Zirconia.

Strengthened shareholder commitment and leadership transition to support next phase of biorefinery development

Haugesund, Norway — April 2025: Alginor ASA today announced plans to raise NOK 150 million in new equity to advance construction and commissioning of its biorefinery at Avaldsnes (F3). The company also confirmed the appointment of Sten Stenersen as interim Chief Executive Officer, effective May 2025, following a period of leadership transition.

Capital Raise of NOK 150 Million

In a recent shareholder letter, Alginor outlined that capital expenditure (CapEx) and project costs related to the F3 biorefinery have increased relative to prior estimates. The remaining funding required to complete construction and commissioning is now projected at NOK 500–550 million, bringing the total CapEx for F3 (including the F2 pilot plant) to NOK 820–870 million.

After constructive discussions with major shareholders — Borregaard AS, Jakob Hatteland Holding AS, and Must Invest AS — the board has proposed a NOK 150 million equity raise, with the following commitments:

• NOK 100 million fully committed by Borregaard, Must Invest AS, and Jakob Hatteland Holding AS
• An additional NOK 50 million to be raised through a subsequent repair offering, underwritten by the same shareholders

The repair offering will include subscription rights for existing shareholders, allowing them to maintain their pro rata ownership in accordance with equal treatment principles.
Further details will be communicated in due course.

“We are grateful for the continued trust and commitment from our largest shareholders,” the board commented. “Their support underlines confidence in Alginor’s business case and the long-term industrial potential of our biorefinery concept.”

New Interim CEO Appointment

Following the earlier resignation of the CEO, Martin Lersch, CTO for Business Development at Borregaard, has served as acting CEO since early 2025, after initially joining Alginor as acting COO in November 2024. Lersch will continue to support the company after returning to Borregaard.

After a thorough search process, the board has appointed Sten Stenersen, CFO at Hatteland and current Alginor board member, as interim CEO, effective May 2025. Stenersen has served on Alginor’s board since September 2023 and has been closely involved in company matters throughout.

“Sten brings strong financial expertise, strategic insight, and deep familiarity with Alginor’s operations and goals,” said Chair Wenche Kjølås. “He will be instrumental in guiding the company through this critical phase of industrial execution and capital expansion.”

Upon assuming his new role, Sten Stenersen will step down from the board and later return to Hatteland following the interim period.

The strengthened financial position and leadership transition together mark a pivotal step forward as Alginor continues toward completion of its F3 biorefinery — a key milestone in scaling its sustainable biorefining of Laminaria hyperborea and advancing Norway’s blue bioeconomy.