Net Trading Group NTG AB has entered into a new cooperation agreement with Norway's second largest housing association, USBL.
The agreement strengthens the company and Kokong's position by entering the housing market.
- This is not only a new and very important agreement for us, but it marks a shift where we now enter directly into the real estate market. In many ways, USBL and Lightcircle fit like a glove as our products should be offered in housing, and I envisage that the collaboration will develop broadly and across USBL's many companies and initiatives, says Morten Revill, CEO of Lightcircle.
USBL has over 100,000 members and manages more than 60,000 homes. The agreement shall, among other things:
- Offer membership benefits to individual members
- Involve communication tools and activities towards members
- Strengthen the relationships between the housing association, its members and Lightcircle
- USBL has since it was established in 1948 become an institution in Norway. A lot has happened since then, not least that Norway has become a world leader in the penetration of electric cars. The feedback we have received that our smart car charger KOKONG EV is particularly interesting for USBL's members is not surprising, but very gratifying, says Revill.
The agreement comes after the company just before Christmas announced that the last share issue was oversubscribed by as much as 282.5 percent, accepting 16,4 MSEK in new capital from a total of 32,4 MSEK subscribed.
- That the issue was so well received in the market was extremely satisfying. This puts the company in a position to be able to quickly scale in the time to come. Our unique products are created for the ever-increasing demand for safe, smart and sustainable charging of consumer electronics products, says Revill.
USBL by numbers.
100,000 members and Norway`s second largest housing association
90,000 homes with pre-emption
500 homes for rent
1,611 housing cooperatives and condominiums who are supported both financially, technically and with legal advice
61,718 managed units
For further information, please contact:
Morten Revill, CEO,
Phone: +47 41637272,
This information is such information that Net Trading Group NTG AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation and the Securities Market Act. The information was submitted, through the agency of the above contact person, for publication on January 11 2021, 08:30.
Net Trading Group NTG AB (publ) is a developer and producer of smart and unique electronic consumer goods. The Kokong series of smart electrical outlets are marketed through the subsidiary Lightcircle AS.
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