Barcelona, 23 July 2020 - Nace Energía (NACE) - a Spanish electricity company that produces and supplies renewable energy along with energy efficiency solutions for SMEs, self-employed and domestic users - has requested authorisation from the government's Directorate General for International Trade and Investment to allow entry into its capital of the foreign investment fund GreenMont AIFLNP Ltd (Greenmont).

This macro operation, where NACE has been advised by JQ Advisors and GreenMont by Araoz & Rueda as to Spanish law and by Elias Neocleous & Co LLC as to Cyprus law, is the largest Series A funding of a start-up in Spain and the third one in Europe in 2020.

The founding team, which maintains control at NACE, is formed by three entrepreneurs with a long history in the energy sector: Alex Ortega, Pablo Abejas and Jaime Jaquotot, all of them with extensive previous experience as managers in electrical firms such as Naturgy, Alpiq, Enel, Audax or Aldro.

Álex Ortega - NACE’s main partner - was the founder of ACSOL, a subsidiary of Unieléctrica later acquired by the Audax group, and he controls the network of advisors AC-SOLUTIONS that strongly boosted the sales of Aldro and Audax, particularly at their early stages.

NACE's managing director Pablo Abejas oversaw Aldro during its stage of greater growth and was general director of Audax when it acquired the Unieléctrica Group, a transaction that he led along with Jaime Jaquotot, who was then leading PPAs negotiations for the Audax group.

These partners, who decided to join forces to undertake this innovative project together, say they are "proud that a fund like GreenMont has trusted its team and project which will generate value and employment in such a difficult context".

NACE is one of the emerging electricity companies with the best growth rates in the Spanish market, ranking in less than 12 months among the 30 largest electricity companies in terms of number of SMEs. The company has an innovative model for supplying renewable energy generated in large parks - where it has signed purchase agreements or PPAs - combined with small solar plants close to customers, without small consumers having to invest.

"Renewable energy is cheaper than other polluting energies, but small customers cannot buy it directly or have the capacity to put it on their roof. At NACE we democratise access to renewables, but to do so we need a strong financial capacity like GreenMont's," says Jaime Jaquotot.

Likewise, Pablo Abejas states that "our goal is to position ourselves among the main renewable electricity companies both in energy supply and in distributed generation capacity".

NACE is firmly committed to customer service through its extensive network of collaborators, advisors and qualified prescribers, a concept key to its business, fleeing from the purely digital company model so fashionable lately, ensuring quality care so that their customers can better understand their bill and choose the best option for them.

According to Alex Ortega: "The best proof of our firm commitment to this model is the creation of subsidiary companies where the best prepared networks of advisors become majority partners."

GreenMont AIFLNP Ltd, which joins NACE as a minority partner, is a Cyprus-authorised fund participated by professional investors to channel some of their investments in projects in Europe. This transaction enables GreenMont to vertically integrate its large solar photovoltaic energy generation projects in southern Spain with NACE's activity, thus consolidating its strategy in Spain.

About NACE

NACE is an independent electricity company that provides renewable energy and energy efficiency services to SMEs, self-employed and individual users. NACE started its activity in 2019 and expects to exceed 30 million euros in turnover in 2020. NACE is the main marketer of the Visalia Group, which participates in other marketing subsidiaries in the Spanish electricity market such as Nace Solar, Ecoluz Energía, Watiox Green Energy, Free Energía, Axta Renovables, Másluz Energía and Just Energía.

About Greenmont AIFLNP Ltd

Greenmont AIFLNP Ltd is a private equity alternative investment fund with limited number of persons, authorised and regulated in Cyprus by the Cyprus Securities and Exchange Commission for the internal management of its portfolio of investments. Greenmont's investment objective is to ensure the long-term growth of capital and income of its investors by investing in a portfolio consisting primarily of equity securities of both publicly listed and unlisted companies or other investments in various sectors.

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