HitecVision, a Norwegian private equity investor specializing in the oil and gas sector, has teamed up with the Norwegian power company Agder Energi to develop new companies for the coming energy transition.
"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, says Steffen Syvertsen, CEO of Agder Energi.
"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, adds Syvertsen.
EU has announced its aim of phasing out the use of oil and gas by 2050, with significant reductions as early as 2030. 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, HitecVision said.
"The partnership between HitecVision and Agder Energi unites two leading players in the energy industry, targeting the many current opportunities to create value and accelerate the energy transition," the company added.
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 partners are already discussing a number of industrial opportunities that may create new jobs and support the transition to a more sustainable future," HitecVision said, without providing further details.
Norway's Dagens Næringsliv reported, as cited by e24.no, that Hitecvision and Agder Energi have identified four focus areas: offshore wind, hydrogen, bioenergy, and battery technology.
From January 1, 2021, the areas Utsira Nord and Sørlige Nordsjø II have been opened for offshore renewables.
The country's energy ministry has said it has established a project on offshore wind power, the purpose of which is to consider and assess a framework allowing offshore wind resources to be developed for the benefit of the society.
In a statement on Monday, the Ministry of Petroleum and Energy said it sees it as important to look at all relevant sides of the activity before substantial decisions are made about who will be allowed to proceed with offshore wind projects on the Norwegian continental shelf.
"We are preparing an elaboration of the legislative framework. To supplement the offshore energy regulation is one option. The Ministry is therefore working on guidance for those actors who wish to develop offshore wind power projects. Finally, it should be noted that substantive changes to regulations require public consultation before they can be finalised," the ministry said.