Mr Alan Boyd appointed to the Board

28 June 2024

Cindrigo Holdings Limited

('Cindrigo' or the 'Company')

Mr Alan Boyd appointed as Non-Executive Director to the Board

Cindrigo Holdings Limited, a clean baseload energy developer, is pleased to announce the appointment of Mr Alan Boyd as Non-Executive Director of the Company with immediate effect.

Mr Boyd is a technology and intellectual property specialist with a long history of success in international expansion and development in Europe, America, Australia and Asia in startup, high-growth and publicly listed companies.

After some early years pioneering in computer and systems development Mr Boyd was recruited as the 32nd employee to Microsoft, as its first manager for Product Development, reporting directly to Bill Gates. Mr Boyd managed the development of, and bringing the products to market, many of the world's leading software products that today still are household names, including Microsoft Office, MS-DOS, Word, Excel, Works, Windows, etc. Mr Boyd was also responsible for Microsoft's Acquisitions Group which included formulating and implementing of its highly successful licensing and acquisitions strategy, and he is seen by many as being instrumental in shaping the global tech sector and the fledgling tech investment sector in the early 1980s.

After its IPO, Mr Boyd left Microsoft in 1986 and went on to invest in infrastructure and technology companies globally, whilst also being advisor to governments including USA and China on technology and intellectual property strategy and development. During the '80s Boyd was acknowledged by the Reagan administration as one of the world's leading experts on Intellectual Properties and was employed by the US Treasury Department as an expert witness in a number of high-profile IP cases.

Mr Boyd also co-founded St Banks International Group, a Shanghai-based boutique investor, and Smart City Software the technologies needed for China's smart city development program.

For more than 35 years Mr Boyd has served as a non-executive director of a number of public and private companies in the UK, USA, Europe, Australia and China in the CleanTech, IT, Software, Media, Artificial Intelligence, Telecoms, Consumer Electronics, Education and Financial Services sectors.

Jörgen Andersson Chairman of the Board comments: "We are extremely pleased to welcome Alan Boyd to Cindrigo's board as Non-Executive Director. He brings an unparalleled wealth of experience that will be invaluable as we look to develop the Company into a significant energy producer and work towards a new stock market listing that suitably reflects Cindrigo's enhanced business offering and growth strategy".

**ENDS**

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Notes

Cindrigo Holdings Limited is an active clean baseload energy developer focused on developing sustainable energy solutions across Europe. This includes a 110 MW ready built Biomass combined heat and power plant in Kaipola, Finland, planned for operational start in Q4 2024. Upon reaching full operational capacity, the plant is estimated to generate revenues of approximately €40 million annually, with an estimated EBITDA of around €10 million.

The Company is also finalising the acquisition of a majority interest in three geothermal energy projects in the Upper Rhine Valley of Germany, which have an initial target of c.80 MW, and a combined target installed potential capacity exceeding 300 MW, encompassing both geothermal power and heat generation.