Arendals Fossekompani has decided to cease investment in Commeo due to lack of cost competetiveness, prolonged sales delays, and a challenging market resulting in an impairment of shareholding and shareholder loans.
“The discontinuation of Commeo and the divestment of Vergia are measures Arendals Fossekompani have made to focus, de-risk and optimize the portfolio, while reducing exposure to capital intensive businesses in line with strategy,” says Benjamin Golding, CEO at Arendals Fossekompani.
Given these developments and the current market situation, Arendals Fossekompani will focus solely on its remaining investment, Cellect Energy.
Cellect Energy is a pre-revenue software company with a light-capital model, developing software solutions for the energy storage segment. The company is unaffected by the aforementioned issues. Ampwell was established by Arendals Fossekompani in 2022 to build an eco-system for battery technology and a Battery-as-a-Service business model. Efficient energy storage solutions are needed to reduce energy costs and enable the green transition. With Ampwell, it is possible to fully utilize non-flexible power production, like wind and solar, to secure a functional and stable energy grid. Ampwell consists of the German energy storage provider Commeo and the Spanish software company Cellect Energy.
Neither Ampwell nor Cellect Energy will be separately reported in Arendals Fossekompani’s quarterly reports moving forward.