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Eniram Closes 5 Million Euro Venture Investment Round; Strengthens Global Presence of Energy-Saving Maritime Instrumentation Systems

Ferd Venture, Conor Venture Partners and Finnish Industry Investment Applaud Eniram’s Promise to Cut Fuel Consumption of Seagoing Vessels by Up to 5 Per Cent

Helsinki, Finland and Oslo, Norway – January 29, 2009 – Eniram Ltd., provider of dynamic decision support systems for the shipping industry, today announced the successful closing of its Series B venture funding round. The investment round totaling 5 Million Euros (USD 6,5 Million) will allow Eniram to increase the pace of expansion of its global sales, distribution and support operations. Stronger presence in key markets will help Eniram respond to the growing demand for the company’s flagship product Dynamic Trimming Assistant (DTA), introduced in July 2008 to the global maritime market.

Eniram DTA helps vessel officers optimize trim at all

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times, minimizing water resistance, decreasing fuel consumption, and reducing emissions. The system continuously collects and displays real-time data of the vessel attitude, allowing timely action in changing circumstances. The key metrics are brought to vessel officers in an easy-to-read graphic form, to facilitate faster and better informed decision-making. The DTA has already been deployed in production use in a number of vessels around the world, with customers including world’s leading cruise brands such as Norwegian Cruise Line (NCL).

The investment round closed in December 2008 was led by Ferd Venture, one of Norway’s leading venture capital investors focused on ICT companies in the Nordic region. Other investors include Conor Venture Partners, a Finnish early-stage technology venture capital firm, and Finnish Industry Investment Ltd, a government-owned investment company. Conor Venture Partners previously invested in Eniram in the company’s Series A funding round in March 2008.

“With the field-proven ability to save energy and cut emission levels in seafaring, Eniram’s timing for approaching the global maritime market couldn’t be better,” said Mr. Helge Hellebust, Partner at Ferd Venture. “We have followed Eniram’s progress for some time and have a high degree of confidence in their team’s ability to grow the company to a significant player in its field. The DTA is a great product to begin with, and there’s more to come”.

“We’re impressed by the way Eniram’s DTA has been acclaimed by the world’s leading cruise line operators,” said Mr. Manu Mäkelä, Partner at Conor Venture Partners. “In just six months after announcing the commercial availability of the DTA, Eniram has signed deals with several customers and successfully completed a number of installations. With this kind of track record, attracting the interest of new investors was significantly easier than the current market situation would lead to expect. We’re happy to welcome Ferd Venture on board and look forward to leveraging their strong industry experience”.

“The leap that Eniram has taken over the past year is a textbook example of turning an innovation into a commercially successful product,” said Mr. Jussi Hattula, Investment Director at Finnish Industry Investment. “With this capital, Eniram is taking the highly reputable Finnish marine engineering and hi-tech expertise to the growing global markets”.

Eniram’s decision support systems are designed by a team of marine system experts, software architects, programmers, naval architects and captains creating a unique combination of expertise. The DTA is based on dynamic data that is automatically retrieved from operational vessel management applications and purpose-built sensors using sensor network technology. The core of the DTA software is a multidimensional analysis model, which continuously calculates the key forces affecting the vessel attitude. In fleet-wide use, the system can be extended to provide shipping companies with compounded vessel performance data for more efficient fleet management.

“Our core proposition of cutting costs while protecting the environment is clearly appealing in the times of tough economic climate and increasing environmental consciousness,” said Mr. Henrik Dahl, Managing Director of Eniram. “The stronger financial position allows us to look further ahead and expand our team faster, bringing in new talent in software development, sales and support functions. We’re currently working on building a network of sales agents in key market areas, aiming to expand our customer base from our first target group of cruise line operators to freight carriers”.

The investment in Eniram marks the first time that

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Ferd Venture makes an investment in a Finnish company. Ferd Venture is part of the Ferd Group, a privately-owned Norwegian industrial and financial group with a 100% ownership in Elopak and Swix Sports and significant holdings in a number of Nordic industrial companies including Aibel and Kongsberg Automotive.

Eniram press photos available at http://www.netprofile.fi/pressphotos/eniram

Ferd Venture is one of Norway’s leading venture capital investment companies and a part of the Ferd Group. Ferd Venture is the group’s investment vehicle in early stage technology companies in the ICT sector needing capital for commercialisation and growth. The Ferd Venture portfolio consists of 14 technology companies. http://wwww.ferd.com.

Conor Venture Partners is a leading early-stage technology VC investing in Finland, Sweden and the Baltics. Conor invests in disruptive technologies in ICT, embedded systems, electronics, new materials and optics. http://www.conor.vc.

Finnish Industry Investment is a government-owned investment company. It invests the proceeds accrued from the privatisation of state-owned companies in stimulating the growth and internationalisation of Finnish businesses. Finnish Industry Investment invests in venture capital funds and directly in growth companies, together with private co-investors. The targets are in all sectors. Capital investments are needed for financing the growth of investee companies, and for spin-offs, major industrial investments, and sector and corporate restructurings. The investments of Finnish Industry Investment amount to over EUR 570 million. http://www.industryinvestment.com

Eniram provides the maritime industry with novel decision support systems to improve vessel performance, to control environmental issues, and to protect equipment and people onboard. Eniram solutions range from single feature applications to comprehensive fleet analysis. Eniram has accumulated extensive knowledge from the shipbuilding industry, seafarers and software specialists. Eniram has created a product portfolio to truly assist the shipping industry by providing tools for the crew to enhance vessel performance and operations. Eniram solutions enable the industry to deal with the challenge of getting the right information to the right place in real time. Based on Eniram’s Vessel Management Platform, the company offers solutions in the areas of Performance Optimization, Emission Control, as well as Safety & Comfort Management. http://www.eniram.fi.