AGO AG Energie + Anlagen finalises agreement with Norwegian cooperation partner Enwa PMI AS

• Entering the Norwegian market via cooperation
• Focus on industrial heat pumps and biomass cogeneration plants
• Establishment of a Norwegian subsidiary currently under review

Kulmbach, 27 May 2009: AGO AG Energie + Anlagen (WKN: A0LR41 / ISIN: DE000A0LR415) has signed a cooperation agreement with the Norwegian company Enwa PMI AS based in Sandefjord, Norway. The cooperation is aimed at tapping the potential of the Norwegian market. The use of heat pumps and biomass cogeneration plants for industrial and municipal purposes is to form the main focus in the country.

AGO AG Energie + Anlagen will take care of the engineering side of the cooperation from its base in Kulmbach. This includes the entire plant planning process as well as construction supervision and managing the energy centres. Thanks to its many years of project experience in Norway, Enwa PMI will be providing high quality construction implementation with its personnel on site. The scope of this cooperation also includes operating entire plants. As soon as the first order has been received, a subsidiary is to be founded in Norway. The formation of this Norwegian company is currently being reviewed.

Norway offers significant potential in the field of energy saving technologies, particularly in the area of heating technology. This is because up to now thermal energy provision for industrial companies and municipal authorities has hardly been covered by regenerative energies, with the majority drawing their thermal energy from electricity powered hydro plants. While the power generated from hydroelectric plants a few years ago was extremely good value at under 3 cent per kWh, energy prices have since risen significantly due to exports within the Scandinavian energy network and to connections in Central Europe. “In addition, municipal legislation in Norway stipulates that buildings have to use water-based heat distribution systems and at the same time it also bans new oil-fired boiler systems from being installed. Companies, municipal authorities and private households are therefore looking into waterbased heating solutions, as is standard in Germany. This change in its approach to energy makes Norway into one of the most attractive European countries when it comes to building plants,” explains Hans Ulrich Gruber, Chairman of AGO AG Energie + Anlagen.

“The cooperation agreement with Enwa PMI AS and the resultant entry into the Norwegian market represents another important step in the internationalisation of AGO Group. We would like to participate in the general and politically-driven change in Norway’s heating provision. Norwegian legislation also offers additional incentives, with projects involving renewable energies receiving a 20 percent subsidy. We are already holding talks with a number of local industrial companies and municipal authorities about several promising projects. As a specialist in operating energy centres using biogenous fuels, we see enormous potential for AGO AG in Norway, particularly as contracting models are very much in demand in the country. It is therefore our aim to implement several energy projects with an annual total volume of EUR 5.0 million in the next three to five years,” says Gruber, Chairman of AGO AG Energie + Anlagen.

About AGO AG Energie + Anlagen

AGO AG Energie + Anlagen, with its registered office in Kulmbach, was founded in 1980 and is specialized in the area of innovative and efficient energy supply facilities for industrial customers and municipalities. Main focus of AGO AG Energie + Anlagen is laid on the following business divisions: plant development and implementation, as well as service and consulting. The core competence of the company mainly commits to thermal power stations, to heating, cooling and ventilation technology plant construction, biomass cogeneration plants and trigeneration. Site studies and development, consulting in energy efficiency, resource and fossil fuel management as well as emission trade management – these factors complete the business model. AGO symbolizes efficiency, security and technological competence of your energy supply facilities.