We are AFK

Arendals Fossekompani (AFK) is an industrial investment company that owns energy and technology related companies with an international focus area.

1896
YEAR FOUNDED
2100
EMPLOYEES
26
COUNTRIES
3673
REVENUE (MNOK)

About us

AFK is the majority owner of companies with more than 2,100 employees in 26 countries. For more than 100 years, AFK has been a proud producer of hydro power from two power plants.

AFK was founded in 1896 and has been listed on Oslo Stock Exchange (OSE) since 1913. Company headquarters are located in Arendal, Norway.

Business idea

Arendals Fossekompani combines industrial competence, commercial skills and financial strength to continually develop a portfolio of technology and energy related companies in an international market.

Investment Strategy

Every commitment is based on AFK having the necessary knowledge and energy to be “best owner” in a long-term perspective.

AFK has significant experience in long term development of industrial companies. By acknowledging value, risk and capital issues, initial investments may be minority positions that can later be extended to majority or full ownership.

AFK’s foremost responsibilityis to develop the potential of the portfolio of existing businesses through active work with the companies and an optimal use of resources across the portfolio. The investment portfolio of majority-owned subsidiaries is largely a diversified group of independent companies. However, there are industry synergies between some of the companies, for example in the field of energy. Also, there will increasingly be common denominators such as technology and digitization.

Our history

Dating back to 1896, Arendals Fossekompani has a long and proud history.

1896: Company Founded
Founded Arendals Fossekompani was founded on January 30, 1896. The original purpose was to utilize the water in Arendalsvassdraget to generate electricity. The company bought several waterfalls, including Bøylefossen and Flatenfossen.

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1913: Power and Industry
The building of Bøylefoss Power Plant was initiated in 1911, in parallel with the establishment of new power-intensive industry in Eydehavn, some 15 kilometers away. The first electric power from Bøylefoss was delivered to Eydehavn in the summer of 1913 – the same year Arendals Fossekompani was listed on Oslo Stock Exchange.

1927: More Power
Due to increased industrial demand for electric power, Flatenfoss Power Plant opens in 1927. The original plant remained operational until it was replaced in 2009.

1960s: Financial Investor
For decades Arendals Fossekompani built a financial capacity that eventually led to a more diversified investment strategy. At the end of the 1960s, the company’s changed its mission statement and built a portfolio of financial investments in listed and non-listed companies.

1990s: New Opportunities
The deregulation of the Norwegian electricity market provided new market opportunities. Arendals Fossekompani took an active role and established Markedskraft AS, a subsidiary which is an independent service provider in the Nordic and European wholesale market for electricity.

2000s: International Investor
In the new millennial, Arendals Fossekompani started its transformation from a local hydropower company to an international investment company. A series of successful acquisitions of Norwegian and international companies between 2004 and 2013 formed AFK as we know it today. Annual turnover has increased from around NOK 300 million to NOK 5 billion. Revenues from hydropower currently account for 3 per cent of AFK total turnover.

Local Commitments

Arendals Fossekompani is committed to contributing to good local communities in areas where the company operates. In and around our headquarters in Arendal and Froland, we support events and initiatives that strengthen the region.

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Arendalsuka
Arendalsuka is an annual national meeting place for politics and business. Ever since the inception of Arendalsuka in 2012, Arendals Fossekompani has been a key supporter and main sponsor.

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Canal Street
Canal Street in Arendal is an annual music festival featuring Norwegian and international artists. The festival uses the maritime environments and distinctive venues that the district has to offer. Arendals Fossekompani owns 25 percent of the company behind Canal Street and sponsors the festival.

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Frolandia
Frolandia features a swimming pool, bathing facilities and a wellness center. Arendals Fossekompani contributed financially to the realization of the facility which was opened in Froland municipality in 2011.

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Administration and Management

Ørjan Svanevik

CEO
Work experience

Director/COO, Seatankers – John Fredriksen Group

Head of M&A and Partner, Aker ASA

COO, Kværner ASA

Board of Directors

Chairman, Volue ASA

Chairman, EFD Induction AS

Chairman, Tekna Holding AS

Board Member, Norgesgruppen ASA

Board Member, Norgesgruppen Finans AS

Education

Bachelor of Business Studies, Norwegian School of Management (BI)

MBA, Thunderbird School of Global Management

AMP, Harvard Business School

Torkil S. Mogstad

Executive Vice President

Torkil S. Mogstad

Executive Vice President

torkil.mogstad@arendalsfoss.no

+47 905 44 572​​​​​

Work experience

CEO, Markedskraft ASA​​

Director, Icon Medialab Norge AS​​​

Engagement Manager, McKinsey & Company​​

Associate, McKinsey & Company​​​

Research Engineer, Institutt for Energiteknikk​

Research Engineer, McDonnell Douglas Aerospace​

Board of Directors

Chairman, AFK Property AS

Chairman, Vindholmen Eiendom AS

Chairman, Arendal lufthavn Gullknapp AS

Board Member, NSSLGlobal Ltd

Board Member, Tekna Holding AS

Board Member, Tekna Systèmes Plasma Inc

Board Member, Alytic AS

Board Member, Arendal Næringsforening

Education

Master of Science, Chemical Engineering, Norges teknisk-naturvitenskapelige universitet (NTNU)

Scientific Master Degree, Nuclear Engineering, Massachusetts Institute of Technology (MIT)

MBA, BI Norwegian Business School

Morten Henriksen

Executive Vice President

Morten Henriksen

Executive Vice President

morten.henriksen@arendalsfoss.no

+47 916 28 871

Work experience

Managing Director, Statkraft UK Ltd.

