Press Releases - ENRX

Arendals Fossekompani acquires German technology company for wireless charging and establishes the Evolgy Group

Arendals Fossekompani (AFK) acquires 100 percent of IPT Technology, a German company developing wireless power transfer technology. At the same time, AFK is establishing a new group, Evolgy, which will own both IPT Technology and the Norwegian induction heating company EFD Induction.

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The image shows a white car parked over an inductive charging pad, indicated by a graphic symbol of a car with a charging icon.

“Evolgy will merge two companies with complementary induction technology: The well-established, global green-tech company EFD Induction, which delivers solid results – and the wireless charging innovation company IPT Technology, which has great growth potential. This is an interesting combination which we will consider raising capital for. A stock exchange listing may happen when the market reopens”, says Ørjan Svanevik, CEO of Arendals Fossekompani.

EFD Induction is a global leader in induction technology, with more than 1,000 employees in over 20 countries. Their ground-breaking, sustainable heating equipment is used in a wide range of industries, and the company is the world-leading supplier of heating solutions for the renewable energy sector. EFD Induction, which for many years has been the preferred supplier of equipment to most of the world’s car manufacturers, is now dedicated to helping make the production of electric vehicles even more eco-friendly. Their portfolio also represents potential customers for IPT.

IPT Technology was founded in 1996 as Europe’s first producer of solutions for induction charging and wireless power transmission. The company offers a user-friendly, cost-effective and safe alternative for sustainable charging of electric vehicles as well as power supply solutions for industrial applications. The systems are perfectly suited for warehouses, airports, factory floors and similar places where forklifts, robots and other lifting systems are used. IPT has also contributed to the development of so-called “en route” wireless charging, where vehicles are charged during short halts at, for example, bus stops or ferry quays. The most future-oriented technology lies in IPT’s e-mobility concept, which includes wireless dynamic charging of cars while driving.

“Today’s solution for electric cars are charging stations and home chargers. Future solutions may include self-driving cars that charge while driving on normal roads. IPT has the technology and expertise to make this happen”, says Svanevik.

So far, IPT Technology has distributed their products through agents and subcontractors. Now, IPT

products will be sold through Evolgy with the help of EFD Induction’s worldwide sales force.

“IPT will have a capital-strong owner and access to an established, global sales force that knows the technology as well as the potential customers. This is a match that opens up value-creating opportunities”, says Svanevik.

IPT Technology has spent around 250 million Euros on developing and securing 1,200 patents for induction technology.

“We have acquired the company at a reasonable price and will add expertise, networks and capital to accelerate growth. We wish to lift IPT from being a German subcontractor to becoming an international player in wireless charging, which we believe will become a global megatrend”, says Svanevik.

In parallel with the acquisition of IPT Technology, Arendals Fossekompani is establishing the Evolgy Group, which will own both IPT and EFD Induction. Evolgy will have two segments: Evolgy Heat (EFD Induction) and Evolgy Charge (IPT). The company is being set up for growth, both organically and through further acquisitions.

“Evolgy fits well into our future-oriented portfolio, which is already well positioned within several global megatrends”, says Svanevik.

CEO of EFD Induction, Bjørn Eldar Petersen, will become CEO of Evolgy, while Ørjan Svanevik will be Chairman of the Board. EFD Induction and IPT Technology will continue as before with all key employees in their current positions.

For more information, please contact:
Ørjan Svanevik, CEO of Arendals Fossekompani, telephone +47 414 51 560

IPT Technology |
IPT Technology boasts more than 25 years of experience in wireless power transfer and induction charging. From its headquarters in the German city of Efringen-Kirchen, the company has built its future-oriented technological solutions, protected by more than 1,200 patents. The company has provided wireless charging solutions for public transport in a number of European cities, including London, Madrid and Berlin. In 2021, IPT acquired the company Primove from Bombardier, which, among other things, has developed solutions for induction charging of cars and trucks in collaboration with Audi and Scania, respectively.

EFD Induction |
EFD Induction is a leading international green-tech company that supplies cost-effective, safe and energy efficient induction heating solutions that enable companies around the world to reach their productivity and sustainability goals. The company’s equipment is supported by a global network of manufacturing plants, research facilities and service offices. EFD Induction is committed to protecting the environment and taking an active part in the green transition. EFD Induction focuses on sustainable products, resource-efficient production, ethical business conduct, a responsible and robust supply chain and, last but not least, being a great place to work. The EFD Induction head office is in Skien, Norway.

Evolgy |
Arendals Fossekompani is setting up Evolgy, a global group focused on various applications of induction technology. Evolgy will initially consist of EFD Induction, a large global company that supplies induction heating equipment, and the newly acquired IPT, a German innovation company that specializes in induction charging.

Arendals Fossekompani |
Arendals Fossekompani (AFK) is a green-tech investment company that owns energy- and technology-related companies which enable the transition to a green economy. AFK operates globally in several future-oriented industries, including 3D printing, algo trading, satellite services, battery- and solar technology, software, and digitization. Established in 1896, AFK has been a proud producer of renewable hydro power for more than 100 years. The company is headquartered in Arendal, Norway and listed at the Oslo Stock Exchange.