Oslo, 3 November 2026. Skyfri Group AS and Minox Technology AS have combined into one company that brings together forty years of industrial process technology with real time digital intelligence. The combined group, Skyfri Group, delivers water treatment, gas treatment and energy management to offshore installations, hydrogen production, solar plants and battery storage assets in seven countries.

Since 1985, Minox has delivered more than 35 deoxygenation systems to energy companies including Equinor, Shell, Chevron, ExxonMobil and Petrobras, with a total installed capacity of 5.8 million barrels of water per day. Skyfri today monitors and controls more than 180 solar and battery assets through proprietary hardware and software. Together they form a Norwegian industrial platform where proven technology meets artificial intelligence.

Industrial substance meets digital intelligence

The combination rests on a simple logic. For four decades Minox has delivered heavy process systems that remove oxygen from injection water and process water down to ppb levels, without chemicals, and that operate today on platforms and FPSOs around the world. Several of these installations have been in continuous operation for more than twenty years. Skyfri has built the hardware and software that make such assets visible in real time: certified measurement devices, monitoring in accordance with IEC 61724, and control algorithms that optimise production, maintenance and energy use.

Every Minox installation thus becomes a data point in Skyfri’s platform, and every solar plant and battery asset Skyfri monitors gains access to an industrial engineering organisation with experience from the world’s most demanding operators. The result is a supplier that can follow the customer through the entire lifecycle of an asset, from engineering and delivery to aftermarket, upgrades and continuous optimisation.

From oil and gas to hydrogen, CCUS and data centres

The group addresses six markets where water, gas and power must be handled with precision: offshore water treatment and process optimisation, carbon capture and storage developed together with a leading FPSO builder, hydrogen purification and drying, solar and battery assets, cooling water and power management for data centres, and compact CO2 capture currently under development. Minox has also been selected for the DeepStar research programme for 2026 and 2027 with ExxonMobil as project champion.

Financially, Minox provides the cash generating base with an order backlog and pipeline from tier one energy companies, while Skyfri’s software and hardware contribute a growing share of recurring revenue. The group aims to increase the share of recurring revenue with data attachment from around five per cent today to more than thirty per cent by 2029, and to reach revenue of NOK 100 million by 2028.

Statements

“Our customers have long asked for a digital service around the systems we deliver. With Skyfri we have it in place from day one, and we can follow the assets through their entire lifetime instead of delivering and moving on. For the team in Notodden and for our customers, the combination means more capacity, more technology and an owner that invests in growth,” says Ole Morten Erichsrud, Chief Executive Officer of Skyfri Group.

“Solar, batteries, hydrogen and offshore have one thing in common: the value lies in knowing exactly what is happening in the asset every second. We have built the hardware and software for that, and with Minox we get an industrial fleet to deploy it on immediately,” says Ole Morten Isdahl, Chief Technology Officer of Skyfri Group.

“For forty years Minox has proven that Norwegian process technology withstands the toughest operating environments in the world. What we add now are the eyes and the brain: real time data, machine learning and control that make every asset more efficient, cleaner and more reliable. We are not building an oilfield services company, we are building an industrial data platform with four decades of references underneath it,” says Murshid Hugberg-Ali, Chairman of the Board of Skyfri Group.

About the transaction

Skyfri Group AS acquired 100 per cent of the shares in Minox Technology AS on 14 September 2026. Minox’s management forms the executive management of the combined company, with Ole Morten Erichsrud as Chief Executive Officer, Ole Morten Isdahl as Chief Technology Officer, Dag Jostein Klever as Chief Growth Officer and Kim André Johnsen as Chief Operating Officer. Murshid Hugberg-Ali is Chairman of the Board. Skyfri’s US operations continue in Skyfri Inc under the leadership of Greg Linder.

The group consists of three units: Skyfri Energy Transition AS (process technology, aftermarket and engineering services), Skyfri Power AS (monitoring, energy management and software) and Skyfri Inc (hardware and the US market).

About Skyfri Group

Skyfri Group is a Norwegian industrial technology platform that combines process equipment for water and gas with real time monitoring and control of energy assets. The group has delivered more than 35 deoxygenation systems since 1985, monitors more than 180 solar and battery assets in seven countries, and has offices and agents in Norway, the United States, Brazil, Nigeria, Malaysia, the United Arab Emirates and Azerbaijan. Its technology is certified in accordance with ISO, CE, FCC and IEC 61724. Read more at www.skyfri.com.

Contact

Ole Morten Erichsrud, Chief Executive Officer, Skyfri Group AS, ome@minox.no

Murshid Hugberg-Ali, Chairman of the Board, Skyfri Group AS, 48077002, ma@skyfri.com

This release contains forward looking statements based on management’s current expectations. Actual results may differ materially.