| LUNDGREEN´S HOLDING ApS | 30737237 | 100.00% |
| LUNDGREEN´S CAPITAL A/S | 30737245 | 59.32% |
| Lundgreen's Alternative Investments ApS | 42347132 | 59.32% |
| Lundgreens Invest - Deep Knowledge Fond A/S | 42410764 | 0.21% |
| Lundgreens Invest - MASH Makes SPV I A/S | 43095374 | 0.11% |
| Lundgreens Invest - MASH Makes SPV II A/S | 43218247 | 0.16% |
| MASH Makes SPV01 ApS | 43331787 | 5.63% |
| MASH Makes SPV02 ApS | 43735586 | 10.32% |
| Lundgreens Invest - MASH Makes SPV III A/S | 44089955 | 0.23% |
| Normark HydroShield Holding ApS | 44500078 | 30.00% |
| Normark HydroShield ApS | 44504286 | 30.00% |
| Lundgreens Invest - High Tech Defence Fond A/S | 44579022 | 4.01% |
| Lundgreen's April 24 ApS | 44847655 | 29.75% |