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.
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.