Project Manager, Statkraft AS

Senior Advisor, Norconsult AS

Engineer, Alcatel Norway AS

Education

Master study, Electric power, Norwegian University of Science and Technology

Board of Directors

Chairman, Tekna Systèmes Plasma Inc.

Chairman, Markedskraft AS

Chairman, Wattsight AS

​​​​​​Board Member, AVB

Board Member, Powel AS

​​​​​​Board Member, Siva SF

​​​​​​Board Member, Kongsberg Gruppen ASA

​​​​​​Board Member, Flumill AS

Lars Peder Fensli

CFO
Work experience

CEO, Markedskraft ASA​​

Business Developer, Arendals Fossekompani ASA

Management Consulting, PwC

International Sales and Marketing Manager, Axellus

Marketing Manager, Lilleborg

Analyst, PwC

Board of Directors

Board Member, Volue ASA

Board Member, Tekna Holding AS

Board Member, Norsun AS

Education

Business Studies, Norwegian School of Economics

Ingunn Ettestøl

Director ESG

Ingunn Ettestøl

Director ESG

ingunn.ettestol@arendalsfoss.no

+47 924 47 306

Work experience

VP Business Development, Arendals Fossekompani

Seksjonsleder Fysisk energidisponering, Agder Energi​

Divisjonsdirektør Vindkraft, Agder Energi​​

Fungerende leder Forretningsutvikling, Agder Energi

Direktør Strategi og analyse, Enova SF ​​

Avdelingsdirektør, Enova SF​​​

Trainee, IEA​​​​​

Stipendiat og forskningsassistent, NTNU

Board of Directors

Board Member, Volue ASA

Board Member, Arendals Fossekompani Pensjonskasse

Education

Doktorgrad, ingeniør, Norges teknisk-naturvitenskapelige universitet (NTNU)

Sivilingeniør, Norges teknisk-naturvitenskapelige universitet (NTNU)

Stig Henning Svensson

VP Business Development

Stig Henning Svensson

VP Business Development

stig.svensson@arendalsfoss.no

+47 454 68 728

Work experience

Associate Director, DNB Markets Investment Banking Division​​

Senior Manager, Deloitte Financial Advisory

Consultant, Deloitte Consulting

Education

Authorized Financial Analyst (AFA), Stockholm School of Economics

Executive MBA courses, Boston University – School of Management

M.Sc. Business Administration & Finance, Norwegian School of Economics (NHH)

Magnus Johansen

Business Developer

Magnus Johansen

Business Developer

magnus.johansen@arendalsfoss.no

+47 920 18 526

Work experience

Consultant, Bekk Management Consulting

Education

M.Sc. Industrial Economics and Technology Management, Norwegian University of Science and Technology

Marthe Erdal Kjelstadli

Business Developer

Per Olav Collin

Business Developer

Per Olav Collin

Business Developer

per.collin@arendalsfoss.no

+47 986 48 572

Work experience

Associate, PwC Consulting

Education

M.Sc. Financial Economics, Norwegian University of Science and Technology

Kirsti Homstøl

Business Developer

Tom Krusche Pedersen

Property Manager

Tom Krusche Pedersen

Property Manager

tom.krusche.pedersen@arendalsfoss.no

+47 480 43 511

Work experience

Business Developer, Entra ASA

Market and Procurement Director, Greenfield Datasenter (Entra ASA)

Senior Procurement Advisor, Entra ASA

Global Sales Director, ZTE Norway

Senior Technical Advisor, Telenor ASA

Education

Master of Information Technology, Queensland University of Technology (QIT)

Gunnar Line

Finance Manager

Gunnar Line

Finance Manager

gunnar.line@arendalsfoss.no

+47 909 15 860

Work experience

Controller, Arendals Fossekompani ASA​​

Senior Manager, KPMG​

Education

State Authorized Public Accountant, Norwegian School of Economics

Preben Trondal Nilsen

Head of Accounting

Preben Trondal Nilsen

Head of Accounting

prebentrondal.nilsen@arendalsfoss.no

+47 982 33 263

Work experience

Controller, Cecon ASA​​​​

Financial Controller, ST-Ericsson AS​​​

Project Controller/Financial Controller, APL AS​

Consultant, Ernst & Young AS​​​

Head of Accounting, APL AS​​​​

Tax Accountant, Aust-Agders Fylkesskattekontor

Education

Registered Accountant and Tax Accountant, Skatteetatskolen

Anne Cathrine Knudsen-Baas

Accountant

Anne Cathrine Knudsen-Baas

Accountant

ackb@arendalsfoss.no

+47 980 19 950

Work experience

Certified Public Accountant, Normann & Øygarden AS

Education

Bachelor of Auditing, Agder College

Hege Eikin

Accounting Assistant
Work experience

Administration, Optima Bedriftsrådgivning

Education

University college graduate, Economic and Administration, Trondheim Business School

Board of Directors

Jon Hindar

Chairman

Morten Bergesen

Deputy Chairman

Didrik Vigsnæs

Board member

Christian Must

Board member

Kristine Landmark

Board member

Heidi M. Petersen

Board member

Stine Rolstad Brenna

Board member