New owner grabs Seabased

 
Norwegian-based Seabased Holding AS (SHAS) has become a new major shareholder of the Swedish-based wave energy developer Seabased AB, while initiating the creation of a new Nordic Ocean Renewable Energy Group.

The shares acquired by SHAS from Leijon Engineering AB represent a controlling interest (50,25 % of the voting rights) in Seabased AB, the company informed.

SHAS, as the new main owner of the wave energy company, has committed to initially invest $10 million in Seabased AB during 2016, out of which $6 million has been designated for the first half year.

Furthermore, SHAS will actively work to ensure that Norwegian offshore domain knowledge and skills will be incorporated into the Seabased Group and to bring in the financial resources necessary to acquire suitable companies in the renewable ocean energy sector, Seabased’s press release reads.

In connection with the acquirement, the company is looking at moving the headquarters of Seabased from Uppsala to Lysekil, according to Øivind Magnussen, the Chairman of the Board of SHAS.

“Our vision is to build a strong Nordic global energy company building on the foundation laid by the outstanding team of Seabased. We will contribute on the financing side and in working with Norwegian offshore technology to aid the installations and maintenance teams in Sweden,” Magnussen said.

After the share transaction, Leijon Engineering AB will maintain ownership of 20.42 % of the capital of Seabased AB, representing 16.21 % of the voting rights.