Two Norwegian energy players unite to speed up energy transition efforts

HitecVision, a Norwegian capital provider for the energy industry, and compatriot Agder Energi, a provider of renewable energy solutions, are teaming up to develop new companies for the coming energy transition.

HitecVision said in a statement on Monday that their aim is to take advantage of Norway having some of the world’s best conditions for building green industries by developing new companies for the coming energy transition.

Steffen Syvertsen, CEO of Agder Energi, said: “There are strong forces in Europe and Norway driving and supporting sustainable solutions to meet the climate targets. We are partnering with HitecVision to develop new business opportunities that will help confirm Norway’s position as a leading energy nation in the green future”.

Syvertsen added: “We have strong foundations for developing new, green industries in our region. Our surplus of renewable energy, available space and a large and advanced offshore energy cluster are important parts of our competitive edge. In addition we are located close to Europe and some of the best offshore wind resources in the world, providing opportunities for profitable growth in a sustainable future”.

EU has announced its aim of phasing out the use of oil and gas by 2050, with significant reductions as early as 2030.

HitecVision pointed out that Norway is in a good position to keep its position as a key energy provider in Europe through targeted activities within power exports, offshore wind, and hydrogen.

The partnership between HitecVision and Agder Energi unites two players in the energy industry, targeting the many current opportunities to create value and accelerate the energy transition.

Ole Ertvaag, CEO and Founding Partner of HitecVision comments: “We have been building companies in the oil and gas industry for more than 35 years, and we are now seeing ever more opportunities in the renewables sector and infrastructure.

“With this agreement, we are combining the strong position and deep competencies of Agder Energi within renewables with HitecVision’s long experience in establishing and developing new companies. Together, we will be able to create profitable and sustainable industrial projects in these fast-growing markets”.

The two companies are already discussing a number of industrial opportunities that may create new jobs and support the transition to a more sustainable future.

HitecVision’s company portfolio includes some of the major players in the Norwegian oil and gas industry like Vår Energi.

Vår Energi was formed in December 2018 through a merger between Eni Norge and Point Resources, creating Norway’s largest independent E&P company.

Other companies from HitecVision’s portfolio include E&P player Neo Energy, tender drilling contractors Energy Drilling and Atlantica, and services providers Havfram and Moreld.

Moreld was created last year after HitecVision decided to put together 20 of its oilfield service companies into a new industrial group. The companies were put in a conglomerate called Moreld, due to the fact that no investors were interested in the companies when they went up for sale.