Record-breaking financial results
Both in the first quarter and the first half of 2023, Arendals Fossekompani reported record-breaking financial results. “We are pleased to report yet another good quarter and our best half-year operating result ever,” said CEO Benjamin Golding, during the second quarter presentation.
More hydropower
In a September ceremony, Arendals Fossekompani and partners Åmli and Froland municipalities, marked the initial construction phase of Kilandsfoss Hydropower Plant. When opening in 2026, Kilandsfoss will produce 38 GWh per year, equivalent to the energy consumption of approximately 2,000 households.
Change of CEO, new EVPs
Former CEO Ørjan Svanevik left Arendals Fossekompani in December 2022. Following an interim period, in which CFO Lars Peder Fensli was the acting CEO, the Board of Directors appointed Benjamin Golding as the new CEO of Arendals Fossekompani in January. Benjamin took on his new responsibilities in May. In August, Arendals Fossekompani added Executive Vice Presidents Håkon Tanem and Ann-Kari Heier to the management team.
Volue acquisition
Arendals Fossekompani’s portfolio company Volue entered into an agreement to purchase 100 per cent of Enerim Oy’s wholesale division. The transaction involved a carve-out from Enerim Oy and involved 63 full-time employees. This is Volue’s largest acquisition to date and enhances Volue’s energy trading operations activity within solar wind in the growing European market.
Ampwell deal
Portfolio company Ampwell entered into an agreement to assist Volkswagen Group Charging GmbH (Elli) in trading on Europe's largest power exchange.
Rebranding of ENRX
Following the acquisition of IPT Technology in 2022, Arendals Fossekompani decided to establish a new induction technology company comprising IPT Technology and EFD Induction. In May, the new brand, ENRX, was launched. ENRX is represented in more than 80 countries and holds over 1,200 patents for induction technology. By bringing out the best of induction technology, ENRX is determined to speed up the journey to cleaner and greener manufacturing and mobility.
Charging while driving
In April, ENRX announced a $13.6 million contract to supply ground-breaking induction technology for charging of electric vehicles. ENRX was selected to deliver a dynamic wireless charging system that will allow electric vehicles to charge while driving on a four-lane highway in Florida, marking a significant milestone in the development of green technology and the transition to a carbon-neutral future.
Improved profitability for Tekna
Driven by strong demand for Tekna’s materials and re-energized Systems market, as well as successful implementation of capacity and productivity improvements programs, Tekna increased revenues, backlog, and profitability in 2023.
Strong performance from NSSLGlobal
Satellite communications expert NSSLGlobal continued its strong performance, supported by a strong pipeline, a solid customer base, competitive technology, and a service-driven organization.
Support for Arendal canals
In May, Arendals Fossekompani and Sparebanken Sør announced a contribution of NOK 30 million each to dig up the historic canal in Arendal. “This is perhaps the most important urban development project in Arendal in recent times. Reopening the canal will increase the attractiveness of Arendal and add new qualities to an already fantastically beautiful city,” said Benjamin Golding, CEO of Arendals Fossekompani.
Reporting in EU Taxonomy
2023 marked the first year in which Arendals Fossekompani reported on EU Taxonomy alignment. Arendals Fossekompani is a proud builder and supporter of technology that impacts the world. Investments should show a potential to contribute to, or to be transformed to contribute to, one of the six environmental objectives defined by the EU Taxonomy. All of Arendals Fossekompanies portfolio companies have eligible activities covered by the EU taxonomy, enabling the green transition. In 2022, eligible turnover for Arendals Fossekompani Group was 58%, of which 22% was aligned. Our portfolio addresses three environmental objectives in particular; climate change and mitigation, climate change and adaptation, and transition to a circular economy.
Contributing to societal debate
Offering 1,970 events during five days in August, Arendalsuka gathered thousands of people, including top level politicians, leaders of hundreds of organizations, the academic sector, media and more. Arendals Fossekompani has been a proud sponsor of Arendalsuka for years, supporting the festival financially and organizing several events during the week. This year, a total of 14 debates took place at our headquarters in downtown Arendal.