EAM Solar ASA: The Borgarting Court of Appeal rejected the possibility of initiating private criminal proceedings against Enovos Luxembourg before the Oslo District Court

23 October 2022

EAM Solar ASA is not allowed to start private criminal proceedings against
Enovos Luxembourg S.A. in Oslo District Court.

Borgarting Court of Appeal has rejected EAM Solar ASA's appeal against Oslo
District Court's decision to reject the start of a private criminal proceedings
against Enovos Luxembourg S.A.

The ruling from the Borgarting Court of Appeal is attached to the notification.

According to the Borgarting Court of Appeal, the fraud against EAM Solar ASA
should not be brought before a Norwegian court in a private criminal proceedings
since this is not in the public interest.
The Court of Appeal concludes that the fraud case falls under the jurisdiction
of the Norwegian Criminal Code, and writes in its ruling that:

"The evidence and evidentiary arguments that EAM has shown points overall to the
fact that Enovos' representatives on the board of Aveleos had so much
information about the suspicion and the investigation related to false documents
about the country of origin, which in turn had an impact on the right to
subsidies, that it meant that EAM was misled by Enovos in connection with the
purchase."

The Borgarting Court of Appeal, however, concludes in its assessment of the
case's evidence "at a more general level" that there is "reasonable doubt as to
whether EAM will be able to provide sufficient evidence of criminal guilt".

The company still has an ongoing criminal case in Milan as well as other related
legal cases in connection with the fraud against EAM Solar ASA.

The company will explain in more detail the general and legal status in
connection with the company's report for the third quarter on 15 November 2022,
or earlier.


For further information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no
   
About EAM Solar ASA: EAM Solar ASA is a utility company that acquires and
operates solar power plants. The Company currently owns solar PV power plants in
Italy. The plants are operating under long-term sales contracts. In addition,
the Company's business is lawsuits in relation acquisition of solar power
plants.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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