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Change in Management Team of Empower New Energy AS

Following the successful execution of its first project investments on behalf of Empower Invest AS, the investment fund that it manages, Empower is now preparing the execution, operation and management of the growing Empower project portfolio. The management team has therefore decided to make the following adjustments in the areas of responsibility and focus within the management team:

- Founder, Ørjan Alexander Pedersen becomes the new Chief Financial and Asset Officer. In this role, Alexander will lead Empowers continuous focus on strong financial performance and reporting, and to build a scalable organisation of managing multiple assets in multiple countries. Alexander will continue to lead the technical-financial appraisal of Empowers project investments.

- Lars Due becomes the new Chief Operating Officer. As COO, Lars will focus on the execution of project investments until commissioning, and the internal advancement of projects for investment. Lars will continue to manage the documentation process for the Company’s Investment Committee and the Board of Directors.

- Co-founder Susie Scannelli Cook remains in her role as Chief Legal and Investment Officer, responsible for all legal affairs of the Company, corporate secretary to the Board of Directors and all matters of contract management. In order to streamline the process of making projects ready for investment, Susie becomes responsible for the project screening process prior to projects being recommended for final investment decision by the Board of Directors of Empower Invest AS.

Fornebu, November 24, 2020 Terje Osmundsen,

Founder & CEO

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