Business New Brunswick

Province assists Umoe Solar New Brunswick with heating costs (10/03/19)

NB 389

March 19, 2010

FREDERICTON (CNB) - The provincial government is providing Umoe Solar New Brunswick Inc. with $350,000 to pay heating costs to maintain a biomass boiler at its Miramichi site during the winter months.

The government is working with the company to help explore possible future use of the biomass assets at its planned polysilicon production facility in Miramichi.

"As a government, we are greatly encouraged by this company's vision for this project and for its willingness to invest in northern New Brunswick," said Business New Brunswick Minister Victor Boudreau.

The Umoe Group, a Norwegian investment company, is working toward the establishment of a $600-million polysilicon production facility in Miramichi. Umoe Solar New Brunswick Inc. employs 12 people in Miramichi and Fredericton, with an estimated 300 full-time positions to be created when production begins.

"The Umoe Group is extremely proud to invest in New Brunswick and I am confident that this is absolutely one of the best locations in the world in which to do business," said Jens Ulltveit-Moe, owner and chief executive officer of the Umoe Group. "New Brunswick offers competitive advantages and the facilities our company needs to continue to be successful in the global marketplace."

The Umoe Group is one of Norway's largest privately held holding companies with interests in marine transportation, maritime equipment, electrical installation, restaurants, IT and telecoms as well as a portfolio of large minority stakes in publicly listed companies.

10/03/19

MEDIA CONTACT: Ashley Bursey, communications, Business New Brunswick. 506- 461-0942, ashley.bursey@gnb.ca;Ernst Andersen, communications, Umoe Solar New Brunswick, ernst.andersen@umoesolar.com.

10/03/19