Company: Grenland Industry Studio ("Studio")

Investor: Launch Capital Investor ("Investor")

Equity Offered: 20% post-money equity in Circular H2 Projects SPV Cluster (directly in SPVs)

Total Capital Participation: Up to NOK 300 million (callable, as needed)

Structure: Strategic equity investment plus backstop participation for SPV launch capital

Evergreen: 60-70% of proceeds reinvested into next wave SVP clusters

SPIN-to-Exit development and scale-up capital across Grenland Industry Studio's Circular H2 Portfolio

Co-investment into SPVs as lead, anchor, or guarantor investor

Reserve capital for matched grants, institutional leverage, and milestone-based drawdowns

Grenland Industry Studio HoldCo owns 80% of the following SPVs:

H2 Point-to-Point, H2 Off-Grid Power, Waste to H2, H2 Greenhouse Loop, H2 Power Balancer, H2 Backup

Foundational Investor indirectly owns 16% of each SPV (20% x 80%)

Board seat and Investment Committee participation

Right of first refusal on all future equity rounds (HoldCo or SPV)

Visibility across pipeline, co-investment access, and exit strategy

Strategic influence on portfolio direction and Studio growth

Instrument Type: Equity

Jurisdiction: Norway (to be confirmed with Foundational Investor)

Documentation: Shareholder agreement, governance charter, funding annex

Review and confirm participation tier and board representation

Complete legal documentation and side letter terms

Studio capital drawdown to proceed on milestone basis