EDMONTON October 25th — Varme Energy Canada is proud to announce an equity investment in the organization by Finnish company Elomatic.

Varme is pioneering the waste-to-energy industry in Canada, leveraging proven technology and extensive industrial experience from its Scandinavian partners.

Elomatic’s investment, which belongs to Elomatic’s extensive program to provide industrial and regional benefits to Canada, will help accelerate Varme’s growth and further advance the company’s growing portfolio of projects in Alberta.

Elomatic is a consulting and engineering company with over 1,300 employees globally. Established in 1970, and with projects all over the world, Elomatic provides top-level expert services, products and turnkey solutions to process, machinery, marine, energy and pharmaceutical industries.

“In addition to their financial investment, we’ll be leaning on some of Elomatic’s deep technical expertise in energy, heating systems and engineering projects to support the execution of our projects here in Canada,” said Sean Collins, Varme Canada CEO.

“Varme’s mission and values align wonderfully with our own,” said Tom Lind, Elomatic’s CEO. “At Elomatic, we are committed to design solutions that increase the wellbeing of people and the environment. We are proud to make a direct investment in that mission in Canada through Varme. It also supports our international growth ambitions.”

Green Transition Holding from Norway is another significant investor in Varme and with Elomatic’s investment, the commitment of Nordic investors into the Canadian energy transition space is further enforced.

For more information, please contact:

Sean Collins

CEO Varme Energy Canada

sean@varme.ca

Tom Lind

CEO, Elomatic

tom.lind@elomatic.com

Andreas Grav Karlsen

CEO, Varme Energy

agk@varmeenergy.com