AF Energi og Miljø AS Expands Renewable Energy Portfolio with Acquisition of ETA Norge AS

AF Energi og Miljø AS Expands Renewable Energy Portfolio with Acquisition of ETA Norge AS

(IN BRIEF) AF Energi og Miljø AS has finalized the acquisition of 70% of the shares in ETA Norge AS, a proficient bioenergy contractor. ETA Norge, established in 2023, specializes in delivering heating systems and providing project planning, installation, and service to agricultural and industrial sectors. With Norway’s ambitious energy reduction goals for 2030 and AF Gruppen’s dedication to sustainable solutions, the acquisition aligns with the company’s strategy to bolster its renewable energy initiatives. The enterprise value, reaching up to NOK 110 million, underscores the strategic importance of bioenergy as a pivotal component in future energy solutions amidst the global shift away from fossil fuels.

(PRESS RELEASE) OSLO, 15-May-2024 — /EuropaWire/ — AF Energi og Miljø AS has completed the acquisition of 70 percent of the shares in ETA Norge AS. ETA Norge is a highly competent contractor in bioenergy. The company was established in 2023 and has 13 employees. In 2023, the company had a turnover of NOK 97 million with an operating margin of 18.5 percent. The company delivers heating systems to agriculture and industry, and assists with project planning, installation, and service.

“Norway has very ambitious goals for reducing energy use by 2030, and AF Gruppen is developing energy efficient and sustainable solutions that reduce energy use and strain on the power grid. We are now expanding our commitment to renewable energy through the acquisition of ETA Norge. Bioenergy is a preferred renewable energy source and a central part of future energy solutions when fossil fuels are phased out”, says Eirik Wraal, EVP Energy and Environment.

The enterprise value on a 100 percent-basis for ETA Norge is up to NOK 110 million. The consideration consists of cash. A significant part of the settlement is contingent on the results in the period 2024-2026 and will be paid out in 2027 if the result target is achieved. ETA Norge will remain as a separate company and will be part of the Energy and Environment business area in AF Gruppen.

Media Contacts:

Eirik Wraal
EVP Energy and Environment
AF Gruppen
Eirik.Wraal@afgruppen.no
+47 905 73 975

Knut Ekern
Communication Director
AF Gruppen
knut.ekern@afgruppen.no
+47 930 02 600

SOURCE: AF Gruppen