A classic good-to-great story: Stephan Sieber on leading Volue

Tell us about your journey to become CEO of Volue. What drew you to it, and what did you set out to build when you stepped in? 
 

I spent the first 20 years of my career largely in horizontal technology, particularly enterprise software and ERP. About ten years ago, I made a conscious decision that I wanted to spend the next 20 years in areas where technology solves very tangible, meaningful real-world problems. 
 

That is what attracted me to Volue. We are a mission-critical vertical technology company with a very clear purpose. There is a lot of data and insight involved, and we use technology not simply to provide a capability, but to help our customers achieve a better outcome for their customers. And the problem we are helping to solve is a big and complex one: how do you operate an increasingly complex power system efficiently, reliably and sustainably? 
 

I also like the fact that this is a dynamic and highly competitive market. Frankly, it is probably more difficult than some of the markets I worked in earlier in my career. But that also makes it much more interesting and fulfilling. 
 

When I joined, what struck me was that all the ingredients were already there. Volue had great technology, deep domain expertise, strong customer relationships and a very meaningful position in the market. What was needed was not a completely new direction, but bringing those ingredients together behind a clear strategy, a focused operating model and a common ambition. 
 

My goal was therefore relatively simple: help unlock the full potential of what was already in the company and turn Volue into an even stronger, faster and more focused technology company. I think Volue really is a classic good-to-great story. 
 

Every company makes a defining strategic choice about what it will — and won't — be. What was that choice for your company, what was the hardest trade-off in making it — and how far along that path are you now? 
 

We did not hire McKinsey, so instead of three strategic choices, we ended up with five. 

But seriously, I think strategy is as much about deciding what you are not going to do as deciding what you are going to do. We have made five quite deliberate choices. 
 

First, we are not an energy or power company. We are a technology company enabling power companies. That distinction is important and is also behind our tagline, “Powering those who power the world.” 
 

Second, we are focused on power, rather than trying to cover the entire energy landscape. 
 

Third, geographically, our focus is Europe and Japan. We do not need to be everywhere. This is partly about reach, but even more about product-market fit. Power markets work differently, regulation is different, and markets evolve at different speeds. 
 

We are open to geographic expansion, and we know how to do it. Japan is a good example of how we can build organically in a new market. But we want to be very conscious about where and how we expand. Geographic expansion is a big and demanding endeavor, and in the work we do, you simply cannot afford to fail. 
 

Fourth, we focus predominantly on short-term power markets and current operating assets, rather than long-term bankable models or retail and B2C distribution. This is where complexity is increasing dramatically and where technology can create enormous value. 
 

And fifth, we are all-in on AI. We believe AI will fundamentally change both our own products and the way our customers operate. 
 

The hardest part is probably the discipline that comes with these choices. There are always interesting opportunities outside the boundaries you set yourself. Saying no can be difficult. But focus is incredibly powerful. 
 

We are well down this path, but certainly not finished. Strategy is ultimately not what you put on a slide. It is what you actually do every day, where you invest and, importantly, where you don't. 
 

What is the biggest shift happening in your industry right now, and how is the company positioned to turn it into an advantage? 
 

I would point to two shifts happening simultaneously: technology is moving towards AI, and the world is moving towards power. The really interesting thing is that these two trends reinforce each other. 

On the technology side, AI will change software profoundly. Every company will increasingly become a software company, so the important question is: what becomes the moat? 

For Volue, I believe it is the combination of deep market knowledge, market connectivity, proprietary data and workflows, and the ability to bridge the deterministic world with an increasingly probabilistic one. 
 

We are becoming the technology layer that orchestrates and brings together processes that are fragmented across many different systems, decisions and often organisations. Those processes are not going to become simpler. They will remain fragmented, and the complexity and velocity will continue to increase. Managing that tension will only be possible with technology that provides connectivity, automation and insight. 
 

