landingpage/hegnarmedia/20210217_2/
The presentation of the financial results for the fourth quarter and the Board
of Directors report are enclosed.
ENDS
For additional information, please contact:
Bjørn Simonsen, CEO, +47 97 17 98 21 or bjorn.simonsen@saga-pure.com
Espen Lundaas, CFO, +47 92 43 14 17 or espen.lundaas@saga-pure.com
About Saga Pure | www.saga-pure.com
Saga Pure ASA is an investment company focusing on opportunities within
renewable energy, hydrogen, circular economy and CO2-reduction.
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