Press release, 28th of March, 2024
On 28 March, Nordic Propeye AB and Ngenic AB (publ) signed a letter of intent on the acquisition of Ngenic AB's IMD operations. After a thorough due diligence, the parties have now agreed the terms for the acquisition of all shares in the subsidiary Ngenic Sverige AB. The deal also includes the operations in Poland, a wholly owned subsidiary of Ngenic Sverige AB.
"Since the letter of intent was announced we have worked through every detail in order to complete the deal on schedule. That work is now done, and we will close all parts of it within the next few days. Going forward, Ngenic's business will focus on energy control and the energy market," says Björn Berg, CEO of Ngenic AB.
The deal is now being completed on the basis of the letter of intent the parties signed earlier this year, and the two have together drawn up a transition plan that keeps the impact on customers to a minimum, and positive in the longer run.
"We have worked intensively with Ngenic since the letter of intent and have got to know Ngenic's IMD operations, and some of its customers and partners as well. We are convinced that this is a good deal for all parties, not least for the customers. We now look forward to incorporating the business into Nordic Propeye," says Carl Aspenberg, acting CEO of Nordic Propeye AB.
For further information, please contact:
Björn Berg, CEO Ngenic AB Mail: bjorn.berg@ngenic.se Phone: +46 70 570 70 17
Carl Aspenberg, acting CEO, Nordic Propeye Mail: carl.aspenberg@propeye.se Phone: +46 70 283 09 94
About Ngenic Ngenic is a leading energy technology company that works with the digitalisation and efficiency of energy systems, with energy companies, property owners, housing associations and house owners as customers. The products and the system make it possible to use the existing infrastructure in electricity and district heating networks more cost-effectively, while the customer value of the energy delivered increases. Energieffektiviseringsföretagen (EEF) named Ngenic Future Company of the Year 2019. The head office is in Uppsala. Ngenic is listed on Nasdaq First North Growth Market (ticker: NGENIC). For more information, visit: www.ngenic.se
About Nordic Propeye
Nordic Propeye offers technology solutions for individual metering of electricity, heating and water, with housing associations and commercial properties as customers. The technology also measures temperature, humidity, CO2, radon levels and more, which can be used for energy-saving and damage-preventing measures. The products contribute to cost savings for customers, as well as to lower CO2 emissions, reduced water consumption and a better indoor climate. The head office is in Stockholm. For more information, visit: www.nordicpropeye.com