We start from a very strong position. We have around 1,000 customers, including 28 of Europe's 30 largest energy companies. Our technology is involved in roughly 30% of European intraday power trading and around 20% of European power generation optimisation. So we are already deeply embedded in how the European power market operates. 
 

At the same time, the world will need more power, increasingly generated from renewable sources. By definition, renewable generation is more fragmented, decentralised and difficult to plan and predict. The resulting volatility and imbalance between supply and demand require companies to make much faster and better decisions than ever before. 
 

We are not the ones delivering the energy transition. Our customers are. But we enable them to do it. Without technology like ours, that transition would be considerably harder. And, of course, as the power system becomes more complex, the value of what we provide increases as well. 
 

What is the clearest sign so far that Volue’s strategy is working? (A milestone, a win, or a shift you can point to?
 

There isn't one single metric I would point to. I look at three things together: our people, our customers and our economics. 
 

On people, we are hiring well, employee attrition is in the single digits and our engagement scores remain around benchmark. I find that particularly encouraging because we are pushing the organisation quite hard and we have also had to make some difficult decisions along the way. 

On customers, logo churn remains very low, while our order intake this year is up more than 40%. For me, that combination matters. Existing customers are staying with us, customers are buying more and we are accelerating new customer wins. 
 

And then there is the economics of the business. We have transformed quite significantly over the last 12 to 18 months. We are now reaching a point where we can see stronger unit economics and increasing operating leverage, while the customer and employee indicators continue to hold up. 

That combination gives me a lot of confidence. We are not improving the economics by sacrificing the future of the business. We are becoming more focused and more efficient while continuing to grow and keeping our customers and people with us. 
 

That is what makes me confident that Volue can become an even stronger, faster and more powerful company from here. 
 

Beyond the financials, what tells you the company is building something durable (people, technology, market position? 
 

 For me, durability comes down to whether we are becoming more relevant to our customers, building a stronger organisation and adapting fast enough to technology shifts. 

 On the market side, Volue has historically had an incredibly strong position in the Nordics, but our brand is now gaining real traction beyond our home base, particularly in Eastern and Central Europe and Iberia. That is not happening by accident. We are deliberately taking our customer events, campaigns and people into those markets. 
 

 The second is our people. We now have 808 employees across 19 countries, and despite significant growth and change, our employee turnover year to date is only 4.5%. Engagement remains strong at 7.5, with 81% of our people participating and providing more than 2,600 comments in our latest survey. People clearly care and want to have a voice in where we are going. 

M&A is also strengthening the company beyond technology and customers. Three members of our ELT and six of our top 50 leaders joined through acquisitions. At the same time, all five current integrations now follow one standard playbook with dedicated leadership and full transparency on progress. 

And finally, AI. Adoption across Volue is already close to 90%. But we are now moving beyond adoption and increasingly asking where AI creates measurable value. That shift from usage to ROI is what really matters. 
 

Put all of this together, and I think you see a company that is not only performing today, but becoming stronger and more durable over time. 
 

Arendals Fossekompani is a long-term, active owner. What does that backing make possible for you and where has it mattered most?  
 

Arendals Fossekompani is an important part of where Volue comes from. There is a real heritage and continuity there that I value. 
 

Norway is one of the world's most advanced power markets, and many of the problems the rest of Europe is now beginning to face have been part of the Norwegian power system for a long time. Volue grew up in that environment, and AFK has been part of that journey for decades. So there is a natural connection between our heritage, the market we serve and the technology we have built. 
 

What I particularly appreciate about AFK is the long-term perspective. Technology markets can sometimes encourage very short-term thinking. Having an owner that understands the industry, knows where we come from and thinks in decades rather than quarters gives us continuity while we continue to transform the company. 
 

At the same time, heritage should never become nostalgia. Our job is to take what made Volue successful in Norway and the Nordics — the domain expertise, customer intimacy and understanding of complex power markets — and use that foundation to build a much larger European technology company. 
 

So I see AFK as both part of our roots and an important partner in where we want to go next.