Insplorion has completed its strategic review and entered into an agreement in principle regarding the sale of its hydrogen sensor business to Mann Teknik AB for SEK 5.5 million

Regarding the asset sale of the Business
As previously communicated in a press release on November 3, 2025, the Company has conducted a strategic review of the Company’s operations, commercial conditions and strategic alternatives going forward. The strategic review has now been concluded, and the Company is proceeding with the alternative involving an asset sale, including assets and IP/patent rights within the Business, where MannTek and Insplorion have agreed on the principal terms of the transfer. Insplorion’s board of directors has, after considering the alternatives available to the Company, accepted the purchase price, amounting to SEK 5.5 million to be paid in cash. The parties will now initiate final negotiations to enter into a definitive agreement on the intended transaction during the first quarter of 2026. The definitive agreement will be conditional upon approval of the transaction by the Company’s shareholders at an extraordinary general meeting.

About MannTek
MannTek is a leading Swedish manufacturer of advanced coupling solutions and an active pioneer in the hydrogen sector. With three decades of experience in fuel handling and cryogenics, MannTek has developed specialized couplings for liquid hydrogen (LH2), including truck refueling, ship bunkering and aviation. Their innovations support safe, automated and spill-free transfer of hydrogen, and MannTek has played a key role in the construction of the world’s first filling station for subcooled liquid hydrogen (sLH2) in collaboration with Daimler Truck.

The strategic review
As part of the strategic review of the Company’s operations, the Board has reviewed, in particular, the Company’s market conditions and resource requirements. In this context, the Company has implemented selective cost-saving measures to strengthen its financial sustainability to the extent possible. The Board has further evaluated several alternatives to find a long-term solution for the business, including the possibility of raising external capital to finance the operations.
The Board has also explored the possibility of a possible divestment of the entire Company or assets of the Company.

The assessment of the market conditions is that the global hydrogen market continues to grow, but it is still in an early phase where future volumes and demand are uncertain. Insplorion’s unique hydrogen sensor is expected to play an important role as hydrogen gains increasing importance as an energy carrier. At the same time, continued operations and commercialization require long-term support, both industrial and financial. The Board can also conclude that the current market for raising external capital is challenging.

In light of the challenging market for financing, and the increasing need for long-term sustainability in a market that is clearly at an early stage of maturity, the Board has assessed that it is in the best interest of the Company and its shareholders to enter into an agreement with MannTek regarding the divestment of the Business.

Additional potential transactions and values
In addition to the asset sale of the Business, the Board intends to evaluate alternatives for the remaining values in Insplorion, to further benefit the Company’s shareholders. The remaining values consist primarily of the Company’s research instruments business, the marketplace on Nasdaq First North Growth Market and the shareholder base.

The instrument business is based on Insplorion’s NanoPlasmonic Sensing technology and includes research instruments for real-time analysis at the nanoscale. The platform has been in commercial use for over 15 years, is used globally in academia and industrial R&D and is technically validated through over 100 scientific publications. The Company believes that this is an attractive platform for building a new business in advanced analysis and measurement instruments, for example with strategic partners or through mergers with other companies.

The Company is listed in the First North Growth Market and has a broad ownership base of approximately 4,000 shareholders, which together with existing infrastructure for listed operations can constitute an attractive platform for further consolidation following a reversed merger.

– “We remain convinced that hydrogen as an energy carrier will play a key role in the coming energy transition. But the industry is in an early maturity phase, and what a company like Insplorion needs most of all is perseverance. We have evaluated many different options, including continued financing through the market, but have concluded that a cash deal with MannTek is the best way forward for Insplorion’s hydrogen business.” says Johan Rask, CEO

– ”In parallel with the completion of the hydrogen asset transaction, we will actively seek value-creating alternatives for our shareholders by exploring opportunities for our marketplace on First North and our portfolio of research instruments. Over 100 publications have been generated by research groups worldwide using our technology within life science, materials research, catalytic processes and much more, in applications where studies are conducted in both liquids and gases.” says Jonas Ehinger, Chairman