7 July 2020

Sale of shares in PowerCell Sweden AB (publ)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

Two shareholders in PowerCell Sweden AB (publ) (the "Company" or "PowerCell"), Midroc New Technology AB and Finindus NV (the “Sellers”) have sold 3,053,754 shares in PowerCell, representing approximately 5.9 percent of the total outstanding shares in the Company (the “Placing”). The shares were placed to four European institutional investors. The price in the Placing was set at SEK 300.00 per share and the total transaction size amounted to approximately SEK 916 million.

Midroc New Technology AB and Finindus NV have been owners in PowerCell since 2009. Midroc New Technology AB is a venture capital company within Midroc Europe, an international company group headquartered in Stockholm. Finindus NV is a Belgian investment company funded by ArcelorMittal and the Flemish region. Following the Placing, the Sellers hold no shares in the Company.

Pareto Securities AB acted as Sole Bookrunner in the Placing.